Tech lags, but ASX still up 0.2pct at noon

Derek Rose | May 24, 2022

After four weeks of extreme volatility, the Australian share market is having its second quiet day in a row.

At noon on Tuesday the benchmark S&P/ASX 200 index was 13 points, or 0.18 per cent, to 7,161.9. The All Ordinaries had climbed 10.6 points, or 0.14 per cent, to 7,409.5.

Four of the ASX’s 11 official sectors were up and seven were down, with tech being the biggest loser, falling 2.3 per cent as Afterpay owner Square slid six per cent and Whispir dropped 7.4 per cent.

TechnologyOne was down 1.8 per cent to $10.225 after the Brisbane-based enterprise software-as-a-service company reported that its half-year profit before tax rose 14 per cent to $42.6 million.

Qantas was down 1.2 per cent to $5.395 after Australia’s flag carrier took a 51 per cent stake in Byron Bay-based online travel business TripADeal.

“This is a great opportunity at the perfect time,” chief executive Alan Joyce said.

The financial sector was the top gainer, rising 0.8 per cent, as all of the big banks rose after a lacklustre day on Monday. NAB advanced 1.7 per cent to $31.31; Commonwealth and ANZ were both up 1.0 per cent, to $105.56, and $25.57, respectively; and Westpac climbed 0.8 per cent to $23.59.

The mining sector was also up, by 0.5 per cent, with BHP climbing 0.6 per cent, Fortescue rising 1.5 per cent and Rio Tinto adding 0.9 per cent.

Tabcorp spin-off The Lottery Corporation, made its debut on the ASX, with its shares at noon trading for $4.58 under the ticker code TLC.

Tabcorp was down $4.33, or 81.1 per cent, to $1.01 as those securities no longer include Tabcorp’s keno or lottery businesses.

Nufarm fell 13.7 to $5.085 after Japanese chemical company Sumitomo sold its 15.9 per cent stake in the agricultural chemical company on Monday, 12 years after buying into it.

The Australian dollar was buying 70.73 US cents, from 71.12 cents at Monday’s close.