At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is tumbling lower. The benchmark index is currently down 0.75% to 7,472.3 points.
Here's what is happening on the ASX 200 today:
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Zip completes shares purchase plan
The Zip Co Ltd (ASX: Z1P) share price is trading lower today. This follows weakness in the tech sector and a subdued response to the buy now pay later provider's share purchase plan. In respect to the latter, Zip raised an additional ~$24 million at $1.48 per new share. This is less than half the $50 million it was seeking from retail shareholders.
Tech shares slump
It isn't just Zip that is tumbling today in the tech sector. A number of ASX 200 tech shares are under pressure and deep in the red. This includes Block Inc (ASX: SQ2) and Xero Limited (ASX: XRO), which are dragging the S&P/ASX All Technology Index down by 2.5% at lunch. This follows a similarly sharp decline by the tech-focused Nasdaq index overnight amid fears that rate rises could slow economic growth.
Paladin Energy raises $200 million
The Paladin Energy Ltd (ASX: PDN) share price is falling on Wednesday. This morning the uranium producer announced the completion of a $200 million institutional placement. These funds were raised at an 8.9% discount of 72 cents per new share. Paladin intends to use the cash to support the restart of the globally significant Langer Heinrich Mine.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the PolyNovo Ltd (ASX: PNV) share price with a 5% gain. This follows the release of a third quarter update by the medical device company. Going the other way, the Magellan Financial Group Ltd (ASX: MFG) share price is the worst performer with a 6% decline on no news.
