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Market Wrap

ASX closes flat; Siteminder lifts 11% amid tech surge

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The news: The ASX finished flat as broad losses offset a surge in the tech sector, tracking gains for the sector on Wall Street in the previous trading session.

The benchmark ASX 200 index fell 0.03% to 8,729.4, with eight of the 11 sectoral indices in negative territory.

The tech sector (+5.4%) was the biggest gainer on Monday, with tech sector stocks making up 7 of the top 10 biggest movers. Siteminder (+10.9%), Pro Medicus (+9.2%), WiseTech Global (+8.7%), Xero (+7.7%), Megaport (+7%), Technology One (+6.4%) and Life360 (+5.4%) all lifted.

Biggest movers:

  • Syrah Resources (+16.2%) — Announced its offtake dispute with Tesla has been resolved, confirming Tesla has withdrawn its intent to terminate the agreement.
  • Pro Medicus (+9.2%) — Signed a $28 million contract renewal with Allegheny Health and signed a new $16 million contract with TidalHealth, both in the US.
  • PlaySide (-34%) — Meta terminated its contract with the game developer for the development of its Horizon Worlds social platform, with works expected to conclude on 31 July.
  • Lendlease (-5.5%) — Agreed to sell its Milano Santa Giulia (MSG North) mixed-use development in Milan to an investment group sponsored by Italian property developer Bizzi & Partners resulting in an operating loss of about $175 million in FY26.

Board moves:

Other news:

  • Mayne Pharma (-2.9%) — Entered into a partnership with Atlanta-based Resilia Pharmaceuticals to exclusively distribute its topical gel “Recedo”, through its subsidiary DistributeRx.
  • 4DMedical (+3%) — Announced a major expansion into Europe, with the move accelerated by the acquisition of Austrian-based medtech Contextflow.
  • Atlas Arteria (+2.2%) — IFM Investors has hit back at Atlas Arteria’s rejection of its $7 billion hostile takeover bid, calling the company’s independent expert report “unbalanced”, “selective” and “misleading”.
  • Ventia (+1.8%) — Secured a five-year contract extension, valued at about $133 million, to manage and operate the Western Australian-based Australian Marine Complex-Common User Facility.

What’s ahead:

  • The Institute of Supply Management will release manufacturing purchasing manager’s index data for May at midnight.

By Brandon How