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ASX 200 (ASX:XJO) midday update: Telstra investor day, tech and materials shares fall

It’s been a disappointing day so far for the ASX 200…
The post ASX 200 (ASX:XJO) midday update: Telstra investor day, tech and materials shares fall 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 0.5% to 7,432.4 points.

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

Telstra investor day

The Telstra Corporation Ltd (ASX: TLS) share price is trading lower on Tuesday despite holding its investor day event for its T25 strategy. At the event, the telco giant reaffirmed its growth targets through to FY 2025. This includes growing its underlying earnings per share by a compound annual growth rate in the high-teens between FY 2021 and FY 2025.

Tech shares fall

The tech sector has been weighing on the performance of the ASX 200 today. A number of tech shares such as Nearmap Ltd (ASX: NEA) and Xero Limited (ASX: XRO) are falling today following a subdued night of trade on Wall Street. The S&P/ASX All Technology Index is down 0.65% at the time of writing.

Mining shares in the red

Also weighing on the ASX 200 today has been the materials sector. The likes of BHP Group Ltd (ASX: BHP) and South32 Ltd (ASX: S32) are falling today following a poor night of trade for commodity prices. Both mining giants’ shares are down approximately 2% at lunch. This has led to the S&P/ASX Materials sector falling 1.3% today.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Virgin Money UK (ASX: VUK) share price with a 3.5% gain. This follows a similarly positive gain on Monday night for the bank’s UK listed shares. The worst performer has been the Mesoblast limited (ASX: MSB) share price with a 5% decline. This appears to have been driven by profit taking following a strong gain on Monday.

The post ASX 200 (ASX:XJO) midday update: Telstra investor day, tech and materials shares fall appeared first on The Motley Fool Australia.

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More reading

40% downside: Why does UBS rate the Xero (ASX:XRO) share price as a sell?

Is the Telstra (ASX:TLS) share price a buy after its investor update?

5 things to watch on the ASX 200 on Tuesday

Why is the Brickworks (ASX:BKW) share price having such a lousy month?

Xero (ASX:XRO) share price shrugs off Macquarie warnings of ‘limited success’ in US

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 Nearmap Ltd. and Xero. The Motley Fool Australia owns shares of and has recommended Nearmap 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.

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