At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. The benchmark index is currently up 0.1% to 7,265.9 points.
Here’s what is happening on the market today:
Tech shares under pressure
It has been a disappointing finish to the week for Australian tech shares. This follows a poor night of trade on Wall Street, which saw the tech-heavy Nasdaq index fall 1% after investors rotated into cyclical stocks. The likes of Xero Limited (ASX: XRO) and Zip Co Ltd (ASX: Z1P) shares are trading lower today and dragging the S&P/ASX All Technology Index (ASX: XTX) 0.8% lower.
Appen CEO sells shares
The Appen Ltd (ASX: APX) share price has been a particularly poor performer on Friday. At the time of writing, the artificial intelligence data services company’s shares are down 5.5%. This follows news that its CEO, Mark Brayan, has sold 109,430 Appen shares for a total consideration of $1.43 million. However, it is worth noting that the sale was made to satisfy tax obligations arising from the vesting of 173,153 performance rights.
Gold miners tumble
Another area of the market underperforming on Friday is the gold sector. The likes of Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) are tumbling lower after the spot gold price fell almost 2% during overnight trade. The S&P/ASX All Ords Gold index is down a disappointing 3.1% at lunch.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the ARB Corporation Limited (ASX: ARB) share price with a 5% gain. This follows the release of a positive broker note out of Ord Minnett this morning. The worst performer has been the De Grey Mining Limited (ASX: DEG) share price with a 7% decline following the weakness in the gold price.