ASX 200 down 2.4%: Afterpay (ASX:APT) and Oil Search (ASX:OSH) sinking lower

Afterpay Ltd (ASX:APT) and Oil Search Limited (ASX:OSH) shares are on the move on the ASX 200 on Wednesday. Here’s what’s happening…

| More on:
Young man looking afraid representing ASX shares investor scared of market crash

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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 and recommends MEGAPORT FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO and Appen Ltd. The Motley Fool Australia has recommended MEGAPORT FPO. 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.

More on Share Market News

Rival hands reaching upward for a company trophy or prize.
Share Market News

Here are the top 10 ASX 200 shares today

These ASX 200 shares outperformed all their peers on Friday.

Read more »

A woman sits on sofa pondering a question.
Energy Shares

Is the AGL share price in the buy zone following the company’s latest results?

Are AGL Energy shares worth a post-earnings look?

Read more »

A white and black clock with the words Time to Buy in blue lettering representing the views of two experts who say it's time to buy these ASX shares
Broker Notes

Brokers name 3 ASX shares to buy today

Brokers are bullish on these ASX shares...

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why AGL, Fisher & Paykel, Inghams, and TPG shares are sinking today

These ASX shares are falling heavily on Friday...

Read more »

a woman holds her hands to her temples as she sits in front of a computer screen with a concerned look on her face.
Bank Shares

What’s moving the CBA share price this week?

CommBank shares traded ex-dividend on Wednesday this week.

Read more »

A woman stands on the roof of a city building as papers fly in the sky around her.
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Friday

We take a look at the most traded ASX 200 shares today...

Read more »

A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs
Share Gainers

Why Accent, Cochlear, Newcrest, and Santos shares are charging higher today

These ASX shares are ending the week strongly...

Read more »

Two scientists in a Rhythm Biosciences lab cheer while looking at results on a computer.
Share Gainers

This ASX healthcare company just got FDA approval, and its share price is soaring 18%

Invex Therapeutics is exciting the market today after announcing some big news.

Read more »