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ASX falls 0.4pc in punishing day for tech shares – The Australian Financial Review

The local sharemarket contracted on Monday after news that Brisbane would endure a three-day lockdown, while tech stocks suffered most in the selling.

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Xero fell nearly 3 per cent to $123.44, while Zip closed 4.5 per cent lower to $7.40. Megaport, which offers cloud computing software, fell 6 per cent to $10.67, making it the biggest laggard of the day. Shares in the company are now back to where they were trading a year ago after shaving nearly 40 per cent of their value over the past six months.
Other notable declines included Inghams Group, the poultry company, which fell 4.7 per cent to $3.43, after it announced the sudden departure of its…

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