Closing Bell 18th September: ASX Faces Broad Decline Tech Stocks Hit Hardest Amidst Market Shakeup

The ASX is experiencing a downturn, with all 11 sectors in the red. The S&P/ASX 200 and the All Ordinaries are both down by 0.8%. Tech stocks are the most affected, declining by 2%, marking their worst performance this month. Notably, WiseTech Global has seen a 2.3% drop. Other significant movements include Costa Group’s 3.7% decline due to a reduced takeover offer, Red 5’s 23.9% surge on potential acquisition news, and Azure Minerals’ 12% fall after announcing new lithium intersections. A2 Milk’s shares dipped by 0.9% after ending an exclusivity deal, while Zip Co shares dropped 4.7% following the CFO’s retirement announcement.

Whitehaven Coal Developments

Whitehaven Coal has publicly acknowledged its interest in acquiring the Daunia and Blackwater coking coal mines in Queensland from the BHP Mitsubishi Alliance. This confirmation follows accusations by one of its major investors, Bell Rock Capital, that Whitehaven had selectively informed certain shareholders about its intentions, leading to potential market misinformation. Whitehaven clarified that its share buy-back program was temporarily halted as it evaluates growth opportunities, including the acquisition of the mentioned mines. The company emphasized its commitment to transparency and stated that decisions regarding the share buy-back would be made at an appropriate time. The potential acquisitions and the status of the share buyback have been central to recent complaints by Bell Rock Capital.