Last Orders: Tech blooms, but materials & energy drags the ASX down

The ASX finished in the red today dragged down by resources and energy.

Materials and Energy stocks lost over 1 per cent each while Tech was the best sector gaining 0.70 per cent.

Large caps fared worse than small caps with the ASX 200 losing 0.47 per cent – closing at 6,795 points – while the ASX Emerging Companies Index finished flat at 2,054. The ASX Small Ords fell by 0.64 per cent to 3,213.

Queensland copper and gold explorer Cannindah Resources (ASX:CAE) was the top ASX stock today, which saw its shares double off the back of a review of its flagship Mount Cannindah copper-gold project.

ANNOUNCEMENTS

Medical cannabis company Creso Pharma (ASX:CPH) announced that the Canadian company it is in the midst of acquiring is making progress on its psychedelic research.

Halucenex Life Sciences has appointed True North Clinical Research to conduct the phase 2 clinical trial testing “magic mushrooms” as a post-traumatic stress disorder treatment in veterans and first responders. Beginning in June, 18 to 20 PTSD patients will be treated with micro and macro doses of psilocybin during the two-week study, during which time patients will be closely monitored.

Semiconductor play 4DS Memory (ASX:4DS) announced it had been granted its 30th US patent. It has also filed an additional two applications.

PYC Therapeutics (ASX:PYC) announced the appointment of Michael Rosenblatt to its board. Dr Rosenblatt is the former Chief Officer of Merck and is the first US board member.

Gold producer Red 5 (ASX:RED) sealed a $175 million debt financing deal to fund the development of its King of the Hills (KOTH) Project in WA. It also announced a $60 million rights issue which would also go towards the KOTH project.

WA data centre and cloud computing provider DC Two (ASX:DC2) secured the first paying customers for its data centres. These will be deployed ‘behind the meter’ at a WA wind farm that will lower prices and the environmental impact.

Business financier Earlypay (ASX:EPY) reported that its Total Transaction Volume (TTV) was up by 10 per cent compared to last year despite the March quarter typically being a quieter period due to holiday disruptions.

Perpetual Resources (ASX:PEC) released the pre-feasibility study and maiden Probable Ore Reserve for its Beharra silica sand project in WA. It contains a probable ore reserve of 64.1 million tonnes grading 98.6 per cent silica. The project economics tip that the payback period will be just 2 years.