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ASX closed red; Lumos Diagnostics rallied on RAT test demand; Pendal Group tumbled 16% on FUM update

  • The ASX200 closed 1.08% lower at 7393.90 points on Friday.
  • Lumos Diagnostics rallied 6.5% on surging demand for RAT tests.
  • Pendal Group fell 16% on a Q1 FY22 FUM update with $6.8bn outflows.

The Australian market overturned yesterday’s rally to close 1.08% lower on Friday, weighed down by a sharp sell-off in tech stocks. Every sector aside from utilities and gold closed the day in the red. For the week the ASX200 has lost 0.9%.

The tech sector tumbled almost 4% today as Afterpay tanked 9%, Xero fell 5.23% and Life360 Inc lost 4.1%.

Bitcoin is trading 1.96% lower over the last 24-hours at US$42,830 at 4:45pm AEDT.

Med-tech company Lumos Diagnostics jumped 6.5% on Friday as demand for Rapid Antigen Tests in Australia surges amid soaring COVID-19 infection rates on Australia’s east coast. Lumos Diagnostics’ CoviDX RAT test can return a result within 15-minutes of a viral swab and the company has manufacturing facilities for its RAT tests in Florida and California in the US but none in Australia yet. Lumos Diagnostics is awaiting TGA approval for its diagnostic test after submitting the application for approval back in September.

Making headlines, fund manager Pendal Group nosedived 16% today after the company released its funds under management update for the first quarter of FY22. For the period, Pendal Group reported funds under management declined 2.5% from $139.2bn in the Q4 FY21 to $135.7bn for Q1 FY22, and total outflows of $6.8bn for the quarter.

And Kylie Jenner has become the first woman to reach 300 million Instagram followers, knocking Selena Gomez and Ariana Grande to a tied second place with 289 million followers each.

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