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ASX closed green; Kogan.com fell 4% on AGM update; Creso Pharma dipped on ASIC Notice.

  • The ASX200 closed 0.11% higher at 7407.30 on Thursday.
  • Kogan.com dipped on AGM update & shareholders issued a second strike.
  • Creso Pharma fell 4% as chairman stands aside & ASIC issued a Notice.

The Australian market reversed morning losses to close 0.11% higher on Thursday at 7407.30, following a similar pattern to Wall St’s session overnight as losses for energy and financials stocks were offset by a surge in tech stocks.

The tech sector led gains on the key index today, closing the session more than 2% higher as EML Payments soared 31%, Nearmap surged 4.4%, Technology One added 4.3% and Afterpay closed the session 4.2% higher.

Bitcoin is trading 0.73% higher over the last 24-hours at US$57,131.44 at 4:30pm AEDT.

E-commerce giant Kogan.com dipped 4% today after the release of the company’s AGM update which revealed Kogan.com’s EBITDA was down 61% year-to-date to $12.4m and gross profit fell 1% to $69.2m. Shareholders also issued the company with a second strike after voting against the adoption of its remuneration report two years in a row, but decided against spilling the board. Kogan.com has adopted a bullish growth forecast for tripling sales by 2026.

Making headlines, Creso Pharma shares are being sold off again today in the aftermath of ASIC’s probe into the medicinal cannabis company’s chairman, Adam Blumenthal, who stood aside from his role as chairman today to distance its ‘operations and governance from the ASIC investigation’. Creso today announced that it was served with a notice issued by ASIC requiring it to produce certain documents with ASIC’s investigation.

And kindergartens in Seoul, South Korea, have started trialling robots as teaching aids for children to prepare the next generation for a high-tech future.

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