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.
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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 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.
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