The ASX200 has shed nearly double what futures predicted, trading down 2.05%
All 11 sectors are in the red. Discretionary has lost the most so far, down 2.6%. Real Estate follows, down 2.305%, while in Canberra supermarket executives saw red under the duress of a parliamentary probe.
Both Coles Coles Group Limited. (ASX:COL) Share Price | Latest News – The Market Online and Woolworths Group Limited (ASX:WOW) Share Price | Latest News – The Market Online shares are down around 1 and a half per cent amidst heated hearings involving the two supermarkets giants. At one stage tempers got so frayed that former Woolworths CEO Brad Banducci was threatened with contempt – and potential jail time – if he continued to avoid answering questions as he crossed swords with forthright Greens Senator Nick McKim.
The CEOs of both companies are fronting the Senate inquiry as the government continues to investigate allegations of price gouging.
China has reported economic growth of 5.3% in the first quarter, surpassing economists’ predictions of 4.9% growth. This keeps the nation on target to meet its yearly growth goal, despite lingering trade tensions with the US and Europe.
Company news
RCE
Recce Pharmaceuticals Ltd (ASX:RCE) Share Price | Latest News – The Market Online has completed a batch under Good Manufacturing Practices (GMP) for RECCE 327 (R327), boosting the patented manufacturing process’s capacity to produce 5,000 doses per week.
The company temporarily relocated its manufacturing equipment from its Macquarie Park Facility in NSW to meet the increased demand of R327 for clinical studies.
RCE has been trading at 52 cents.
RDN
Raiden Resources Limited (ASX:RDN) Share Price | Latest News – The Market Online has completed a set of two heritage surveys for its Andover South and Andover North plays in Western Australia’s Pilbara region.
Raiden has already identified priority drill targets at Andover South, where it will test high grade lithium-bearing pegmatites once the heritage survey is approved.
RDN has been trading at 3.3c.
SPR
Spartan Resources Limited (ASX:SPR) Share Price | Latest News – The Market Online is up nearly 10 per cent after it announced a new high-grade gold lode at its Dalgaranga Gold Project in Western Australia.
The new lode, named the Pepper Gold Prospect, intercepted 17.52 metres at 15.86 grams per tonne of gold, and 9.22 metres at 27.89 grams per tonne of gold.
Further drilling to define this new target is underway.
SPR has been trading at 63.3c.
TLX
And,Telix Pharmaceuticals Limited (ASX:TLX) Share Price | Latest News – The Market Online has received a Fast Track designation from The US Food and Drug Administration (FDA) for its brain cancer imaging software TLX101-CDx.
This designation is used for characterising progressive or recurrent glioma, a type of brain cancer.
Telix has partnered with PharmaLogic Holdings Corp (PharmaLogic) for manufacturing and distribution in the U.S. market.
TLX last traded at $13.06 and was up by just over a per cent.
That’s market update we’ll see you later after market close.