SYDNEY, AAP – Buy now, pay later providers were plummeting on the Australian share market after reports Apple will enter the market.
Bloomberg has reported Apple plans to allow users to repay Apple Pay purchases in instalments.
While the consumer technology giant has not confirmed the report, investors appeared to take it seriously.
Zip lost 9.32 per cent to $7.49. Lesser-known rival Sezzle shed 9.13 per cent to $8.06.
Market leader Afterpay lost 8.1 per cent to $108.76.
However technology shares were the only industry category lower (2.24 per cent).
Shares in utilities were best, up 1.46 per cent, followed by energy shares which gained 1.23 per cent.
The benchmark S&P/ASX200 index was up 26.3 points, or 0.35 per cent, to 7358.4 at 1200 AEST on Wednesday.
The All Ordinaries was higher by 22.7 points, or 0.29 per cent, to 7634.9.
The ASX has defied the lead from Wall Street, which closed lower after quarterly earnings reports and new data pointing to rising inflation.
US consumer prices in June rose by the most in 13 years.
So-called core consumer prices surged 4.5 per cent year over year, the largest rise since November 1991.
Economists viewed the price surge, driven by travel-rated services and used cars, as mostly temporary, aligning with Federal Reserve Chair Jerome Powell’s long-standing views.
The main US indices each lost less than half a per cent.
In Australia, the coronavirus lockdown for Sydney and surrounds has been extended to at least July 30.
The federal government on Tuesday offered additional financial support for businesses and people affected by lockdowns across the country.
Wednesday’s ASX action included Macquarie Telecom Group shares jumping 8.47 per cent to $59.67.
The company filed plans to build a major data centre in Sydney.
Boss David Tudehope said multinationals and government agencies would use the centre.
Macquarie also confirmed full-year earnings are expected to be between $72 million and $75 million.
Gold miner Bellevue Gold has been offered up to $289 million in debt to help fund a project in Western Australia.
A host of lenders have offered the loans for the project, which is still in the feasibility stage.
Bellevue shares were up 2.47 per cent to $1.03.
Big miners were mixed. BHP rose 0.43 per cent to $50.92. Fortescue dipped 0.43 per cent to $25.07. Rio Tinto climbed 0.1 per cent to $128.50.
In banking, ANZ was down 0.28 per cent to $27.74. The Commonwealth was up 0.45 per cent to $98.83. NAB was better by 0.22 per cent to $26.30. Westpac was even at $25.33.
The Australian dollar was buying 74.52 US cents at 1200 AEST, lower from 74.88 US cents at Tuesday’s close.