At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is out of form and looks set to record a disappointing decline. The benchmark index is currently down 1.4% to 7,239.8 points.
Here's what is happening on the ASX 200 today:
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Tech shares sink
The Australian tech sector is under pressure today and weighing heavily on the ASX 200 index. The likes of Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are recording notable declines, leading to the S&P/ASX All Technology Index (ASX: XTX) falling 2.6%. Investors have been selling tech shares following a poor night of trade on the Nasdaq index.
Viva Energy update
The Viva Energy Group Ltd (ASX: VEA) share price is charging higher today following the release of a first half update. That update reveals that the energy company had a very strong first half thanks to sales growth from its non-aviation businesses. In light of this, the company expects operating earnings of $390 million to $410 million for the six months. This will be an increase of 34% over the pre-pandemic levels of FY 2019.
Bank shares weigh on the ASX 200
Also weighing on the ASX 200 today are the big four banks. All four banks are on course to end the week in the red, with the Commonwealth Bank of Australia (ASX: CBA) share price the worst performer in the group. The shares of Australia's oldest bank are down 1.6% at lunch. Broad market weakness caused by global economic recovery concerns appears to be behind this decline.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the Viva Energy share price with a 5% gain. This follows its half year update. The worst performer has been the Afterpay share price with a 5.5% decline following the weakness in the tech sector today.
