At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is out of form and on course to record a decline. The benchmark index is currently down 0.5% to 5,946.4 points.
Here's what has been happening on the market today:
Big four banks drop lower.
The big four banks are all trading lower at lunch and are weighing on the ASX 200 index. The Westpac Banking Corp (ASX: WBC) share price is the worst performer in the group with a decline of 1.2%. This is despite the banking giant announcing the appointment of its new chief financial officer this morning.
Altium sales update.
The Altium Limited (ASX: ALU) share price has dropped lower on Tuesday after the release of its sales data for FY 2020. As was expected, the electronic design software company fell short of its US$200 million aspirational revenue target because of the pandemic. Altium delivered a 10% increase in revenue to US$189 million thanks largely to a 17% lift in its subscription base to well over 50,000 subscribers. This means Altium has now recorded eight consecutive years of double-digit revenue growth.
Tech shares sinking lower.
Altium isn't the only tech share tumbling lower today. A large number of tech shares have dropped deep into the red on Tuesday after their U.S. counterparts were sold off overnight. The tech-heavy Nasdaq index was up as much as 1.9% last night before ending the day 2.1% lower. Notable declines in the local tech sector include Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO), which are down 7.5% and 4.5%, respectively.
Best and worst ASX 200 shares.
The best performer on the ASX 200 index is the Breville Group Ltd (ASX: BRG) share price with a 7% gain. The appliance manufacturer was the subject of a bullish broker note out of Morgan Stanley this morning. The worst performer has been the Afterpay share price with a 7.5% decline. Investors appear to be taking profit off the table in the tech sector on Tuesday.
