The Australian market ended lower today with the ASX 200 losing 52 points (-0.73%) to 7,154.
Tech stocks led the declines following a tech rout in the US overnight — the All Technology Index ended 1.1% lower, although it has gained more than 26% since the start of the year. Sector heavyweights WiseTech Global (-1.15%) Xero (-2.0%) and NextDC (-2.1%) each closed lower.
IGO Ltd, which trades ex-dividend from today, was the worst performing of the large caps, ending the day down more than 7.7%.
Viva Energy lost a further 1.9% today after yesterday’s selloff that followed news that major shareholder Vitol was selling a $714 million stake in the company. That sale, which represented around 16% of the company’s shares, was made in a block trade last night.
Centuria Industrial REIT ended flat after saying it has offloaded $70 million in Melbourne property assets as part of a strategic divestment.
Winners today included drug developer Starpharma, whose shares finished 21% higher on positive interim results for its cancer drug, DEP irinotecan.
Dreadnought Resources gained 3.8% after posting high-grade neodymium and praseodymium results from its WA-based project.
Qantas closed slightly higher despite losing a High Court challenge regarding its outsourcing of 1,700 jobs during the pandemic. Over the past month shares in the airline are down almost 14% as it faced widespread criticism and saw the resignation of CEO Alan Joyce.
However, that management change isn’t enough according to Transport Workers Union secretary Michael Kaine. Following today’s decision Kaine called for board renewal, saying Qantas chairman Richard Goyder should not “make it through another day”.
Read more: Qantas loses High Court challenge against illegal job outsourcing
Five at Five
Alkane Resources updates Tomingley gold resource to 1.775 million ounces; more in pipeline at North Molong Porphyry Project
In a significant update, Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has revised its mineral resources and ore reserves for the Tomingley Gold Project in NSW, to account for additional resources, mining depletion, changes in gold price and operating costs.
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Caspin Resources expands REE footprint at Mount Squires’ Duchess Prospect; to seek project partners
Caspin Resources Ltd (ASX:CPN) has extended the rare earth element (REE) footprint at the Duchess Prospect within its 100%-owned Mount Squires Project in Western Australia to more than 300 metres along strike and at the highest grade intersected so far.
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Novo Resources in maiden chase for gold at Egina’s Nunyerry North
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Island Pharmaceuticals secures key US patent for dengue fever treatment
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Cooper Metals hits visual sulphides in all drill holes at Mt Isa East's King Solomon copper-gold prospect
Cooper Metals Ltd (ASX:CPM) has completed a round of diamond drill holes at the Mt Isa East Copper-Gold Project in northwest Queensland, encountering visual mineralisation in all four holes at the King Solomon prospect.
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Strike action puts the world on the cusp of another energy crisis
Australia’s gas industry is in crisis, with unions saying there will be two weeks of 24-hour strikes starting tomorrow.
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One to watch
Elixir Energy firmly on the map with Santos data deal
Elixir Energy Ltd (ASX:EXR) MD Neil Young tells Proactive the company has entered a data-sharing agreement with oil and gas giant Santos covering planned wells in neighbouring permits in the Taroom Trough of Queensland’s Bowen Basin.
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