At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to record another heavy decline. The benchmark index is currently down 0.9% to 5,771.8 points.
Here’s what is happening on the market today:
Tech shares push higher.
The tech sector appears to be finding its feet again and is pushing higher on Tuesday despite the broad market weakness. The likes of Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) shares are both on form and helping to drive the S&P/ASX All Technology Index (ASX: XTX) up 1.2% at lunch. This follows a reasonably positive night for tech shares on the Nasdaq index on Monday.
New Hope FY 2020 results.
The New Hope Corporation Limited (ASX: NHC) share price is sliding lower today following the release of its full year results for FY 2020. The coal miner posted a 17% decline in revenue to $1,084 million and a 69% decline in profit after tax to $120 million for the 12 months. This was driven by severe weakness in coal prices during the year. In light of its poor financial performance, the New Hope board has elected to reduce its dividend by 65% to 6 cents per share.
Gold miners crash lower.
Evolution Mining Ltd (ASX: EVN), Northern Star Resources Ltd (ASX: NST), and many other gold miners are dropping notably lower on Tuesday. This follows a sharp pullback in the spot gold price overnight. The precious metal came under pressure following a rebound in the U.S. dollar and stimulus concerns. At the time of writing, the S&P/ASX All Ordinaries Gold index is down almost 3.5%.
Best and worst ASX 200 shares.
The Collins Foods Ltd (ASX: CKF) share price is the best performer on the ASX 200 on Tuesday with a gain of 5%. This is despite there being no news out of the KFC restaurant operator. Going the other way, the worst performer has been the Virgin Money UK (ASX: VUK) share price with a decline of over 8%. Investors have been selling the UK-based bank’s shares amid concerns over further lockdowns in the UK.
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James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Collins Foods Limited. 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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