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ASX tumbled at close; Alterity Therapeutics soared 15% on a new patent; Coles shares dip on staff & supply shortages.

  • The ASX200 closed 2.74% lower on Thursday at 7358.30 points.
  • Alterity Therapeutics soared 15% on receipt of a new US patent.
  • Coles shares dip 2% on staff and supply shortages amid COVID outbreak.

The Australian market extended sharp losses into afternoon trade to close Thursday’s session 2.74% lower at 7358.30 points as tech stocks experienced their worst session since February 2021.

The tech sector’s more than 6% nosedive was driven by Afterpay falling 10.73%, Life360 Inc. shedding 8.22% and Wisetech Global closing the session 7.05% lower.

Bitcoin is trading 6.84% lower over the last 24-hours at US$43,107.59 at 4:30pm AEDT.

Alterity Therapeutics soared 15% today after the biotech company announced it has been granted a new US Patent for Compounds for Neurodegenerative diseases including Parkinson’s and Alzheimer’s. The patent covers more than 80 novel compounds and secures exclusivity for a new class of iron chaperones designed to redistribute the excess iron implicated in many neurodegenerative diseases including Parkinson’s disease.

Making headlines, Coles shares dipped 2% today amid supply and staff shortages in the supermarket giant’s stores across Australia’s east coast. Coles today announced a reintroduction of limits on purchase quantities for some products amid staff shortages as an increasing number of employees are forced to isolate following exposure to COVID-19.

And Bosch has unveiled a new innovative mobile security assistant device called Spexor at CES 2022. The small device uses sensors to detect changes to the home environment including temperature changes, air quality and even break-ins before using an alarm and lights to notify home-owners of the changes identified.

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