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API nosedives after Woolworths withdrew its takeover offer.

ASX200 dives; Atomos soars 14.8% on trading update; API shares nosedive on Woolworths withdrawal.

The ASX200 is trading 1.4% lower at 7459.70 after lunchtime.

Atomos soars 14.8% on a trading update including $40.9m in sales for H1 FY22.

Australian Pharmaceutical Industries nosedive on Woolworths withdrawal.

The Australian market has reversed yesterday’s nosedive to trade 1.27% higher today at 7451.50 after lunchtime as every sector trades in positive territory led by A-REIT and financial stocks.

The tech sector is following the general market higher today, up just under 1% driven by Wisetech Global jumping 2.63%, Afterpay up 2.42% and EML Payments trading more than 2.2% higher.

Bitcoin is trading 1.31% lower over the last 24-hours at US$43,003.91 at 1:00pm AEDT.

Video technology company Atomos is soaring 14.8% today after releasing a positive trading update for the first half of FY22. For the period, Atomos reported unaudited sales of $40.9m up 25% on the prior corresponding period, and reconfirmed revenue guidance for FY22 of $95m+.

Making headlines, Australian Pharmaceutical Industries (API) shares are in freefall today, down 12.43% so far after Woolworths withdrew its takeover offer. Following the completion of comprehensive due diligence into API, Woolworths Group decided to withdraw its proposal as the retail giant has not been able to validate the financial returns it required in line with the Group’s capital allocation framework.

And McDonald’s is entering the swimwear market through a new collaboration with Budgy Smuggler for a limited-edition Macca’s swimwear line.

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