The Market Movers || Where does Tech Sector standing today?

This is the market movers show where we take you through the Top 5 ASX gainers of the day  . lets have a look at the top 5 ASX gainers of the day:

• The online retail stock Ltd surged over 5.5% to the intra-day high of A$10.69. The stock rose after the company provided additional insights into its Q3 results which caused the stock to dip by 17% last week. Kogan provided answers to nine questions asked by the ASX related to revenue, profit, EBITDA, and others. Ltd stock has fallen nearly 50% year-to-date.

• The stock of the integrated services company Downer EDI Ltd surged over 5% to the day’s high of A$5.62. The shares urged after the company announced a share buyback earlier today. Downer plans to buy back up to 70.1 million shares, or 10% of shares on issue, via on-market transactions. Downer EDI Ltd shares touched near 10-week high, climbing by their most since 15 February 2021.  

• The stock of Australia’s country’s largest listed apartment and townhouse developer Mirvac Group Ltd jumped nearly 5% to the day’s high of A$2.68 amid strong performance by the property sector.  Mirvac earlier today also raised its full-year earnings guidance by about 7% on account of robust residential sales in the March quarter. Mirvac Group also said that it has a strong momentum leading into the final quarter. 

• The stock of the company which provides data used for the development of machine learning and artificial intelligence products Appen Ltd jumped over 4% to A$15.92. The technology stock has gained even as tech sector lost nearly 0.6% in the intra-day trade today.  The rate-sensitive stock was expected to have gained after Australia’s quarterly inflation data came under expectations.

• The insurance stock QBE Insurance Group Ltd gained over 3% to the day’s high of A$9.54. The gains in financial sector were led by QBE. There was no major positive update released by the company to the ASX today.  However, the insurance broker Steadfast Group earlier today upgraded its full-year guidance on a strong first nine months of 2020-21. 

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