ASX closed lower; Uniti rebounded on response to allegations; Starpharma surged on US patent news

The ASX200 closed 0.27% lower on Wednesday at 7417.

Uniti responded to executive director prior insider trading allegations.

Starpharma surged on US patent news over its DEP Cabazitaxel drug.

The Australian market closed 0.27% lower on Wednesday at 7417 points as heavy losses for energy and resources stocks weighed down the ASX.

Tech stocks finished the midweek session more than 1% higher, led by Wisetech Global rallying more than 3.2%, while Megaport and Altium each added more than 2%.

Bitcoin is trading 3.44% higher over the last 24-hours at US$46,955.59 at 5pm AEST.

Wireless internet provider Uniti, recovered from yesterday’s losses today by responding to allegations made about its executive director Vaughan Bowen, engaging in insider trading during his role as Chair of Vocus. Uniti stated that Mr Bowen denies the allegations and will vigorously defend the matter in court.

Making headlines, Starpharma surged today after the biopharmaceutical company announced it has been granted a new US patent. The patent covers Starpharma’s DEP cabazitaxel nanoparticle drug used for the treatment of cancer, in particular advanced prostate cancer.

And Taco Bell is trialling a new subscription service loyalty program in the US, offering customers a free taco-a-day on top of any order through the Taco Bell app.