At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the month on a disappointing note. The benchmark index is currently down 0.25% to 7,268.5 points.
Here’s what is happening on the ASX 200 today:
Tech sector under pressure
The Australian tech sector has run out of steam and is dropping on Tuesday. The likes of EML Payments Ltd (ASX: EML) and Zip Co Ltd (ASX: ZIP) are trading notably lower, which has led to the S&P ASX All Technology index falling 1.5% today.
BHP rated as a buy
The BHP Group Ltd (ASX: BHP) share price is edging higher today. This could have been driven by a broker note out of Citi this morning. According to the note, the broker has put a buy rating and $50.00 price target on the mining giant’s shares. Its analysts believe that further demergers could benefit BHP.
Energy shares rise
One area of the market that isn’t in the red today is the energy sector. A number of energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) are pushing higher today after oil prices continued to climb overnight. Traders were bidding up oil ahead of an EU meeting on Russian sanctions and news that China is easing its COVID-19 restrictions.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Beach share price with a 3.5% gain. This follows another rise in oil prices during overnight trade. Going the other way, the Life360 Inc (ASX: 360) share price is the worst performer with a 4% decline. The location technology company’s shares have come under pressure amid weakness in the tech sector.
The post ASX 200 midday update: Beach, Santos rise but EML, Zip tumble appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended EML Payments and Life360, Inc. The Motley Fool Australia has positions in and has recommended EML Payments. 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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