The Appen Ltd (ASX: APX) share price is taking off on Tuesday.
Its movements come despite no word having been released by the company. In fact, the last time the market heard price-sensitive news from the provider of data for artificial intelligence was back in early March.
Still, the Appen share price is currently soaring 5.79% today at $7.12. For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.7%.
So, what might be bolstering the ASX 200 tech company’s stock on Tuesday? Let’s take a look.
What’s driving the Appen share price higher today?
Appen’s stock is climbing on Tuesday as the tech sector enjoys a needed day in the sun.
After slipping 3.8% between Wednesday’s close and Monday’s close, the S&P/ASX 200 Information Technology Index (ASX: XIJ) is back in the green.
It’s currently up 3% on Tuesday. Its gains could be buoying the Appen share price to be one of its biggest movers.
The company’s Tuesday performance is being bested only by the share price of Block Inc (ASX: SQ2). It has gained 6.6% at the time of writing.
Meanwhile, Tyro Payments Ltd (ASX: TYR) is the third best performing ASX 200 tech share, gaining 5.23%.
The broader tech market is also doing well on Tuesday, with the S&P/ASX All Technology Index (ASX: XTX) roaring 2.35% higher.
Today’s gains see the Appen share price back in the green over the past month, sporting a 2.4% gain for the period.
However, the company’s stock is still 35% lower than it was at the start of 2022. It has also fallen 57% since this time last year.
The post Why is the Appen (ASX:APX) share price surging 6% higher today? appeared first on The Motley Fool Australia.
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More reading
- 3 ASX growth shares down more than 50% in a year
- Is the Appen (ASX:APX) share price on the comeback trail?
- How have ASX artificial intelligence shares been performing lately?
- These are the 10 most shorted ASX shares
- The Appen (ASX:APX) share price is down 16% in a month. Is now the time to buy?
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd, Block, Inc., and Tyro Payments. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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