At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is trading marginally higher after a volatile morning. The benchmark index is currently up 0.1% to 6,712.8 points.
Here's what is happening on the ASX 200 today:
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Collins Foods charges higher on FY22 results
The Collins Foods Ltd (ASX: CKF) share price is racing higher on Tuesday. This follows the release of the KFC restaurant operator's full year results for FY 2022. For the 12 months ended 1 May, Collins Foods delivered an 11.1% increase in revenue to $1,184,5 million. This was driven by a combination of same store sales growth and new store openings. Things were even better on the bottom line, with underlying net profit after tax growing 25% to $59.7 million.
Tech shares tumble
The tech sector is a sea of red on Tuesday with heavy declines being recorded across the board following a poor night on the Nasdaq index. Among the worst hit are the likes of Life360 Inc (ASX: 360) and PointsBet Holdings Ltd (ASX: PBH) which are down over 5%. The S&P ASX All Technology index is down 2% at the time of writing.
Retailers downgraded
A number of ASX 200 retail shares are under pressure today after being hit by a broker downgrade. JB Hi-Fi Limited (ASX: JBH) and Wesfarmers Ltd (ASX: WES) are among a group of shares that JP Morgan has downgraded amid concerns over a softer consumer demand backdrop.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Collins Foods share price with a 12% gain. Investors have been buying the KFC restaurant operator's shares following its strong FY 2022 results. Going the other way, the worst performer has been the Imugene Limited (ASX: IMU) share price with an 11% decline. This appears to have been driven by profit taking after some very strong gains on Monday.
