Closing Bell: Tech sell off leads the ASX down 0.7pc
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The ASX tech sector succumbed to the latest selloff in tech equities globally. dragging the rest of the bourse down with it.
The ASX 200 retreated 0.7% to close at 7,379 points while the ASX Emerging Companies Index lost 1.06%, closing at 2,181.
A sell off on Wall Street and Shanghai was triggered by fears of a regulatory clampdown by the Chinese government sparked by rulings that private education businesses could no longer make profits or raise capital.
This resulted in falls of over 3.5% in Hong Kong, Shanghai and Shenzen yesterday and although the ASX escaped the worst yesterday, the impact appeared to have been delay to today as tech shares fell 2.13%.
The only sector in positive territory was property trusts, which rose 0.83%. The other major laggard was resources, which lost 1.41%.
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Stocks highlighted in yellow rose (or fell) after making announcements during intraday trade.
Additive manufacturer Aurora Labs (ASX:A3D) announced it had engaged with BAE Systems Maritime Australia to perform test printing for its Hunter Class Frigate Program – which is building new ships for the navy to replace the current fleet.
Engineering firm Weststar Industrial (ASX:WSI) won a $145 million contract for Fortescue’s Iron Bridge Magnetite project.
Tesoro Resources (ASX:TSO) dropped after defining its maiden Mineral Resource for the Ternera gold deposit at its El Zorro project in Chile.
Renu Energy (ASX:RNE) and its investee company Uniflow Power announced it would be hiring consultants to investigate the potential to generate carbon credits from emissions offset by Uniflow’s technology. The company says demand for voluntary carbon credits could rise by a factor of 15 or more by 2030 as companies seek to meet climate change goals.
Eden Innovation (ASX:EDE) announced it sold just over $1 million worth of its fuel system OptiBlend in the first four weeks of July. Eden credited the boost to the upturn in the oil and gas sector as well as companies’ concern about power outages due to extreme weather.
Antiviral technology specialist Nanoveu (ASX:NVU) announced results of a 5 month study by Nestle Research depicting its Nanoshield product was effective against SARS-CoV-2. Nanoveu declared the study meant Nanoshield was now “one of the most economical options to deliver protection and peace of mind”.
Sky and Space (ASX:SAS) released its quarterly telling shareholders the deadline for automatic removal was currently August 8. The company said it “continues to work with ASX towards the reinstatement of its ordinary shares to quotation”.
Rox Resources (ASX:RXL) and the ASX have pencilled in August 10 as the date for the IPO of spin off company Cannon Resources. Cannon will own Rox’s non-core nickel and base metal assets at Fisher East and Collurabbie.
Pilbara Minerals (ASX:PLS) – cleansing correction
BPM Minerals (ASX:BPM) – cleansing correction
Imugene (ASX:IMU) – capital raising
Aroa Biosurgery (ASX:ARX) – capital raising
Magnis Energy Technologies (ASX:MNS) – capital raising
Victory Mines (ASX:VIC) – capital raising
Tasman Resources (ASX:TAS) – drill program update
Conico (ASX:CNJ) – drill program update
Zenith Minerals (ASX:ZNC) – capital raising
Melbana Energy (ASX:MAY) – capital raising
Rhythm Biosciences (ASX:RHY) – capital raising
Allegiance Coal (ASX:AHQ) – capital raising