At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. The benchmark index is currently up 0.5% to 7,377.6 points.
Here's what is happening on the ASX 200 today:
Tech shares rise
A key driver of the market's gains today has been the tech sector. The likes of Block Inc (ASX: SQ2) and Zip Co Ltd (ASX: Z1P) are rising strongly after a very positive night of trade on the tech-focused Nasdaq index. This has led to the S&P ASX All Technology index charging a sizeable 2.3% higher at lunch.
Fisher & Paykel Healthcare disappoints
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is tumbling today after investors responded negatively to the release of a trading update out of the medical device company. Fisher & Paykel Healthcare expects FY 2022 operating revenue in the range of NZ$1.675 billion to NZ$1.70 billion. This represents a 13.7% to 15% decline year on year from NZ$1.97 billion in FY 2021. Management revealed that the Omicron strain has caused softening demand for respiratory intervention requirements. It also warned that higher freight costs would impact margins.
IAG business interruption insurance update
The Insurance Australia Group Ltd (ASX: IAG) share price is trading lower today following an update on the second business interruption test case. This morning the insurance giant revealed that it has filed an application for special leave to appeal the Federal Court's finding on JobKeeper payments. It believes JobKeeper payments should be considered when calculating the amount of the business interruption insurance payment. As things stand, IAG advised that no adjustment to its $1,222 million net provision for potential business interruption claims is being made.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Block share price with an 8% gain. This follows a strong gain by its NYSE listed shares overnight after US tech stocks rallied. The worst performer has been the Fisher & Paykel Healthcare share price with a 6% decline. Its revenue guidance disappointed the market.
