Business
Tech stocks slump as profitability awaits – The Australian Financial Review
Expectations the strengthening Australian economy will benefit value stocks and put pressure on growth names extended losses for tech shares.
The fall for tech stocks reflects a rotation towards value companies that suffered a drop in profits through the depths of the pandemic, said John Lockton, head of Australian equities for Wilsons.
You have an earnings hole that can be filled once the vaccine brings back activity, he said.
Afterpay, one of the biggest tech names on the local market, dropped 2 per cent, bringing its decline over the past three trading sessions to 5.8 per cent. The fall comes against the backdrop of new standards for…
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