AU Evening Wrap: ASX Closes 0.7% Lower as Tech Stocks Retreat

The $S&P 500 Index (.SPX.US)$ closed 53 points, or 0.7 per cent, lower at 7153.9. The All Ordinaries dropped 0.8 per cent.

Tech stocks had their worst session so far this month, ending 1.6 per cent lower, with sector heavyweights $WiseTech Global Ltd (WTC.AU)$, $Xero Ltd (XRO.AU)$ and $Nextdc Ltd (NXT.AU)$ all dropping more than 1 per cent.

$IGO Ltd (IGO.AU)$, which entered ex-dividend trading on Wednesday, was the worst performing on the benchmark, down 7.6 per cent.

$Viva Energy Group Ltd (VEA.AU)$ fell 2.4 per cent. The fuel retailer confirmed that major shareholder Vitol was selling a 16 per cent of its stake in the company. The $714 million block trade, first revealed by The Australian Financial Review's Street Talk column, will bring the oil trading giant's remaining stake to around 30 per cent. Fellow fuel retailer Ampol fell 1.4 per cent.

$Pact Group Holdings Ltd (PGH.AU)$ jumped 7.4 per cent, after billionaire businessman Raphael Geminder revealed plans to take the struggling packaging manufacturer private. Geminder's Kin Group, which owns a 50 per cent stake in Pact Group, made a 68¢ per share off-market takeover offer for the remaining stake. Shares last traded at 72.5¢.

Among small-caps, drug developer $Starpharma Holdings Ltd (SPL.AU)$ jumped 23.1 per cent after positive interim results for its cancer drug, DEP irinotecan.

$Dreadnought Resources Ltd (DRE.AU)$ was up 1.9 per cent after posting high-grade neodymium and praseodymium results from its WA-based project.

Household cleaning products company $Prestal Holdings Ltd (PTL.AU)$ jumped 30.2 per cent, following news it's selling its consumer products business to paints group Dulux. The deal, which excludes Pental's Duracell and Bondi Soap brands, is valued at $60 million.

Small-cap mineral explorer $Tempus Resources Ltd (TMR.AU)$ surged more than 40 per cent before shares were halted late in the session ahead of an announcement. Shares remain halted.