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ASX closed green; Beforepay tumbles 43% on IPO; Wesfarmers rallied on H1 trading update

  • The ASX200 closed 0.32% higher at 7417.30 to start the week.
  • Beforepay tanked 43% following an IPO raising $35m at $3.41/share.
  • Wesfarmers rose on H1 FY22 update including NPAT between $1.18m-$1.24m.

The Australian market started the week in positive territory, closing Monday’s session 0.32% higher at 7417.30 points as a surge in consumer discretionary stocks led gains on the key index.

The tech sector rebounded from last week’s sell-off to close Monday’s session just under 1% higher as Wisetech Global surged 3.76%, Tyro Payments added 3.56% and Technology One jumped 2.06%.

Bitcoin is trading 1.12% lower over the last 24-hours at US$42,613.87 at 4:30pm AEDT.

Beforepay plummeted 43% on its ASX debut today despite tech and financials stocks having a strong session on the ASX today. The app-based lending service that gives users access to credit based on a portion of their salary before payday had one of the worst IPOs this year so far, with shares opening trade at $3.41/share before tumbling 43% to close its debut session at $1.92/share.

Making headlines, Wesfarmers rallied 3% today after the Australian conglomerate provided a trading update for H1 FY22. Wesfarmers expects to make a net profit after tax between $1.18m and $1.24m for the half, supported by strong results for Bunnings, and Wesfarmers Chemicals, Energy and and Fertilisers, while results for Kmart and Officeworks were impacted by COVID-related disruptions to costs.

And US-based discount department store giant Walmart is preparing to enter the metaverse as indicated by recent trademark applications by the company to establish its own NFTs and cryptocurrency.

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