At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is out of form and on course to record a decline. The benchmark index is currently down 0.5% to 5,946.4 points.
Here’s what has been happening on the market today:
Big four banks drop lower.
The big four banks are all trading lower at lunch and are weighing on the ASX 200 index. The Westpac Banking Corp (ASX: WBC) share price is the worst performer in the group with a decline of 1.2%. This is despite the banking giant announcing the appointment of its new chief financial officer this morning.
Altium sales update.
The Altium Limited (ASX: ALU) share price has dropped lower on Tuesday after the release of its sales data for FY 2020. As was expected, the electronic design software company fell short of its US$200 million aspirational revenue target because of the pandemic. Altium delivered a 10% increase in revenue to US$189 million thanks largely to a 17% lift in its subscription base to well over 50,000 subscribers. This means Altium has now recorded eight consecutive years of double-digit revenue growth.
Tech shares sinking lower.
Altium isn’t the only tech share tumbling lower today. A large number of tech shares have dropped deep into the red on Tuesday after their U.S. counterparts were sold off overnight. The tech-heavy Nasdaq index was up as much as 1.9% last night before ending the day 2.1% lower. Notable declines in the local tech sector include Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO), which are down 7.5% and 4.5%, respectively.
Best and worst ASX 200 shares.
The best performer on the ASX 200 index is the Breville Group Ltd (ASX: BRG) share price with a 7% gain. The appliance manufacturer was the subject of a bullish broker note out of Morgan Stanley this morning. The worst performer has been the Afterpay share price with a 7.5% decline. Investors appear to be taking profit off the table in the tech sector on Tuesday.
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More reading
- New investors could invest $1,000 into these top ASX shares
- Why Afterpay, Altium, Northern Star, & Pushpay shares are sinking lower
- Why Breville, Credit Corp, Pendal, & Whitehaven shares are charging higher
- Breville share price surges as top broker reckons it’s worth $62 a share
- Westpac share price lower despite announcing key executive appointment
James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Altium and Xero. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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