Will China’s declining birth rate impact sales of A2 Milk?
- The ASX200 closed 0.24% lower at 7512 on Wednesday.
- Identitii soared 11% on three separate updates as the bull run continues.
- A2 Milk hit by Credit Suisse note following falling China birth rate.
The Australian market see-sawed during the midweek session before closing the day 0.24% lower at 7512 as the gold miners tumbled more than 3% which dragged down the key index.
The tech sector finished Wednesday’s session down just under 1% as EML Payments plunged almost 5% and Megaport lost more than 4%.
Bitcoin’s fall continues this afternoon, with the world’s largest cryptocurrency trading 13.74% lower over the last 24-hours at US$45,380.60 at 4:50pm AEST.
Australian-fintech company Indentitii is riding a bull run this week, closing Wednesday’s session 11.11% higher in the aftermath of three separate announcements in recent times. The first announcement was an update on its US patent filing for additional claims, while the second announcement was the release of impressive full-year results, and thirdly the company noted the launch of its brand new software-as-a-service platform.
Making headlines, A2 Milk took a hit today after the team at Credit Suisse reaffirmed their ‘underperform’ rating and price target of $5.5/share for the premium dairy and baby formula company. Credit Suisse’s position follows concerns over China’s falling birth rate and the impact that may have on baby formula sales moving forward.
And BNPL leader Afterpay is reportedly actively considering entering the crypto market after telling a Senate fintech committee that a ‘stablecoin based on the AUD could enter the scene soon’.
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