- The ASX200 is trading 1.23% lower at 7185.90 after lunchtime.
- Afterpay and Zip Co shares dip on Mastercard BNPL tech launch.
- Smartgroup soars on TPG Global & Potentia Capital takeover offer.
The Australian market is trading sharply lower again today, down 1.23% at 7185.90 after lunch as all but one of the sectors trade in the red. Tech stocks are taking the biggest hit today following the Nasdaq?s turbulent session on Wall St overnight.
The tech sector?s fall is led by Codan plummeting more than 5.8%, Nearmap trading 4.4% lower and Nextdc, Tyro Payments, Xero and Afterpay each down more than 3%.
Bitcoin is trading 1.43% lower over the last 24-hours at US$41,770.56 at 12:45pm AEST.
Investors are selling out of Afterpay and Zip Co today after financial giant Mastercard confirmed it will begin rolling out new technology for any bank or financial institution to offer a BNPL service. Mastercard said the ?strong demand for BNPL services? was the reason behind it developing the BNPL technology and has already partnered with Qantas and Latitude Group for the program launch next year.
Making headlines, Australian-based employee management services company Smartgroup is soaring today after announcing it has received a takeover bid from TPG Global and Potentia Capital for $10.35/share, a 31.7% premium on Smartgroup?s closing share price on Tuesday. The Smartgroup board has said it intends to unanimously recommend the takeover based on the information provided.
And United Airlines says 593 staff members face employment termination for failing to get vaccinated before Monday?s deadline.