ASX hits record high; WiseTech plunges

The news: The benchmark ASX 200 gained 0.85% to hit a record high of 8,393.8, with 10 out of 11 sectors finishing in green.

The energy sector (2.3%) enjoyed the biggest rally while the tech sector (-4.45%) slumped.

The biggest movers:

• WiseTech (-12.37%) — Downgraded its revenue and EBITDA guidance. It said the scandal surrounding its founder Richard White had delayed a product launch. White made two appearances at the company’s AGM and said he had only spoken “logically and intellectually” to the board.
• Megaport (-9.45%) — Reaffirmed its muted full-year revenue and earnings guidance, sending its shares lower.
• A2 Milk (13.31%) — Lifted its full-year revenue guidance and announced the implementation of a dividend policy.
• Deep Yellow (6.3%) — Uranium miners led the energy sector as RBC Capital Markets said it expects global uranium requirements to grow by more than 50% by 2040. Paladin Energy (5.94%) and Boss Energy (3.72%) were also some of the top performers across the ASX 200.

Other news:

• GQG (3.76%) — Announced a buyback of up to $100 million as it said its shares were undervalued, a day after its shares plunged 20% on the back of the alleged Adani Group bribery scheme.
• CSL (1.01%) — Citi analysts said the pharmaceutical company would be “largely spared” from potentially negative US policies that may be implemented by the incoming Trump administration.
• Resolute Mining (ended flat) — Confirmed that its three employees who were detained in Mali by government officials earlier this month, including CEO Terence Holohan, have been released.
• Pacific Smiles (ended flat) — Its board has U-turned on Genesis Capital's proposed takeover offer, and is now recommending that shareholders accept the bid.