The ASX technology sector once again dragged the market lower, falling 2.6% and pulling the S&P/ASX 200 (ASX: XJO) down 0.7% along with it.
The biggest detractors were Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) which fell 3.1% and 6.9%, respectively, as the flood out of high growth tech company continues apace.
The utilities sector was the only real winner, gaining 0.3% behind AGL Energy Limited (ASX: AGL) and Origin Energy Ltd (ASX: ORG) which were 2.4% and 0.2% higher, respectively.
Corporate Travel sends Helloworld flying higher
Shares in Helloworld Travel Ltd (ASX: HLO) gained 16.2% after Corporate Travel Management Ltd (ASX: CTD) announced a deal to buy the company’s corporate travel division for $175 million as it seeks to bulk up its operations.
Wesfarmers doubles down on API
Wesfarmers Ltd (ASX: WES) doubled down on its bid for Australian Pharmaceutical Industries Ltd (ASX: API), stating it would use its 19.3% shareholding as a blocking stake against Woolworths Group Ltd’s (ASX: WOW) higher bid and suggesting pharmacists were on its side.
New CEO at Challenger
Shares in Challenger Ltd (ASX: CGF) were 1.2% higher, bucking the market trend after the board announced Nick Hamilton would take on the role of CEO going forward.
He moves from the high performing funds management division, and has been well received by shareholders.
Qube sells Moorebank
Qube Holdings Ltd (ASX: QUB) entered a short trading halt before announcing it had completed the sale of irs property and warehousing at the Moorebank Terminal in NSW to Logos for $1.67 billion; it must still deliver on an agreed rail terminal.
Virgin Money climbs, CSL remains halted
In a similar trend to overseas, Virgin Money (ASX: VUK) topped the large cap end of the market, gaining 4.1% on hopes that higher interest rates in the UK and Europe will boost profit margins in 2022.
CSL Limited (ASX: CSL) shares remain in a trading halt as the company digests the acquisition of Vifor Pharma and seeks to finalise its capital raising, the largest for the market this year.
ASX 200 today
looking ahead, the ASX 200 is set to push higher when the market opens this morning, following a positive lead from US markets overnight.
The Nasdaq index was the standout, finishing the session more than 2% higher. To find out more, check out my US stock market report.
