Why is the Appen share price leaping 6% on Wednesday?

Man pointing at a blue rising share price graph.Man pointing at a blue rising share price graph.

The Appen Ltd (ASX: APX) share price is well and truly in the green on Wednesday despite no news having been released by the company. It’s joined in the green by its technology-focused peers.

At the time of writing, the Appen share price is $6.27, 6.45% higher than its previous close.

For context, the broader market is also gaining today. The S&P/ASX 200 Index (ASX: XJO) is currently up 1.8% while the All Ordinaries Index (ASX: XAO) has lifted 1.9%.

Let’s take a closer look at what’s going right for the artificial intelligence data provider.

Appen share price climbs 6% as tech outperforms

The Appen share price is leaping higher today alongside the broader ASX tech sector.

The S&P/ASX 200 Information Technology Index (ASX: XIJ) has surged 3.9% right now, with none of its constituents having slipped into the red.

It’s a similar case for the S&P/ASX All Technology Index (ASX: XTX). The index has gained 3.7% at the time of writing.

ASX tech stocks’ day in the sun follows an almost equally strong session on Wall Street overnight. The tech-heavy NASDAQ Composite rose 3.11% in Tuesday’s session overseas – its best single-session performance in nearly four weeks.

Meanwhile, the ASX 200 tech sector is being bolstered by news of Megaport Ltd (ASX: MP1)’s 10% revenue jump. The ASX 200 tech giant’s stock is currently up nearly 21%.

Though, the market isn’t expecting to hear news of Appen’s earnings until 25 August. No doubt all eyes will be on the stock that day to see if it can correct some of its recent losses.

The Appen share price has plummeted 43% since the start of 2022. It has also dropped half its value over the last 12 months.

The post Why is the Appen share price leaping 6% on Wednesday? appeared first on The Motley Fool Australia.

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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. has positions in and has recommended Appen Ltd and MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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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