At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains. The benchmark index is currently trading broadly flat at 5,898.8 points.
Here’s what is happening on the market today:
Tech shares rebound.
There are indications that the tech rout could finally be over. Overnight the tech-heavy Nasdaq index stormed almost 2% higher. This positive form has flowed through to the Australian tech sector, with the likes of Afterpay Ltd (ASX: APT) and Nearmap Ltd (ASX: NEA) pushing higher today. It isn’t just these two on the rise. At lunch the S&P/ASX All Technology Index (ASX: XTX) is up 1.5%.
Cleanaway shares continue to sink lower.
The Cleanaway Waste Management Ltd (ASX: CWY) share price has continued to sink lower. Investors have selling the waste management company’s shares this week after it confirmed reports of poor workplace behaviour by its CEO, Vik Bansal. While the board has given Mr Bansal a final warning, the market doesn’t appear to believe it went far enough given the allegations of bullying.
Bank shares weigh on the ASX 200.
The big four banks have given back yesterday’s gains and are sinking lower on Tuesday. All four banks have dropped into the red and are weighing heavily on the ASX 200 index. The worst performer in the group has been the Westpac Banking Corp (ASX: WBC) share price with a decline over just over 1%.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Tuesday has been the New Hope Corporation Limited (ASX: NHC) share price with a gain of over 7%. This comes amid reports of institutional buying in the coal sector. The worst performer has been the Cleanaway share price with a 6% decline. This follows the aforementioned reports of poor workplace behaviour by its CEO.
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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Nearmap Ltd. 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.