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Flight Centre dipped as investors respond to threat of legal action against WA govt.

ASX closed lower; Immutep tanked despite good results; Flight Centre dipped on legal action response.

The ASX200 closed 0.14% lower at 7423.90 points on Wednesday.

Immutep shares tanked 10% despite release of positive trial results.

Flight Centre shares dipped on threat of legal action on WA government.

The Australian market replicated Tuesday’s session, overturning a midday rally to close 0.14% lower at 7423.90 points on Wednesday as resources, metals and mining stocks faced sell-offs which dragged the key index down at the closing bell.

Westpac consumer sentiment data out today has revealed consumers remain positive during November with an increase of 0.6% to 105.3 for this month, which is key ahead of the Christmas holiday season after a few months of declines.

The tech sector regained some ground in afternoon trade but still closed the session slightly lower as Nearmap fell 4.87% while Appen, Afterpay and EML Payments lost more than 2% each.

Bitcoin is trading 2.22% lower over the last 24-hours at US$66,543.41 at 4:30pm AEDT.

Australian-based biotech company Immutep tanked 13.57% on Wednesday following the release of results from its AIPAC Phase IIb trial. The results came back positive in the population group, showing an increase in the length of survival ranging from 33% to 150% in groups who received the treatment compared to placebo, while the efti drug by Immutep was also found to be safe and well tolerated. Despite the strong results, investors didn’t respond well to the announcement.

Making headlines, Flight Centre shares fell 2% today as investors responded to the travel agents’ threat of legal action against the WA government over the proposed border restrictions easing when the state reaches a 90% double-vaccination rate. A group of activists from the healthcare industry protested in front of a Flight Centre store in WA in response to the company’s threat of legal action, while some health professionals said opening the WA border earlier could cause ‘excessive disease and deaths’.

And the ‘we’ll post 1 tree for every pet picture’ trend on Instagram had to be deleted by the Plant a Tree Co. who started the trend shortly after it commenced as 5 million users joined the campaign in a matter of hours, turning it viral without resources for the company to actually complete the challenge.

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