- The ASX200 is trading 1.52% lower at 7397.60 after lunch.
- Zip Co tumbles on increasing competition in BNPL sector.
- Crown Resorts in hot water over $6.7bn lawsuit from problem gambler.
The Australian market is in negative territory again today with all sectors trading lower. After lunchtime the ASX is down 1.52% at 7397.60, with tech stocks leading the losses.
The tech sector sell-off is led by Megaport trading more than 4% lower, while EML Payments is down 4.09% and Codan is trading 3.39% lower.
Bitcoin is trading 2.81% lower over the last 24-hours at US$45,751.74 at 1:00pm AEST.
Zip Co is taking a hit today as competition in the buy now, pay later sector heats up following yesterday?s announcement of PayPal acquiring Japanese BNPL provider Paidy. PayPal has already entered the Australian BNPL market with its ?Pay in 4? offer that doesn?t charge late fees, compared to Zip?s late fees of $5 for Zip Pay and $15 for Zip Money.
Making headlines, Crown Resorts? troubles continue today, with investors selling out of the casino giant amid news self-proclaimed problem gambler, Ahmed Hasna, is suing Crown Resorts for $6.7bn. Mr Hasna is suing Crown for allegedly failing to take action against his gambling problem at Crown?s Melbourne casino between 2016 and 2020 where he claims he lost $4.59m during the 4-year period.
And a 58-year-old mum in the UK has turned from being the manager of her professional Fortnite gamer son to signing her own professional gaming contract after building a following of 430,000 on Twitch.