• ASX 200 is down 0.30%
  • The Lottery Corp makes its debut on the ASX
  •  Tech weighs heavily after Snap Inc warning

 

The ASX 200 traded in a volatile range today, but ended the day down by 0.3%.

The index was up by 0.20% but was not able to hold on as Tech stocks weighed heavily.

The ASX tech sector (XIJ) lost nearly 3% today after a 30% plunge in Snap Inc (the owner of Snapchat social media) on the NYSE after the bell.

In extended trading hours, Snap said that it will miss revenue and earnings targets for the current quarter. CEO Evan Spiegel also said in a staff memo that he was planning on slowing hirings through to the end of the year.

The best performing sectors today were Financial and Real Estate, both up by half a per cent.

The much anticipated listing of Tabcorp’s lottery spinoff The Lottery Corporation (ASX:TLC) finally happened today, as the company made its debut on the ASX.

As a result of the listing, the Tabcorp (ASX:TAH) share price recalibrated itself down by more than 80% to reflect the demerger of the two businesses, and the outlook for Tabcorp as as standalone wagering business.

Tabcorp has separated its wagering and gaming businesses as a way to optimise their capital structures and market values.

Meanwhile, global investors are still mulling whether China’s plan to stimulate its economy with a whopping US$5.3 trillion announced last week will be enough.

Market analysts have downgraded China’s outlook, with JPMorgan and UBS already cutting China’s 2022 growth rate.

 

BIG CAP WINNERS

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Church donor app Pushpay (ASX:PPH) rose 15% before putting itself in voluntary suspension. The company suspended itself from trading following potential takeover proposals by two private equity firms.

 

BIG CAP LOSERS

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Crops and seeds company Nufarm (ASX:NUF) fell 14% after announcing that Sumitomo Chemica has sold its 15.9% stake in Nufarm. Nufarm says that both companies plan to continue their business alliance that started more than 12 years ago.