The S&P/ASX 200 (ASX: XJO) finished 0.3% higher on Wednesday, overcoming a significant sell off in the technology sector.
The tech sector fell 2.7% for the day, with a 9.6% fall in Afterpay Ltd (ASX: APT) pulling the entire market down by 10 points.
Apple sends ASX BNPL shares tumbling
The sell-off came after a double blow for the burgeoning and highly valued BNPL sector after Apple Inc. (NASDAQ: APPL) announced it would launch its own platform dubbed Apple Pay Later, backed by Goldman Sachs, and PayPal (NASDAQ: PYPL) launched its ‘Pay in 4’ product into the Australian market.
Shares in Zip Co Ltd (ASX: Z1P) also fell 11.4% with Afterpay’s management highlighting the company is no longer just a payments platform, but also a retail destination.
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Seven closes in on Boral
Seven Group Holdings Ltd (ASX: SVW) has reportedly reached 48.41% ownership of Boral Limited (ASX: BLD) with the takeover offer set to be extended for another two weeks in what many experts are suggesting has been a lesson in aggressive takeover tactics from the Stokes Family.
Record inflows for Praemium
Wrap platform Praemium Ltd (ASX: PPS) jumped 15% after announcing record inflows of $1.2 billion onto its Praemium and Powerwrap platforms.
The result takes total funds under administration to $41 billion, nearing the $51 billion administered by competitor Hub24 Ltd (ASX: HUB), but with a significantly lower valuation.
Management also announced the divestment of its international platform business in an effort to focus on its Australian business.
Spark infrastructure jumps
Shares in Spark Infrastructure Group (ASX: SKI) jumped 7.8% before entering a trading halt with many predicting a takeover offer to be announced.
The potential buyer is still unknown but may well be another cashed up pension fund seeking to take another asset private; the group owns both the SA and Vic Power Networks.
Decarbonisation boom supports Sandfire
Sandfire Resources Ltd (ASX: SFR) continues to benefit from the decarbonisation trend and a resultant spike in copper prices, with the commodity a key part of most battery and EV products.
Sandfire shares added 2.3% after management confirmed total sales of $813 million, driven almost solely by the skyrocketing commodity price.
ASX 200 today
The ASX 200 is set to trickle lower when the market opens on Thursday according to the latest SPI futures. This comes following a mixed lead from US markets overnight, with the S&P 500 and Dow Jones eking out gains but the Nasdaq falling 0.2%.