At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is tumbling lower. The benchmark index is currently down 0.5% to 7,094.5 points.
Here’s what is happening on the ASX 200 today:
Tech shares struggle
The tech sector is weighing heavily on the ASX 200 on Friday. The likes of Block Inc (ASX: SQ2) and Xero Limited (ASX: XRO) are deep in the red after US tech stocks pulled back on rate hike concerns. This was sparked by news that inflation in the United States has hit its highest level in 40 years. The S&P ASX All Technology index is down 2.4% at the time of writing.
Nickel Mines cancels share purchase plan
Due to the recent volatility in the Nickel Mines Ltd (ASX: NIC) share price, the nickel producer has cancelled its share purchase plan at the last minute. Nickel Mines’ share purchase plan was being undertaken at $1.37 per new share. However, yesterday the company’s shares ended the day 11% lower than this at $1.22. Shares from the plan were due to be issued next week on Tuesday.
Breville acquisition
The Breville Group Ltd (ASX: BRG) share price is dropping today after announcing an acquisition. The appliance manufacturer has agreed to acquire Italian premium prosumer home coffee equipment manufacturer Lelit for 113 million euros in cash and shares. However, no details were provided in respect to Lelit’s sales or earnings, making it impossible to know if Breville is getting value for money.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the Nickel Mines share price with a 6% gain. It’s possible that shareholders that were taking part in its share purchase plan have decided to buy shares on-market following its cancellation. The worst performer on the index has been the Mesoblast limited (ASX: MSB) share price with a decline of over 5%. Its shares will be kicked out of the ASX 200 later this month.
The post ASX 200 (ASX:XJO) midday update: Block falls, Nickel Mines jumps appeared first on The Motley Fool Australia.
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More reading
- Nickel Mines (ASX:NIC) has just withdrawn its share purchase plan. What’s going on?
- Breville (ASX:BRG) share price falls despite 113m euros coffee acquisition
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- 5 things to watch on the ASX 200 on Friday
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Block, Inc. and Xero. The Motley Fool Australia owns and has recommended Block, Inc. and Xero. 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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