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3 ASX 200 events you missed on Wednesday

Kenneth Hall
Losing Money

The ASX 200 slumped lower for the second consecutive day on Wednesday as the United States trade threats continue to weigh on markets.

The S&P/ASX 200 Index (INDEXASX: XJO) fell 1.6% lower to 6,606.5 points yesterday after shedding billions on Tuesday as well.

All of the major sectors fell lower with Consumer Staples (-2.27%), Information Technology (-2.11%) and Energy (-2.01%) hit hard.

Here’s a recap of the news and events you missed on another big Wednesday for the ASX 200.

1. oOh!Media shares rocket 23.92% higher

The oOh!Media Ltd (ASX: OML) share price rocketed 23.92% higher to lead the ASX 200 gainers on Wednesday.

The Aussie advertising and media group updated its earnings guidance for FY 2019 on Tuesday evening.

Investors were pleased with the update as oOh! said it’s expecting underlying EBITDA to land between $138 million and $143 million.

That’s up from the revised $125 million to $135 million range forecast back on 16 August when oOh! shares plummeted lower.

An improvement in September bookings and for the 4th quarter overall was the catalyst for yesterday’s earnings upgrade.

On an otherwise disappointing day for the ASX 200 on Wednesday, oOh! media shareholders would have to be very happy campers.

2. ASX 200 sheds billions on Wednesday for second straight day

It was another day of bleeding losses for the ASX 200 on Wednesday as the benchmark index plunged 1.6% lower.

Domestic markets followed up Tuesday’s $45 billion value wipeout, the biggest in 4 months, with another disappointing day.

The ASX 200 has come crashing down from its record high set last week following increased fears of US trade tariffs and their impact on the global economy. 

3. WAAAX tech stock valuations took a tumble

The WAAAX group of Aussie tech stocks have been consistent high achievers on the ASX.

However, Afterpay Touch Group Ltd (ASX: APT), Appen Ltd (ASX: APX) and WiseTech Global Ltd (ASX: WTC) were hit hard on the ASX 200 on Tuesday.

The Aussie tech stocks were among the losers as the US trade tariffs caused investors to pull back on stocks with significant US operations.

While Xero Limited (ASX: XRO) managed to climb higher yesterday, its WAAAX peers slumped lower as investors looked to revalue the tech stocks.

The post 3 ASX 200 events you missed on Wednesday appeared first on Motley Fool Australia.

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Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia owns shares of Appen Ltd, WiseTech Global, and Xero. The Motley Fool Australia has recommended oOh!Media Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019