ASX 200 (ASX:XJO) midday update: Block, Zip tumble, QBE's asset sale

The ASX 200 is having a day to forget again…

A stressed businessman in a suit shirt and trousers sits next to his briefcase with his head in his hands while the ASX boards behind him show BNPL shares crashing

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. The benchmark index is currently down 1.7% to 7,030.8 points.

Here's what is happening on the ASX 200 today:

Tech shares tumble

The tech sector is weighing heavily on the ASX 200 on Friday. At the time of writing, the S&P/ASX All Technology Index is down a sizeable 4.1% due to heavy declines from the likes of Block Inc (ASX: SQ2) and Zip Co Ltd (ASX: Z1P). This follows a poor night of trade on the tech-focused Nasdaq index and futures contracts pointing to more of the same tonight.

CSL lower despite acquisition update

The CSL Limited (ASX: CSL) share price is falling on Friday despite the release of an update out of the biotherapeutics giant. That update reveals that its proposed acquisition of Vifor Pharma for ~$17 billion has taken a step closer to completion. This follows news that 74% of Vifor shares have been tendered following CSL's offer. If everything else goes to plan, management expects the transaction to complete in mid-2022.

QBE asset sale

QBE Insurance Group Ltd (ASX: QBE) has announced a deal to sell its Westwood Insurance Agency business in the United States. The insurance giant has entered into an agreement that will see the business sold to Baldwin Risk Partners for $375 million. Westwood is a leading national full service personal lines agency, specialising in builder sourced homeowners' insurance.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Incitec Pivot Ltd (ASX: IPL) share price with a modest 1% gain. This appears to have been driven by the prospect of higher urea/ammonia prices due to the Russia-Ukraine crisis. The worst performer has been the Zip share price with an 11% decline amid weakness in the tech sector.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Block, Inc., CSL Ltd., and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

A young smiling couple out hiking enjoy a view from the top of the mountains.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors enjoyed a rosy end to the trading week this Friday.

Read more »

A fun depiction of summer Santa Claus -- wearing red swimming trunks and Hawaiian shirt -- sitting in a deck chair on his laptop at the beach.
Opinions

2 ASX stocks on my naughty list this Christmas

Nothing but coal in the stockings of these disappointing companies.

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Record Highs

The multi-billion-dollar ASX tech share hitting new highs on broker bullishness

This ASX tech share darling is up 216% in the year to date and just reset its record price.

Read more »

Cheerful businessman with a mining hat on the table sitting back with his arms behind his head while looking at his laptop's screen.
Resources Shares

Fortescue shares are galloping again as Twiggy stays confident in China's horsepower

It's business as usual for the miner despite Trump's promised 60% tariffs on Chinese imports.

Read more »

A graphic showing a businessman running up a white upwards rising arrow symbolising the soaring Magellan share price today
Share Gainers

How these 3 ASX 200 stocks led the charge higher this week

The three top ASX 200 stocks are up 14% to 34% this week.

Read more »

Businessman working and using Digital Tablet new business project finance investment at coffee cafe.
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why Imugene, Neuren, Sigma, and Smartgroup shares are charging higher

These shares are ending the week on a high. But why? Let's find out.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Arcadium Lithium, Block, Jumbo, and Mineral Resources shares

These shares are ending the week in the red. Why are investors selling them?

Read more »