At lunch on Wednesday the S&P/ASX 200 index is on course for another decline. At the time of writing the index is down 0.3% to 6,735 points.
Here’s what is happening on the market today:
The Afterpay Touch Group Ltd (ASX: APT) share price is trading lower at lunch following a business update. During the first four months of FY 2020, the company’s global underlying sales reached $2.7 billion. This was a 110% increase on the prior corresponding period. These underlying sales look likely to be given a big boost next year when its newly announced deal with eBay Australia commences.
The Bingo Industries Ltd (ASX: BIN) share price is rocketing higher today after providing a market update at its annual general meeting. At the meeting management advised that it expects to report underlying EDITDA in the range of $159 million to $164 million in FY 2020. This compares to underlying EBITDA of $106.1 million in FY 2019. The strong growth is thanks largely to the benefits of acquisitions.
Tech shares rise.
Although the market is tumbling lower, that hasn’t stopped a number of popular tech shares from racing higher today. The likes of Appen Ltd (ASX: APX) and WiseTech Global Ltd (ASX: WTC) are trading notably higher at lunch following a positive night on the Nasdaq index. This is helping to drive the S&P/ASX 200 Info Tech index 1.1% higher at the time of writing.
Best and worst performers.
The best performer on the benchmark index on Wednesday is the Bingo Industries share price with its 13% gain. Investors appear pleased with its guidance for the full year. Going the other way is the Beach Energy Ltd (ASX: BPT) share price. It is the worst performer on the index with a decline of 5%. A fall in oil prices overnight is weighing on energy shares today.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia owns shares of Appen Ltd and WiseTech Global. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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