Insights

ASX 200 (ASX:XJO) midday update: Afterpay & Zip sink, energy shares rise

It has been a red day for the ASX 200…
The post ASX 200 (ASX:XJO) midday update: Afterpay & Zip sink, energy shares rise appeared first on The Motley Fool Australia. –

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 1% to 7,208.2 points.

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

Tech shares weigh on ASX 200

One area of the market weighing heavily on the ASX 200 today has been the tech sector. At the time of writing, the shares of Afterpay Ltd (ASX: APT) and the Zip Co Ltd (ASX: Z1P) are both down approximately 5%. This has led to the S&P/ASX All Technology Index dropping 3.1% at the time of writing. Investors have been selling tech shares after a disappointing night of trade on the tech-focused Nasdaq index.

Energy shares rise

It has been a good day for Australian energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO). They are pushing higher today and helping to offset some of the ASX 200’s declines. Investors have been buying energy shares after oil prices rose in response to news that OPEC is planning to stick to gradual supply increases. According to Bloomberg, the WTI crude oil price and the Brent crude oil price both rose over 2% overnight.

Xero given buy rating

The Xero Limited (ASX: XRO) share price may be dropping along with the tech sector today but one leading broker believes it will rebound strongly. This morning the team at Goldman Sachs reiterated their buy rating and $165.00 price target on the cloud accounting platform provider’s shares. The broker notes that updates provided by rival Intuit at its investor day are supportive of its positive view on Xero.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Silver Lake Resources Limited (ASX: SLR) share price with a gain of 5%. This follows a rise in the gold price overnight and increased demand for safe haven assets. The worst performer has been the IDP Education Ltd (ASX: IEL) share price with a 6% decline following weakness in the tech sector.

The post ASX 200 (ASX:XJO) midday update: Afterpay & Zip sink, energy shares rise 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 August 16th 2021

More reading

AFIC (ASX:AFI) share price struggles amid inflation concerns
Soul Patts (ASX:SOL) share price slips amid completed Milton merger
Why the Zip (ASX:Z1P) share price is down 4% today
These were the 5 best performing ASX 200 resources in September

September’s best performing ASX 200 energy shares unmasked

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 shares of and has recommended AFTERPAY T FPO, Idp Education Pty Ltd, Xero, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!