Market Update: ASX takes a dip as IT soars and materials dive

The ASX200 is down more than half a per cent mid-session, performing slightly better than futures’ predictions.

IT is having a stellar day so far, the sector is up more than 2%, and healthcare isn’t far off either.

The big casualty mid-session is materials, down around 2% with consumer discretionary and energy shedding more than a per cent.

In company news

Payroll software company Xero (ASX:XRO) is up more than 8% on its full year results ending on March 31^st.

It reported full year net profit after tax of $161.09 million compared to a loss of $104.71 million the prior year.

Its operating revenue was also up 22%.

XRO has been trading at $134.14.

Cromwell Property Group (ASX:CMW) is up more than 5.5% on news it’s selling off its European fund management platform and interests for $457 million.

The decision puts Cromwell in a strong financial position to execute its stated strategy, with some capital in-hand.

CMW has been trading at 46 cents.

Fund management firm Australian Ethical Investment (ASX:AEF) is up more than 5% after confirming it’s on track to acquire Altius Asset Management from Australian Unity, which will help it grow its funds under management from $10.3 billion to $12.3 billion.

The transaction will result in a sustainable fixed income team of seven, an expanded bond fund portfolio, and Australian Unity becoming one of Australian Ethical’s largest institutional clients.

AEF has been trading at $4.63.