Insights

ASX 200 midday update: GUD crashes, tech shares tumble

The ASX 200 is having another off day…
The post ASX 200 midday update: GUD crashes, tech shares tumble appeared first on The Motley Fool Australia. –

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a heavy decline. The benchmark index is currently down 2.1% to 6,451.5 points.

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

GUD shares crushed on guidance downgrade

The GUD Holdings Limited (ASX: GUD) share price has been sold off today in response to a guidance update. As you might have guessed from the share price reaction, that update was not a good one. The diversified products company has downgraded its underlying operating earnings guidance to $147 million in FY 2022. This is down from its previous guidance of $155 million to $160 million. In response to the news, Citi downgraded its shares and slashed its price target.

Tech shares tumble

The tech sector has been hit hard today during the market selloff. The likes of Block Inc (ASX: SQ2) and Xero Limited (ASX: XRO) are recording particularly heavy declines following a poor night of trade on the tech-focused Nasdaq index. This has led to the S&P ASX All Technology index dropping a sizeable 2.8% at the time of writing.

Gold miner rise

One side of the market which is performing positively is the gold sector. This has seen the S&P/ASX All Ords Gold index storm 3.3% higher today. The highlight has been the Evolution Mining Ltd (ASX: EVN) share price with a 5% gain. This has been driven by a rebound in the gold price and a broker upgrade by UBS. The latter saw Evolution upgraded to a buy rating with a $4.05 price target.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Evolution share price with a 5% gain for reasons mentioned above. Going the other way, the worst performer by some distance has been the GUD share price with a 21% decline. This follows its guidance downgrade and bleak outlook commentary.

The post ASX 200 midday update: GUD crashes, tech shares tumble 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 over ten 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

See The 5 Stocks
*Returns as of January 12th 2022

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Down 20% today: Why the GUD share price is crashing to a 6-year low
Block share price sinks again and is now down over 50% since its ASX listing
‘The bar has been set low’: Why this top broker just upgraded the Evolution Mining share price
‘Stellar performer’: Why this fundie is buying the dip in the NAB share price
Investing in ASX 200 gold shares? Here’s the latest on the gold price forecast

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. has positions in and has recommended Block, Inc. and Xero. The Motley Fool Australia has positions in 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 Scott Phillips.

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.

  • This field is for validation purposes and should be left unchanged.

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

Share With Your Friends

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, 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.

FREE AAPL, TSLA, AMZN, PFE or MRO Share(s)
REGISTER TO BE ELIGIBLE FOR FREE SHARES
TRAVEL ACROSS THE FINANCIAL WORLD
Act Fast - Promotion Ends In
Click Here To Get Started
FREE AAPL, TSLA, AMZN, PFE or MRO Share(s)
REGISTER TO BE ELIGIBLE FOR FREE SHARES
TRAVEL ACROSS THE FINANCIAL WORLD
Act Fast - Promotion Ends In
Click Here For More Info