Highlights
  • ASX200 is up 0.66% at 7189.4 at midday on Wednesday.
  • Douugh surges 9% on OFX Group alliance announcement.
  • Vocus Group fined $2.5million over false NBN broadband speed claims.

The tech sector extends losses into Wednesday as Technology One, Megaport and Xero drive the sector into negative territory.

Australian GDP data released today showed the Australian economy grew 1.8% in the March quarter, exceeding economists estimates of 1.5% and hitting pre-pandemic levels.

The Australian market is trading 0.66% higher at 7189.40 at midday as Energy and Resources stocks lead gains on the key index. Pilbara Minerals is leading the gainers today, up 5.18% in the session so far.

Bitcoin?s see-saw continues as the world?s largest cryptocurrency sheds 3% in the last 24-hours to trade around US$36,000 at 12pm AEST.

Australian-based smart bank Douugh surged 9% in morning trade after announcing a three-year strategic alliance with OFX Group to enhance foreign exchange services on its platform. Under the deal Douugh?s Australian customers will pay an FX fee when trading in US shares, and OFX will pay a portion of the fee back to Douugh in the form of a revenue share.

Making headlines, Australian telco giant Vocus Group is set to pay $2.5m after the Federal Court found its retail brands Dodo and iPrimus made misleading claims about NBN broadband speeds between March 2018 and April 2019.

And Tesla has filed a new trademark in the US for its brand under restaurant services, hinting that Elon Musk?s 2017 idea of restaurants at EV charging stations may soon be a reality.