At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is having a terrible start to the month. While all sectors are currently in the red, the tech and financial sectors are weighing heavily on proceedings.
The benchmark index is currently down 1.7% to 5,959.9 points.
Here’s what is happening on the ASX 200 today:
Afterpay sinks on PayPal news.
The Afterpay Ltd (ASX: APT) share price has come under pressure today following an announcement by PayPal overnight. The payments giant has revealed plans to launch Pay in 4 in the United States in the fourth quarter of 2020. As its name implies, the service will allow consumers to buy things and spread the payment out over four interest-free instalments. Afterpay’s ASX-listed rivals are all falling hard on Tuesday.
QBE sacks its CEO.
The QBE Insurance Group Ltd (ASX: QBE) share price has tumbled notably lower today after announcing the shock sacking of its CEO. This morning the insurance giant revealed that it had given Pat Regan the boot following an external investigation concerning workplace communications. While no real details were provided by the company, it advised that the investigation found his communications did not meet the standards set out in the company’s code of ethics and conduct. This led to the board taking decisive action.
Bank shares lower.
Westpac Banking Corp (ASX: WBC) and the rest of the big four banks are all trading lower today and are weighing heavily on the ASX 200. The worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a decline of almost 3%. Investors appear nervous ahead of the Reserve Bank’s meeting this afternoon.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Tuesday has been the Bingo Industries Ltd (ASX: BIN) share price with a modest 2% gain on the back of no news. The worst performer on the index is the Afterpay share price with a decline of over 6%. This follows PayPal’s entry into the buy now pay later space.
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More reading
- This chart shows why big banks are in trouble
- Why Afterpay, Flight Centre, Helloworld, & QBE shares are tumbling lower
- Zip share price drops lower despite completing QuadPay acquisition
- Afterpay and Zip shares sink lower after PayPal announces Pay in 4 BNPL product
- 4 ASX growth shares I’d buy in September
Motley Fool contributor James Mickleboro owns shares of Westpac Banking. 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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