At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has given back all of yesterday's gains and more. The benchmark index is currently down a disappointing 2.4% to 5,865.3 points.
Here's what has been happening on the market today:
Tech shares crash lower.
It has been a difficult day of trade for Australian tech shares such as Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX). These two tech stars are down over 4% at the time of writing following another selloff on the tech-heavy Nasdaq index overnight. The Nasdaq crashed 4.1% lower amid further profit taking from investors. The S&P/ASX All Technology Index (ASX: XTX) is down 3.3% at lunch.
Energy shares tumble.
It has been an equally difficult day for energy producers such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO). Investors have been selling their shares after oil prices crashed lower overnight on demand concerns. According to Bloomberg, the WTI crude oil price sank 7.3% lower to US$36.88 a barrel and the Brent crude oil price dropped 5% to US$39.87 a barrel.
Gold Road half year results.
The Gold Road Resources Ltd (ASX: GOR) share price is dropping lower following the release of its half year results. For the six-month period ending 30 June, Gold Road produced 131,460 ounces of gold at an all-in sustaining cost of $1,186 per ounce. This ultimately led to the gold miner delivering earnings before interest, tax, depreciation and amortisation (EBITDA) of $61 million. Which compares favourably to a $23 million loss a year earlier.
Best and worst ASX 200 shares.
The best performer on the ASX 200 on Wednesday has been the Nufarm Limited (ASX: NUF) share price with a 3% gain. This follows a broker upgrade by Morgans earlier this week. The worst performer has been the Megaport Ltd (ASX: MP1) share price with a 7% decline. Its shares have been caught up in the tech selloff today.
