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ASX closed red; Afterpay tumbles on Square’s turbulence; FMG dipped on CEO stepping down.

  • The ASX200 closed 0.42% lower at 7353.50 on Friday.
  • Afterpay shares tumble almost 4% on Square’s turbulence on Wall St.
  • FMG dipped on CEO Elizabeth Gaines standing down as CEO.

The Australian market closed Friday’s session 0.42% lower at 7353.50 points led by a sharp sell-off in healthcare and energy stocks. Afterpay was the worst performing stock on the ASX200, closing the day down 3.91% while Redbubble recovered from yesterday’s losses to top the winners for the day, gaining 10.26%. For the week the ASX200 is up 1.55%.

The tech sector extended losses into afternoon trade to close Friday’s session lower as Afterpay tumbled 3.91%, NEXTDC lost 2.14% and EML Payments shed 1.16%.

Bitcoin is trading 3.14% lower over the last 24-hours at US$48,281.87 at 4:15pm AEDT.

Afterpay shares led losses today after soon-to-be acquirer Square’s shares had a turbulent session on Wall St overnight. As Square is processing through the all-scrip deal to acquire Afterpay, the value of the takeover moves with the price of Square’s shares.

Making headlines, Fortescue Metals shares dipped today after CEO Elizabeth Gaines announced she will step down as CEO to become the company’s green hydrogen brand ambassador as the iron ore giant ramps up efforts to become a strong force in clear and green energy.

And new reports out of the BBC estimates football fans have spent around US$350m on Football club cryptocurrencies known as ‘fan tokens’.

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