ASX/200 Closed Lower by 1.81%, Dragged down by Information Technology

By the end of the trading session on 07 March 2025, the benchmark index S&P/ASX 200 closed lower by 1.81% and settled at 7,948.20. Out of 11 sectors, 10 sectors ended lower along with the S&P/ASX 200.

Consumer Staples the top-gaining sector gaining 0.26% in their index value. On the other hand, Information Technology and A-REIT are the top-losing sectors losing 2.98% and 2.91% in their index value.

Insignia Financial Limited (ASX: IFL) and West African Resources Limited (ASX: WAF) are the top-gaining stocks, gaining 9.624% and 3.554% in their stock prices. On the other hand, Polynovo Limited (ASX: PNV) and Audinate Group Limited (ASX: AD8) went down by 11.957% and 6.095% respectively are the top-losing stocks.

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Top gainer for the day:

• Consumer Technology (Up 0.26%)

Top loser for the day:

• Information Tevhnology (Down 2.98%)
• A-REIT (Down 2.91%)

Other Factors influencing the market:

• Bidding Intensifies for Insignia Financial: The takeover battle for Insignia Financial (ASX: IFL) has reignited, with private equity firms Bain and CC Capital increasing their offer to $5 per share, valuing the company at approximately $3.4 billion. Following the news, the stock surged 9.9% to $4.68.
• PolyNovo Plunges Amid Executive Shake-Up: Shares of PolyNovo (ASX: PNV) tumbled 13% to $1.20 after the company reached an agreement with CEO Swami Raote for his departure. This follows reports alleging that chairman David Williams engaged in bullying behavior toward Raote and the chief financial officer.
• Spartan Resources Dips on Rising Losses: Spartan Resources (ASX: SPR) slipped 1.4% to $1.42 after nearly doubling its half-year losses to December. The decline was attributed to higher royalty payments and a $25 million investment in exploration.
• Bitcoin Drops Following U.S. Policy Update: Bitcoin faced a sharp decline on Friday after the U.S. government signaled that it would not expand its cryptocurrency holdings beyond its existing reserves.
• Australian Dollar Faces Pullback: Despite a strong week, the Australian dollar retreated on Friday, edging closer to US63¢ as investors engaged in profit-taking.
• Global Markets Update: Wall Street posted losses, with the Dow Jones falling 0.99%, the S&P 500 declining 1.78%, and the NASDAQ dropping 2.61%. 
• Meanwhile, the Hang Seng rose 0.78%, while the FTSE 100 slipped 0.83%.

Top 5 Gainers and Losers Scoreboard

90-Day Average Volume Outlier:

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