ASX 200 up 0.2%: Tech shares rise, Domino’s expands

It has been an eventful final day of the week for the ASX 200…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) has bounced back from a poor start and is pushing higher. The benchmark index is currently up 0.2% to 7,319.2 points.

Here’s what is happening on the market today:

Tech shares rise

The Australian tech sector is charging higher today and helping to take the ASX 200 into positive territory. The likes of Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) are recording strong gains, leading to the S&P/ASX All Technology Index (ASX: XTX) rising 1.7% so far today. This follows a positive night on the tech-heavy Nasdaq index, which pushed 0.8% higher.

Domino’s expansion

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price is rising today after announcing its expansion into the Taiwan market. The pizza chain operator has entered into a binding agreement with Formosa International Hotels Corporation to acquire the corporate stores and franchise rights held by Domino’s Taiwan for A$79 million on a cash and debt free basis. Domino’s Taiwan is the second largest pizza chain in the Taiwanese market with a network of 138 franchised stores and 19 corporate stores.

SkyCity guidance

The SKYCITY Entertainment Group Limited (ASX: SKC) share price is trading lower today despite revealing that it expects to record solid profit growth in FY 2021. This morning the casino and resorts operator advised that it is expecting to report a normalised net profit after tax of between NZ$84 million to NZ$88 million. This represents a 26.7% to 32.7% increase on FY 2020’s normalised net profit after tax of NZ66.3 million.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Appen share price with a 6% gain. This follows improving investor sentiment in the tech sector. The worst performer has been the Iress Ltd (ASX: IRE) share price with a 3% decline. This morning the financial technology company released a market update.

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James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Appen Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Appen Ltd. The Motley Fool Australia has recommended Dominos Pizza Enterprises 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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