Oz Tech Market Edgy After Second Round Of Mauling
Many eyes will be on the ASX when trading opens at 10am today, following another belting for many technology and telecommunications stock on Friday.
Echoing the global downturn, Australian stocks plummeted to their lowest level in 12 months. The comms arena was among the hardest hit, with the sector as a whole showing a 4.42pc plunge. However the hardest hit company was – to no-one’s great surprise – AMP, which plunged no less that 26.5 percent on the day.
In the tech sector, buy-now, pay-later outfit Afterpay took a pounding, shedding 4.4 percent on the day to $11.72, with a neat $100 million clipped from its overall value. As well as the general stock downturn, this reflected news that a Senate inquiry has been launched into the operation of both payday lenders and buy-now, pay-later outfits.
Datacentre operator NextDC, which had dropped 21c on Thursday, shed another 3.4pc on Friday to close at $5.78. Online classifieds operators Seek, Carsales and REA also all lost ground, while accounting software flogger Xero, which had copped a $1.73 drop on Thursday, shed another 4.24pc, to $39.08. Rival MYOB was down 1.7pc at $350.
Kogan shed a further 4c to $4.64, though the result wasn’t as bad as Thursday’s slaughter, when the online goods flogger copped an 18c plunge.
TPG dropped 1.7pc to $7.46, while Superloop was down 2.2pc at $1.75
Not all tech stocks were losers this time, however. Prices were up for Reckon, Data # 3, Carsales, Dicker Data and renewable energy outfit Redflow, among others. Telstra was steady at $3.05