The Australian market closed lower today by -0.42% at 7,454 points as a sell-off in energy and tech stocks weighed on the key index.
NAB business confidence data out today showed Australian businesses continued to gain confidence in the current level of business conditions in Australia during March despite a number of geopolitical and economic factors arising.
The stocks that made headlines today were:
Pendal Group as shares in the global investment management company fell today after the company announced that the board of Pendal Group has unanimously determined that the non-binding acquisition offer received by Perpetual significantly undervalues the current and future value of Pendal Group, and therefore is not in the best interest of shareholders to approve the Acquisition.
Paradigm Biopharmaceuticals jumped 20% today after the company announced that the US FDA has granted fast track designation for Pentosan Poly-Sulfate Sodium, Paradigm?s phase 3 program for the treatment of osteoarthritis. The announcement outlines that OA is a serious disease and that preliminary data of the PSS treatment shows potential to treat the disease.
And SelfWealth shares fell more than 2% today following the share trading platform?s quarterly results including operating revenue increasing just 6%, and net new active traders up just 5%. SelfWealth did however report record funds on wealth platform of $9.3bn and record cash balance of $744m.