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ASX closed lower; PointsBet tumbled on capital raise; Qantas stands down 2500 workers

  • ASX200 closed 0.23% lower at 7474.50 on Tuesday.
  • PointsBet tumbled just under 14% today on capital raising completion.
  • Qantas dipped as 2500 workers stood down as COVID crisis worsens.

The Australian market closed Tuesday’s session 0.23% lower at 7474.50 as Energy stocks weighed down the key index, offsetting a more than 4.5% gain for the tech sector.

The RBA today decided to hold interest rates at a record low 0.1% for August and has maintained its easing program to start winding back purchases of government debt to $4bn/week until at least November, despite increasing economic threat as lockdowns extend around the country.

Tech stocks rallied again today in the aftermath of Afterpay’s takeover announcement yesterday, with the BNPL leader closing Tuesday’s session a further 11% higher. Appen rallied more than 5% while EML Payments added more than 4%.

Bitcoin continues to dip this afternoon, trading 3.42% lower at US$38,312.41 at 4:30pm AEST.

Australian-based online bookmaker PointsBet tumbled just under 14% today as the company announced the completion of its institutional entitlement offer where it raised $81m via a 1 for 9 fully underwritten pro rata accelerated renounceable entitlement offer. The funds raised will assist with supporting PointsBet’s North American operations and further US market access.

Making headlines, Qantas shares closed in negative territory today after the national airline announced a further 2500 workers will be stood down across its mainline and Jetstar brands for two months. Qantas will pay staff until mid-August and doesn’t anticipate any job losses to result from the temporary stand down as the east coast grapples with growing COVID-19 outbreaks.

And a Tinder user has gone viral for sharing his virtual Olympic Tinder experience in a TikTok video. The male paid for Tinder Plus which allowed him to set his location to the Olympic Village in Tokyo where he swiped through Olympians using the popular dating app during the Olympics.

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