ASX Midday Sector Update: Information Technology Stocks Lead Broad-Based Decline

MT Newswires Live09-03

The information technology sector plunged over 3% at midday Wednesday, leading a broad-based decline, with all sectors of the Australian bourse trading in the red.

All three major Wall Street stock indexes fell in post-holiday trading.

Australia's gross domestic product (GDP) grew 0.6% in the June quarter on a seasonally adjusted, chain volume basis. The GDP rose 1.8% compared with the same quarter in the prior year. The GDP grew 1.3% in the 12 months ended June, the weakest annual growth since the early 1990s, excluding the pandemic.

Novatti Group (ASX:NOV) sold its wholly-owned unit, Emersion Systems, the operator of its Emersion business, to a wholly-owned subsidiary of CGP Equity for $500,000. This follows an ongoing strategic review of all business units and subsidiaries against the firm's long-term financial goals and targets.

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