- The ASX200 is trading 0.37% lower at 7397.40 on Tuesday.
- Zip Co plunges on announcement of plans to join crypto market.
- MGC Pharma is soaring more than 11% on UK approval of CannEpil+.
The Australian market is trading 0.37% lower today at 7397.4 as the tech sector falls following a turbulent session for the tech-heavy Nasdaq on Wall St overnight.
Nuix is leading losses on the tech sector, down 3.61% at the time of writing, while EML Payments is trading 3.28% lower and Nearmap has fallen 2.89% today so far. Altium?s more than 4% gain is offset by heavy losses among tech stocks today.
Bitcoin is trading just 0.26% higher over the last 24-hours at US$45,135.87 at 1:15pm AEST.
Zip Co shares are taking a dive today after the buy now, pay later provider announced its plans to join the cryptocurrency market. Zip said it plans to add cryptocurrency trading functionality to its platform, as well as allow merchants to accept bitcoin as a form of payment. Investors seem unimpressed by the announcement despite Zip sharing research that showed 67% of buy now, pay later users are more likely to trade crypto assets than non-users.
Making headlines, Australian-based biopharma company MGC Pharma is soaring more than 11% today following the release of an update on its UK operations. MGC Pharma?s CannEpil+ product has received approval for UK import and prescription by the Medicine and Healthcare products Regulatory Agency in the UK.
And less than a week after Facebook launched its highly anticipated smart ?Stories? glasses product in collaboration with Ray-Ban, Australia?s privacy watchdog is already investigating Facebook over privacy concerns posed from use of the smart eyewear.