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Highlights
Xero weakens after confirming acquisition of US-based payments firm Melio
Neuren Pharmaceuticals climbs on a new US patent approval
Broader ASX 200 index trends lower with mixed sector performances
The Australian share market faced mild losses in the mid-session, with the ASX 200 retreating amid uneven performance across major sectors. Technology shares led the downside following a drop in Xero Ltd (ASX:XRO), while the healthcare segment saw upside, buoyed by gains in Neuren Pharmaceuticals Ltd (ASX:NEU).
As trading progressed, seven of the eleven sectoral indices drifted into negative territory, reflecting cautious sentiment amid global rate policy signals and corporate updates.
Xero Drops as Market Reacts to Melio Acquisition
Technology platform provider Xero Ltd saw renewed selling pressure following its announcement regarding the acquisition of US-based payment platform Melio. The move was perceived as a significant strategic shift, aimed at expanding the company’s global footprint and digital invoicing ecosystem.
However, market participants responded by reducing exposure to the stock amid expectations of elevated spending and integration timelines. The company’s weakness weighed on the broader information technology sector throughout the trading day.
Neuren Rockets on Fresh US Patent Grant
Shares of Neuren Pharmaceuticals Ltd advanced strongly after the biotech company announced the award of a new patent in the United States. The patent supports intellectual property protections related to one of its key therapeutic compounds.
The gain places Neuren among the top performing names on the board, helping to offset broader market softness. The healthcare sector was one of the few areas posting a net positive movement by midday.
Wider Energy and Materials Landscape Sees Mixed Trends
Energy producers including Santos Ltd (ASX:STO) continued to draw attention, extending gains on the back of a confirmed takeover proposal from an Abu Dhabi-backed consortium. However, peer stocks such as Woodside Energy Ltd (ASX:WDS) and Ampol Ltd (ASX:ALD) saw minor retracements from earlier session highs.
In the materials space, a number of uranium players including Paladin Energy Ltd (ASX:PDN) and Boss Energy Ltd (ASX:BOE) posted intraday strength, while larger miners remained largely subdued, reflecting cautious trade positioning ahead of global macroeconomic updates.
ASX Ltd Extends Losses Amid Regulatory Scrutiny
The operator of Australia’s primary exchange, ASX Ltd (ASX:ASX), continued to trend lower following the announcement of a formal review by the national regulator. The inquiry will assess the exchange’s governance structure and operations, reigniting discussion around its self-listing framework.
