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.