Heading into the backend of Thursday, the S&P/ASX 200 Index (ASX: XJO) is slightly above yesterday’s closing price. While the broader market is holding above breakeven, ASX tech shares are not enjoying the same fate.
At the time of writing, the benchmark index is 0.06% higher to 7,588.7 points. Here’s how the market is panning out on Thursday:
ASX tech shares a mixed bag
The ASX has been setting new records over the past few weeks, but Thursday is looking a little less predictable for another gain.
While the index is currently in the green, not all sectors are moving in the same direction in today’s session. Some of the ASX 200’s strongest performers include QBE Insurance Group Ltd (ASX: QBE), Downer EDI Limited (ASX: DOW), and Telstra Corporation Ltd (ASX: TLS) on the back of reporting.
Meanwhile, ASX 200 tech shares are struggling to find the same optimism from investors. The sector is 0.7% lower with Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) dragging into the red. In particular, Xero shareholders have been selling off the accounting software company following its annual general meeting. The ASX tech share guided for operating expenses to range between 80% to 85% of operating revenue in FY22.
Reporting season in full swing
Thursday morning has been jampacked with ASX action. Australian big-name shares such as AMP Ltd (ASX: AMP), AGL Energy Limited (ASX: AGL), and Telstra have dealt their full-year results. Currently, the Telstra share price is up by 4.05%.
While we are very much in the midst of the reporting season, a large portion of ASX shares are set to report towards the tail end of August. Some of these companies include our ASX tech staples, such as Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX). Don’t forget to check out our ASX reporting calendar to stay up to date.
The post ASX tech shares lagging the ASX 200 on Thursday appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of May 24th 2021
More reading
- ASX 200 midday update: Telstra, NAB, & QBE results
- Xero (ASX:XRO) share price edges lower after annual meeting
- 5 things to watch on the ASX 200 on Thursday
- Here are 3 of the most heavily traded ASX 200 shares today
- ASX 200 rises, CBA climbs after FY21 report, Iress jumps
Motley Fool contributor Mitchell Lawler owns shares of AFTERPAY T FPO and Appen Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Altium, Appen Ltd, and Xero. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Altium, Appen Ltd, Telstra Corporation Limited, and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/3yKIZ20
Leave a Reply