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S&P/ASX 200 (XJO) jumps, Link & EML Payments (EML) in focus

The S&P/ASX 200 (INDEXASX: XJO) and All Ordinaries (ASX: XAO) started Tuesday with a mixed day following a soft day for ASX traders on Monday. The S&P/ASX 200 was up 0.3% 6,623 at lunchtime, with EML Payments Ltd (ASX: EML) and Link Administration Holdings Ltd (ASX: LNK) in focus.

ASX 200 price versus EML share price

The chart above compares the EML share price to the popular iShares S&P/ASX 200 ETF (ASX: STW). You can view all the ETFs that track Australian shares on this page.

ASX 200 tech shares getting hit

Materials and technology shares continue to be hit on the back of concerns about stagflation. Stagflation means a weakening economy at the same time that inflation remains high. Both ASX tech shares and materials were down more than 2.5 per cent on Tuesday.

Sonic Healthcare (ASX: SHL) and Healius (ASX: HLS) shares were among the leaders on Tuesday, with CSL Limited (ASX: CSL) also seeing buyers attracted to the sectors’ defensive revenue profile.

EML share price in focus

The EML share price fell another 24 per cent on Tuesday and was trading flat on Wednesday around midday. As Rask Media reported on Tuesday, EML is in the news for all the wrong reasons in 2022.

Long-term EML Payments CEO Tom Cregan resigned this week, with Emma Shand to take over following prior stints at Nasdaq. This comes as EML embarks on an aggressive but battered global expansion strategy.

The ASX Ltd (ASX: ASX), the operator of the stock exchange, also lost its CFO, with Gillian Larkins to join CEO Dominic Stevens out the door in August following a different period for the exchange operator.

Link denies offer

Link shares managed to eke out a small gain on Tuesday, finishing at $4.03, but well below the improved $4.57 takeover offer price from Dye & Durham. This came after news that the Link board had reviewed the improved offer and suggested it was unable to recommend the acquisition given recent movements in the value of the PEXA (ASX: PXA) platform.

It was also bad news for Costa Group (ASX: CGC), which ended Tuesday 8 per cent lower after leaving a trading halt in relation to its citrus crop. Costa Group management has warned of quality issues in its crop due to the impact of weather events that will see lower production than usual.

“The 2PH business is predominantly operating in line with pre-acquisition expectations with volumes above forecast; however, some quality issues have been encountered due to weather events occurring over recent weeks” Costa explained.

Inflation to ease?

Finally, broking house Jarden believe that inflation will moderate in the US over the coming months and Australia 3 to 6 months later, offering hope for those investors who are worried about an inflation outbreak. Elsewhere, a massive week lies ahead for economic data with Chinese results to filter through along with a US inflation print that could change the course of central bank policy.

The ASX 200 (XJO) is down ~13% in 2022, but the S&P/ASX 200 Net Total Return (INDEXASX: XNT), which includes the benefit of dividends from ASX shares, is down only 9.3%. See which shares are in the ASX 200.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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