The market closed lower today, with the ASX 200 down 1.6 per cent to 7,091.3 points.
Inflation for the year to April was recorded higher than expected at 6.8 per cent. The news also took a toll on the sectors, spreading a sea of red.
In the green
While the healthcare sector was among those to sink, pharmaceutical company, Zelira Therapeutics (ZLD) bucked the trend, exploding 224.47 per cent
The rise came after Zelira reported its cannabinoid diabetic nerve pain drug outperformed a pharmaceutical giant’s multi-billion dollar-drug in a clinical trial. Company shares closed at $3.05.
Sound reproduction tech company, Audio Pixels (AKP) gained a healthy 20.08 per cent today. It came off the back of yesterday’s rise of 34 per cent.
Audio Pixel revealed in its AGM that its second generation chip was in “advanced stages of fabrication” and will “add very specific commercial value.”
And IT service management company, Megaport (MP1), also finished the day higher, up 4.12 per cent, despite not releasing any news since its appointment of Michael Reid as an Executive Director in mid-May. Shares closed the day at $6.82.
In the red
The energy sector felt the biggest drag, down 2.5 per cent.
Bank of Queensland (BOQ) tumbled 5.36 per cent after falling into trouble with two regulators.
The bank has now entered an enforceable undertaking with both APRA and ASTRAC after deficiencies were found in areas such as risk management.
APRA also added an additional $50 million to the operational risk capital requirement.
Australian Ethical Investment (AEF) closed the day 3.93 per cent lower, despite no fresh news released.
And Whitehaven Coal (WHC) also dropped 6.45 per cent today – feeling the effects of the price of coal, which slumped nearly four per cent today and close to 70 per cent over the past 12 months.