Which ASX 200 shares withstood today’s selloff?

Broad selling across all S&P/ASX 200 Index (ASX: XJO) sectors pushed the market down 1.96% on Wednesday. 

After closing at an all-time record high of 7,172 points on 10 May, the ASX 200 has since shed 3.4% and is back below the 7,000-mark at 6,927.30 points. 

As volatility continues to move the market in a whipsaw like action, here are some of the ASX 200 shares that were able to withstand today’s sharp selloff. 

Which ASX 200 shares are green in the sea of red? 

Appen Ltd (ASX: APX) 

The Appen share price popped 18.86% higher following a trading and restructuring update. 

Nuix Ltd (ASX: NXL) 

Nuix has come under increasing media scrutiny over its governance and business activities. This dragged its share price down to record lows of $3.13 on Monday. 

The company’s recent attempt to come clean has helped its shares bounce off these lows. The Nuix share price closed 4.86% higher today at $3.67. Today’s strength could be a case of continuing market optimism, especially following the share’s 55% year-to-date slump.

Morgan Stanley also provided a note today, retaining an overweight rating and a $7.50 target price for the company.

ASX 200 tech shares positive-ish

Excluding the announcement-driven moves by Appen and Nuix, ASX 200 tech shares held up comparatively well despite the weakness across the broader market. 

ASX 200 shares including Afterpay Ltd (ASX: APT), Xero Limited (ASX: XRO) and WiseTech Global Ltd (ASX: WTC) were all swinging between positive and negative territory on Wednesday. The three ASX tech heavyweights finished the day trading between -0.51% and +0.94%, compared to the almost 2% fall for the ASX 200. 

Despite the tech-heavy Nasdaq Composite (NASDAQ: .IXIC) falling 0.56% overnight, US-listed buy now, pay later provider Affirm Holdings Inc (NASDAQ: AFRM) finished the session 2% higher. This may have played a part in keeping the Afterpay share price afloat on Wednesday.

ASX 200 retailers holding up

A few ASX 200 shares in the retail sector also managed to hold up comparatively well. The likes of Harvey Norman Holdings Ltd (ASX: HVN), Bapcor Ltd (ASX: BAP) and Accent Group Ltd (ASX: AX1) all closed between -0.38% and +0.39%.

Many ASX 200 retailers faced heavy selling in late April/early May after previously surging into record territory. With the likes of Harvey Norman, Bapcor and Accent all down 10% to 15% from their March/April highs, some investors may be thinking they have reached oversold territories so have been offering up some buying support today. 

More reading

• 2 high quality ASX 50 shares given buy ratings
• ASX construction giants under fire over cost blowouts, lack of competition
• Here’s why the Appen (ASX:APX) share price is rocketing 16% higher
• Why Appen, ELMO, Nuix, & Paradigm shares are pushing higher
• Nuix (ASX:NXL) share price up 6% despite fresh claims of bad business

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO, Appen Ltd, WiseTech Global, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended Bapcor. The Motley Fool Australia has recommended Accent Group and Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Which ASX 200 shares withstood today’s selloff? appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3tXRZ0E