Paladin Energy dropped after it overshot forecasts on its uranium. How will the company rebound?

MARKET WRAP:

• ASX200: down 0.13% to 8,255

• GOLD: $2,610 US/oz

• BITCOIN: $136,106 AUD

• Materials stocks were another 1.4% lower today, while the Tech sector gained more than 1%.

• The owner of Afterpay – Block – led the way, up 10.7% to $126.40 following a good night of trade for the company’s Wall Street listing.

• Tech gains were led by Wistech Global and Technology One, both up 1.8%.

• Up by more than 1% were Wesfarmers, ANZ, and Reece.

• Paladin Energy down almost 29% to $6.88 after it slashed its targets for production, calling previous forecasts “a bit ambitious”.

• Health insurer NIB said it was on track to post an operating loss for the first half, lowering its guidance and seeing shares drop 0.7% to $5.96.

• Another day of pain for both the gold & iron ore miners saw BHP down 1.8%, South 32 falling 2.4% and Northern Star off 2.7%.

CURRENCY UPDATE:

• AUD/USD: 65.51 US cents

• AUD/GBP: 51.1 pence

• AUD/EUR: 61 Euro cents

• AUD/JPY: 100 Japanese yen

• AUD/NZD: 1.10 NZ dollars