- ASX200 is trading 0.16% higher at 7,343.50 after midday.
- Afterpay and Zip Co tumble on Apple BNPL reports.
- Webjet and other travel stocks hit by Sydney lockdown extension.
The Australian market is trading 0.16% higher today at 7,343.50 with gold miners leading gains on the key index. The ASX rallied in morning activity but has since pulled back to trade almost flat as tech stocks fall on Apple?s new product update.
The tech sector is the only sector trading in negative territory today as Afterpay plunges more than 8%, EML Payments is down 0.53% and Nuix is trading 0.94% lower.
Bitcoin continues to drop this afternoon, trading 2.45% lower at US$32,398.78 at 1:15 pm AEST.
Afterpay and Zip Co are taking a hit today following reports Apple is partnering with Goldman Sachs to launch a BNPL feature through the Apple Wallet App. Afterpay is down more than 8% while Zip is down almost 10%. The reports of Apple diving into the BNPL sector follow PayPal?s move to launch its BNPL offering recently, heating up the competition in the popular market.
Today, BNPL provider Humm also announced a partnership with Westpac NZ to bring its ?bundll? buy now, pay later app to Westpac?s New Zealand customers from August.
Making headlines, travel stocks are again in the firing line today as investors sell off shares in Webjet and other industry-related stocks following the announcement that Sydney?s lockdown will be extended by at least another two weeks. Growing case numbers in Melbourne has also threatened to further restrict domestic travel.
And the rise of plant-based chicken is hitting Panda Express restaurants in New York City and Southern California through a new partnership with Beyond Meat for its reworked Chicken Tenders.