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ASX 200 flat: SEEK CEO exits, Afterpay sold off, BOQ surges higher

At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is trading largely flat at 6,778.1 points.

Here’s what is happening today:

SEEK founder and CEO to step down

The SEEK Limited (ASX: SEK) share price has tumbled lower today despite upgrading its full year earnings guidance. Weakness in the tech sector and news that its founder and CEO, Andrew Bassat, is stepping down appear to be weighing on its shares. Former Commonwealth Bank of Australia (ASX: CBA) boss, Ian Narev, will replace Mr Bassat on 1 July. Mr Narev is currently SEEK’s COO. SEEK also announced plans to sell down its stake in the China-based Zhaopin business.

Bank of Queensland shares return

The Bank of Queensland Limited (ASX: BOQ) share price is racing higher after returning from its trading halt. Investors have been buying the regional bank’s shares after it successfully completed the institutional component of its capital raising. The bank has raised a total of $673 million at $7.35 per share from institutional investors. This is part of a wider $1.35 billion capital raising, which is being used to fund the transformative acquisition of ME Bank.

Tech shares sold off

A number of ASX tech shares including Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are sinking today after being caught up in a tech selloff. This follows a very poor night of trade on Wall Street’s technology-focused Nasdaq index. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down a disappointing 3.8%.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Corporate Travel Management Ltd (ASX: CTD) share price with an 8% gain on no news. Going the other way is the Austal Limited (ASX: ASB) share price with a 17% decline. This morning the shipbuilder revealed that investigations are being conducted by US regulatory authorities into historical matters concerning Austal’s Littoral Combat Ship (LCS) program.

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James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Austal Limited and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended SEEK Limited. 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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