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Tinybeans soared 10% after announcing 3500 new paid subscribers since August.

ASX closed red; Tinybeans soared 10% on growth; Wesfarmers dips on Sigma Healthcare update

The ASX200 closed 0.26% lower at 7280.70 on Tuesday.

Tinybeans photo sharing app soared 10% on paying subscriber growth.

Wesfarmers shares dip as Sigma Healthcare closes books to API.

The Australian market continued its red run into Tuesday, closing the session 0.26% lower at 7280.70 with all sectors aside from health care stocks closing the day in negative territory.

The tech sector took the biggest hit today, finishing the day 1.71% lower led by Appen falling 3.75%, Afterpay losing 3.09% and Tyro Payments shedding 2.58%.

Bitcoin is trading 0.7% higher over the last 24-hours at US$56,759 at 4:30pm AEDT.

Tue Tinybeans photo sharing app soared more than 10% today after sharing an update that its ‘Beanstalk’ paid subscription service has acquired more than 3500 new paying subscribers since launch in August 2021. In a bid to facilitate subscription growth, the company said advertising revenue is on track to reach record high levels in Q1 FY22.

Making headlines, shares in Wesfarmers dipped today after Sigma Healthcare closed its books to Australian Pharmaceutical Industries, meaning API no longer has access to review Sigma’s financials, contracts, etc. The relevance of this to Wesfarmers is that Sigma was interested in merging with API, however following last week’s news of Wesfarmers buying a 19.3% stake in API, Sigma has taken the back seat to close off its books to API as a Wesfarmers full takeover looks likely.

And McDonald’s has gone viral across all social media platforms today after announcing the launch of its new Cadbury Caramilk McFlurry available at any Australian McDonald’s restaurant from tomorrow.

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