The Block Inc (ASX: SQ2) share price has started the week strongly.
In late morning trade, the payments companyâs shares are up over 5% to $92.57.
Why is the Block share price charging higher?
Investors have been bidding the Block share price higher today following a rebound in the tech sector.
This follows a solid night of trade for tech stocks on Wall Street on Friday, which saw the companyâs NYSE listed shares rise 4%.
The Block share price then edged slightly higher in after hours trade to end the week at US$63.99.
Based on current exchange rates, that would equate to approximately $94.10 for its ASX listed shares, which is a touch ahead of where they trade currently.
It isnât just Block that is trading higher today in the tech sector. The S&P ASX All Technology index is up 1% at the time of writing thanks to gains from the likes of WiseTech Global Ltd (ASX: WTC) and Xero Limited (ASX: XRO).
However, despite this rise, the S&P ASX All Technology index remains down by a disappointing 37% since the start of the year.
The post Why is the Block share price racing 5% higher? appeared first on The Motley Fool Australia.
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More reading
- Should investors zero in on the Xero share price in July?
- 5 things to watch on the ASX 200 on Monday
- The Xero share price lost 14% last month. Here’s the tea
- What on earth happened to ASX 200 tech shares in June?
- Brokers name 3 ASX shares to buy today
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