A tech sell off today has seen the ASX tumble. The S&P/ASX 200 dropped 0.4%, or 27.6 points, to 7297.4 by lunchtime.
Technology was down 2.9%, led by Xero Limited which lost 3.76% in morning trade.
In the green were Energy up 0.87% and Consumer Staples 1.00% higher.
On the small cap front, the S&P/ASX Small Ordinaries had lost 0.75% at lunch time in what was a quiet morning.
What are the best and worst-performing sectors this week?
This week we have seen Financials up over 3%, followed by Information Technology up over 2% and Utilities, which is just in the green. The worst performing sectors include Materials down 2% followed by Communication Services and Consumer Staples, which are both down over 1%.
The best-performing stocks in the ASX top 100 include Virgin Money (LON:VM) UK PLC (LSE:VMUK) up over 7% followed by Ampol Ltd up over 6% and Mineral Resources Ltd (ASX:MIN) up over 4%. The worst performing stocks include Ansell Limited down over 14% followed by Northern Star Resources Ltd (ASX:ASX:NST), down over 11% and IGO Ltd down over 7%.
What's next for the Australian stock market?
Wealth Within chief analyst Dale Gillham believes the market Dale Gillham believes the market will move away from the current flat period.
“After a very strong rise last week, any reasonable person would think the market would continue to be bullish this week. But so far, the All Ordinaries Index has been rather flat up just 0.33% as of writing, with Wednesday the only real bullish day to date.
“The good news is that the All Ordinaries Index has traded up to 7,958 points, which is its highest level since February 17, although what is more important is where it will close this week. A close up around its high for the week is a strong sign the bullish move may continue into the next month. A low close will signal the opposite, which means we should expect some short-term bearishness.
“Given this, I continue to caution investors given that we are still in a time where anything can happen, which is why you need to be selective in the stocks you hold or those you intend to buy. If you decide to buy, do your research thoroughly and have an exit strategy. While I believe any possible down move will be short-term, right now it pays to be conservative rather than aggressive.”
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