ASX closes higher as tech sector leads broad gains
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The news: The Australian sharemarket finished higher as the tech sector led broad gains, offsetting losses in the healthcare sector.
The benchmark ASX 200 fell 0.41% to end at 9,055.6 with eight out of the 11 sectors finishing in the green.
The tech sector (+0.89%) finished higher as Life360 (+4.66%) and Megaport (+4.25%) posted gains. Xero (+0.92%), Technology One (+0.08%) and NextDC (+0.06%) also crept up although Wisetech Global (-0.64%) finished lower.
Meanwhile, the healthcare sector (-0.63%) finished lower as CSL (-0.49%), Sigma Healthcare (-0.65%), Resmed (-2.13%), Cochlear (-0.56%) and Fisher & Paykel Healthcare (-1.94%) took losses.
CSL will hold its annual general meeting on Tuesday and could face a leadership spill after proxy advisory firm CGI Glass Lewis told shareholders to hit the board with a second strike on its remuneration report.
Biggest movers:
- AUB Group (+12.09%) – Surged afternoon trade before entering a trading halt about 20 minutes later. The Financial Review reported that the insurance broker has underperformed its competitors over the last 12 months and is in high-level talks with Swedish private equity firm EQT Group, according to an unnamed source. Rival insurance broker Steadfast Group (%) also gained.
- Nuix (-16.78%) – Chief executive Jonathan Rubinsztein will step down from the role at the end of the month.
- Ramelius Resources (-5.71%) – The gold miner's first-quarter update missed market expectations.
- Executive and board moves: Savana Asset Management – Appointed the former CEO of Global X ETFs Australia Evan Metcalf as its executive director. The asset manager also recently launched a new capital raising round. Its flagship Savana US small caps active ETF (0%) listed in November 2024.
- PolyNovo (+3.86%) – The chair of the medical devices group David Williams has resigned from the board with immediate effect, months after media reports claimed he was the subject of an internal bullying probe.
Other news:
- Mineral Resources (-0.02%) – Will receive a $200 million contingent payment from Morgan Stanley Infrastructure Partners (MSIP) in early November as part of its $1.3 billion haul road sale to the investing giant.
- Netwealth (-0.35%) – Has asked the federal government for financial assistance after 1,088 of its members were impacted by the collapse of the First Guardian Master Fund last year.
- Viva Energy (-4.34%) – Reported a 12.5% slide in convenience sales for the third quarter, as a sharp slowdown in tobacco sales continued to weigh on the group's core convenience and mobility (C&M) business.
What’s ahead:
- RBA Governor Michele Bullock will speak at the Australian Business Economists’ annual dinner tonight at 7:15pm AEDT.
