Last Orders: Tech leads the ASX into negative territory

The ASX finished the day in the red and the tech sector dropped more than any other sector.

The ASX 200 closed at 7,062 which was 0.48 per cent down from yesterday and tech stocks shed over 3.5 per cent. The only other sector to fall over 1 per cent was telcos.

Small caps fared slightly better – the ASX Emerging Companies Index closed down 0.12 per cent – at 2,099 points.

Only energy and resources finished the day in the green – by 0.22 per cent and 0.84 per cent.

The ASX welcomed two new resources listings in Global Lithium Resources (ASX:GL1) and QMines (ASX:QML).

Other performers in the resources sector included Hillgrove Resources (ASX:HGO) and Classic Minerals (ASX:CLZ).

 

ANNOUNCEMENTS YOU MAY HAVE MISSED

Radio and podcast network HT&E (ASX:HT1) gave a market update telling shareholders it had out-performed the market in revenues. While its radio revenues were down, it was still above the market average and it is easily the top podcast publisher.

Maggie Beer (ASX:MBH) also gave a trading update noting the combined group would generate over $11 million in earnings and $85 million in revenue on a 12 month basis. It also announced it was launching a new range of finishing sauces and bone broths – to be launched in Woolworths stores in October.

Aerial tech stock Nearmap (ASX:NEA) has reported a legal filing against it in the US alleging patent infringement. The company says the allegations are without merit and would defend itself.

Rhythm Biosciences (ASX:RHY) announced it had enhanced the algorithm underpinning its colorectal cancer-detecting blood test ColoSTAT. In adding Lifestyle Related Factors (LRF) to its algorithm, it has delivered increased accuracy of ColoSTAT by 5 per cent.

Qantas (ASX:QAN) suffered a rare setback from the government with the ACCC proposing to deny authorisation for the Red Roo and Japan Airlines to coordinate flights for three years. Chairman Rod Sims argued the proposed deal would undermine competition significantly when international travel was allowed again.

 

TRADING HALTS

Friday 

Oventus Medical (ASX:OVN) – capital raising
Nearmap (ASX:NEA) – legal proceedings
Fonterra (ASX:FSF) – capital structure change
Kinetiko Energy (ASX:KKO) – acquisition

Monday

MGC Pharmaceuticals (ASX:MXC) – ArtemiC findings
Sportshero (ASX:SHO) – partnership
Australian Rural Capital (ASX:ARC) – capital raising
Neometals (ASX:NMT) – battery recycling study

The post Last Orders: Tech leads the ASX into negative territory appeared first on Stockhead.

Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.

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