ASX tech shares are leaving much to be desired on Thursday…
The post ASX tech shares lagging the ASX 200 on Thursday appeared first on The Motley Fool Australia. –
Heading into the backend of Thursday, the S&P/ASX 200 Index (ASX: XJO) is slightly above yesterday’s closing price. While the broader market is holding above breakeven, ASX tech shares are not enjoying the same fate.
At the time of writing, the benchmark index is 0.06% higher to 7,588.7 points. Here’s how the market is panning out on Thursday:
ASX tech shares a mixed bag
The ASX has been setting new records over the past few weeks, but Thursday is looking a little less predictable for another gain.
While the index is currently in the green, not all sectors are moving in the same direction in today’s session. Some of the ASX 200’s strongest performers include QBE Insurance Group Ltd (ASX: QBE), Downer EDI Limited (ASX: DOW), and Telstra Corporation Ltd (ASX: TLS) on the back of reporting.
Meanwhile, ASX 200 tech shares are struggling to find the same optimism from investors. The sector is 0.7% lower with Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) dragging into the red. In particular, Xero shareholders have been selling off the accounting software company following its annual general meeting. The ASX tech share guided for operating expenses to range between 80% to 85% of operating revenue in FY22.
Reporting season in full swing
Thursday morning has been jampacked with ASX action. Australian big-name shares such as AMP Ltd (ASX: AMP), AGL Energy Limited (ASX: AGL), and Telstra have dealt their full-year results. Currently, the Telstra share price is up by 4.05%.
While we are very much in the midst of the reporting season, a large portion of ASX shares are set to report towards the tail end of August. Some of these companies include our ASX tech staples, such as Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX). Don’t forget to check out our ASX reporting calendar to stay up to date.
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Motley Fool contributor Mitchell Lawler owns shares of AFTERPAY T FPO and Appen Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Altium, Appen Ltd, and Xero. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Altium, Appen 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.