ASX Rises as WiseTech Global Shares Drop Amid CEO Allegations

2 min read | October 21, 2024 05:46 PM AEDT | By Team Kalkine Media

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ASX Rises as WiseTech Global Shares Drop Amid CEO Allegations — Image source: Shutterstock

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Highlights

ASX closed 0.74% higher, driven by Materials and Energy sectors.

WiseTech Global shares fell 20% amid CEO scandal.

Small-cap stocks like Yandal Resources surged on potential gold discovery.

The Australian Securities Exchange (ASX) ended the day on a positive note, climbing 0.74% to close at 8,344.4 points. The broader market has shown a solid upward trend over the last week, with a gain of 1.58%, though it still sits slightly below its 52-week high by 0.48%. The Materials and Energy sectors were the biggest contributors to today's gains, increasing by 1.44% and 1.25%, respectively.

Among the top-performing stocks today, Amotiv saw a significant 10% rise, closing at $10.99. Similarly, Genesis Minerals (ASX:GMD) had an impressive session, gaining 7.39% to close at $2.47 per share.

On the other hand, WiseTech Global (ASX:WTC), Australia’s largest listed tech company, experienced a sharp decline of 20%, closing at $104.65. The drop came in the wake of serious allegations against its CEO, Richard White. The company’s board has announced that it is investigating the issues raised in recent media reports and is seeking further information with external legal guidance to address the situation.

The Information Technology sector was the only sector in decline, dropping by 2.97%, largely driven by WiseTech's steep losses.

In the small-cap space, Yandal Resources (ASX:YRL) made headlines, soaring by 120% after the company revealed a potential new gold discovery. This surge pushed the stock to a new two-year high of $0.22. Other notable movers included Silver Mines Ltd (ASX:SVL), which jumped 16.7% to $0.14, and Polymetals Ltd, which climbed 14.64% to $0.47. Lunnon Metals Ltd (ASX:LM8) also saw a strong increase of 13.35%, reaching $0.34.

Aeris Resources Ltd (ASX:AIS) enjoyed an 11.12% rise, reaching an intra-day high of $0.25, while Australian Strategic Materials Ltd (ASX:ASM) also increased by 11.12% to $0.65. Predictive Discovery Ltd (ASX:PDI) was up 10% to $0.25.

Other notable performers included Ore Banda Mining, which gained 8.7%, closing at $0.875, and Alkane Resources Ltd (ASX:ALK), which rose by 7.34% to $0.585. FireFly Metals Ltd (ASX:FFM) also closed higher, increasing 6.11% to reach $1.13.

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