The Australian market closed Friday’s session 1.02% lower at 7221.70 points, taking lead from a strong sell-off on Wall St overnight, as investors locally sold-out of utilities stocks today which weighed down the market. For the week, the ASX is virtually unchanged, but is down 2.99% year-to-date.

The stocks that made headlines today were:
Mesoblast took a hit again today, closing the session down 2.1% as a proposed shareholder class action against the biotech company was announced following a 31% collapse in Mesoblast’s share price back in 2020. The firm heading the class action, Phi Finney McDonald alleges Mesoblast engaged in misleading or deceptive conduct by misrepresenting efficacy of its proposed stem cell-based treatment.

AVITA Medical Inc today also rallied 5.22% today after the regenerative medicine company announced it has received US FDA approval for its Recell Autologous Cell Harvesting Device.

And Smartgroup Corporation jumped 11.65% today following the release of the company’s full year results including a 7% increase in net profit after tax.