ASX 200 drops to near 7,780, drags down by tech and property sectors


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  • ASX 200 Index loses ground as the real estate and information technology sectors weaken.
  • Wall Street declined as the US Treasury yields have risen after strong US economic data.
  • Resonance Health is to acquire TrialsWest in an $8 million deal.

The ASX 200 Index continues its decline, nearing 7,780 and dropping by nearly 0.90% on Wednesday, following a downturn on Wall Street the previous day. The domestic equity market is weighed down by the real estate and information technology sectors, which are sensitive to interest rate changes. US Treasury yields have risen after strong US economic data, leading to speculation that the Federal Reserve (Fed) may be cautious in reducing borrowing costs.

According to Westpac’s summary of the Reserve Bank of Australia (RBA) March meeting minutes, the current cash rate level is deemed appropriate for the time being, although conditions may evolve. The Board also indicates a balanced approach as the preferred model for future policy implementation.

The ASX 200 Index saw Regis Resources as the weakest performer, plunging by 5.21% to 1.91, followed by Credit Corp Group, down by 4.83% to 17.95, and Arcadium Lithium, which dropped by 3.94% to 4.14. In the meantime, the top gainers included Ramelius Resources, surging by 10.06% to 1.99, West African Resources, rising by 4.31% to 1.33, and Boss Energy, gaining by 3.43% to 5.12.

Boss Energy has reached a crucial technical milestone in its Honeymoon re-start strategy, clearing the path for the first drum of uranium to be filled within the next two weeks at the South Australian mine. The company has effectively filled the processing plant’s ion exchange (IX) column with uranium-rich lixiviant sourced from the Honeymoon wellfields.

Resonance Health is positioned to finalize the acquisition of TrialsWest in an $8 million deal, thereby broadening its global clinical trial outreach. TrialsWest, renowned as one of Australia’s most seasoned clinical research centers, engages in collaborations with prominent pharmaceutical and biotechnology firms across the globe. Its mission revolves around facilitating the development of novel medicines and vaccines for the benefit of the global community.

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