ASX 200 midday update: Tech shares tumble, Collins Foods jumps

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is trading marginally higher after a volatile morning. The benchmark index is currently up 0.1% to 6,712.8 points.

Here’s what is happening on the ASX 200 today:

Collins Foods charges higher on FY22 results

The Collins Foods Ltd (ASX: CKF) share price is racing higher on Tuesday. This follows the release of the KFC restaurant operator’s full year results for FY 2022. For the 12 months ended 1 May, Collins Foods delivered an 11.1% increase in revenue to $1,184,5 million. This was driven by a combination of same store sales growth and new store openings. Things were even better on the bottom line, with underlying net profit after tax growing 25% to $59.7 million.

Tech shares tumble

The tech sector is a sea of red on Tuesday with heavy declines being recorded across the board following a poor night on the Nasdaq index. Among the worst hit are the likes of Life360 Inc (ASX: 360) and PointsBet Holdings Ltd (ASX: PBH) which are down over 5%. The S&P ASX All Technology index is down 2% at the time of writing.

Retailers downgraded

A number of ASX 200 retail shares are under pressure today after being hit by a broker downgrade. JB Hi-Fi Limited (ASX: JBH) and Wesfarmers Ltd (ASX: WES) are among a group of shares that JP Morgan has downgraded amid concerns over a softer consumer demand backdrop.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Collins Foods share price with a 12% gain. Investors have been buying the KFC restaurant operator’s shares following its strong FY 2022 results. Going the other way, the worst performer has been the Imugene Limited (ASX: IMU) share price with an 11% decline. This appears to have been driven by profit taking after some very strong gains on Monday.

The post ASX 200 midday update: Tech shares tumble, Collins Foods jumps appeared first on The Motley Fool Australia.

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More reading

• Collins Foods share price jumps 11% on FY22 results
• ‘Always peaks and troughs’: Fundie names when ASX shares will stabilise
• 5 things to watch on the ASX 200 on Tuesday
• Here are the top 10 ASX shares today
• Here are the 3 most heavily traded ASX 200 shares on Monday

Motley Fool contributor James Mickleboro has positions in Collins Foods Limited and Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Collins Foods Limited, Life360, Inc., and Pointsbet Holdings Ltd. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended Collins Foods Limited and Pointsbet Holdings Ltd. 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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