ASX 200 down 0.8%: Big four banks and tech shares drag the market lower

Australia and New Zealand Banking GrpLtd (ASX:ANZ) and Afterpay Ltd (ASX:APT) shares are under pressure on the ASX 200 on Wednesday…

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At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is dropping lower. The benchmark index is currently down 0.8% to 6,644.4 points.

Here’s what has been happening on the market today:

Bank shares drop lower.

The big four banks are giving back Tuesday’s gains and are weighing on the ASX 200 today. While all the banks are trading lower, the worst performer in the group is the Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price. The bank’s shares are currently down 0.85%.

Tech shares under pressure.

The shares of Afterpay Ltd (ASX: APT) and Altium Limited (ASX: ALU) are out of form on Wednesday and are trading notably lower. This has led to the  S&P ASX All Technology Index (ASX: XTX) losing 1.3% of its value today. Investors have been selling tech shares after a pullback on the technology-focused Nasdaq index overnight. The famous index recorded a 0.4% decline on Tuesday night.

Property shares tumble.

The property sector is under pressure today and is a sea of red. However, this is predominantly due to a large group of property shares trading ex-dividend this morning for their next payouts. Among the companies trading ex-dividend are the likes of BWP Trust (ASX: BWP), Charter Hall Group (ASX: CHC), and DEXUS Property Group (ASX: DXS).

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Wednesday has been the Sims Ltd (ASX: SGM) share price with a 2% gain on no news. The worst performer has been the Growthpoint Properties Australia Ltd (ASX: GOZ) share price with a 4% decline. This morning the property company’s shares traded ex-dividend for its upcoming 10 cents per share interim dividend. This will be paid to eligible shareholders on 26 February.

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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 Altium. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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