ASX 200 (ASX:XJO) midday update: Star shares crash, tech shares tumble

The ASX 200 is having a poor start to the week…

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At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a disappointing note. The benchmark index is currently down 0.65% to 7,273.6 points.

Here’s what is happening on the ASX 200 today:

Star shares crash

The Star Entertainment Group Ltd (ASX: SGR) share price is crashing on Monday. This follows media reports alleging money laundering, organised crime, large-scale fraud, and foreign interference that has been enabled by Star. The company has responded stating that it “is concerned by a number of assertions within the media reports that it considers misleading.”

IAG court update

It has been a good day for the Insurance Australia Group Ltd (ASX: IAG) share price. The insurance giant’s shares are charging higher after the Federal Court found in favour of insurers on a significant number of policy wording questions in the second business interruption test case. And while it found in favour of policyholders on other questions, the market appears pleased with the results of this test case. IAG also revealed that it is reviewing the judgment to determine whether to appeal any aspect of it.

Tech shares tumble

A number of tech shares including Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are trading notably lower on Monday. This has led to the S&P ASX All Technology index dropping 1.9% at the time of writing. A disappointing finish to the week on Wall Street’s tech-focused Nasdaq index appears to be behind these declines.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been Perenti Global Ltd (ASX: PRN) share price with a 5.5% gain. This morning Macquarie retained its outperform rating and lifted its price target on its shares to $1.10. The worst performer on the ASX 200 has been the Star share price with an 18% decline following the aforementioned media report.

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