ASX 200 midday update: Block and Xero rebound, gold miners fall

The ASX 200 has returned to form and is charging higher…

| More on:
Smiling man sits in front of a graph on computer while using his mobile phone.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is back on form and on course to end the week on a very positive note. The benchmark index is currently up 1.55% to 7,049 points.

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

Tech sector rebounds

A key driver of the ASX 200’s gain has been a rebound in the tech sector. Tech shares including Altium Limited (ASX: ALU) and Block Inc (ASX: SQ2) are recording strong gains, leading to the S&P/ASX All Technology index rising 4.3% at lunch. This follows an improved night on the Nasdaq index and futures contracts pointing to a solid night on Friday.

Xero shares boosted by bullish brokers

The Xero Limited (ASX: XRO) share price is racing higher today after the cloud accounting platform provider was the subject of a number of bullish broker notes. One of those was from Goldman Sachs, which has retained its buy rating with a $118.00 price target. Elsewhere, Ord Minnett upgraded the company’s shares to a buy rating with a $97.00 price target.

Gold miners drag on ASX 200

One area of the market that isn’t rising with the ASX 200 is the gold industry. A number of gold miners, such as Gold Road Resources Ltd (ASX: GOR) and Newcrest Mining Ltd (ASX: NCM), are falling today after the gold price tumbled overnight. This has led to the S&P/ASX All Ordinaries Gold index falling 0.9% today.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Block share price with a 12.5% gain. This follows a strong gain by its NYSE-listed shares overnight. The worst performer has been the IGO Ltd (ASX: IGO) share price with a 3% decline. This is despite there being no news out of the battery materials miner.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Altium, Block, Inc., and Xero. The Motley Fool Australia has positions in and has recommended Block, Inc. and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

Top ten gold trophy.
Share Market News

Here are the top 10 ASX shares today

Here are your top 10 biggest gainers in the ASX 200 on Wednesday.

Read more »

Resources Shares

Why are Sayona Mining shares the most actively traded of the All Ords today?

Sayona gives back gains earned in yesterdays session.

Read more »

Sad woman on a sofa.
Share Market News

Temple and Webster shares tumble 8% amid bleak US consumer confidence

ASX retail shares are being punished today.

Read more »

a group of three people carry a large block to line it up in ascending order with two other blocks nearby.
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Wednesday

We take a look at the most traded ASX 200 shares by volume today.

Read more »

Sad shopper sitting down with five shopping bags.
Retail Shares

ASX 200 retail shares in the doldrums today despite improving sales data

Despite another monthly uptick in sales figures, retailers are under pressure on the ASX today.

Read more »

A man is deep in thought while looking at graph and rising and falling percentages.
Share Market News

ASX 200 midday update: Carsales sinks, Liontown jumps on Ford agreements

The ASX 200 is having a disappointing day on Wednesday...

Read more »

Business woman watching stocks and trends while thinking
Share Market News

5 things to watch on the ASX 200 on Wednesday

It looks set to be a tough day for the ASX 200 on Wednesday...

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
Share Market News

Here are the top 10 ASX shares today

Here are your top 10 biggest gainers in the ASX 200 on Tuesday.

Read more »