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ASX closed 4 points up, Afterpay, Zip Co fall

coins and bank notes

The S&P/ASX 200 closed up just 3.90 points to 7,245.10.

Zip Co and Afterpay fell and Nearmap lost 7.4%.

Technology stocks led the downturn, and offset gains in other sectors.

Afterpay was down 3.6% at the close on a delay to its vote on a $39bn merger with US group Square.

Zip Co was the worst performer on Monday declining 9.5%. Nearmap lost 7.4%.

Gainers included Metcash, up 7.3%, Silver Lake Resources up 5.2% and Gold Road Resources up 3.9%.

Bitcoin is trading just above $US49,000.

Bitcoin and other cryptocurrencies suffered steep declines – losing up to $500bn in value over a single day – as jitters over the impact of Covid-19’s Omicron variant rattled investors and sent them looking for safer ground.

The downward spiral for bitcoin began on Saturday morning before gathering momentum after late-afternoon selling.

Between Friday evening and late Saturday afternoon Saturday, bitcoin fell from $US56,740 to $US44,800.

The Australian dollar is trading at US70c against the US dollar.

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