AU Evening Wrap: ASX Closes Lower as Tech Retreats; Silver Lake Sinks on Red 5 Stake

The $S&P/ASX 200 (.XJO.AU)$ closed 0.7 per cent, or 49 points, lower at 7229.2. The All Ordinaries also fell 0.7 per cent.

In company news, $Silver Lake Resources Ltd (SLR.AU)$ fell 8.3 per cent after confirming it was the mystery buyer of an 11 per cent stake in West Australian gold producer $Red 5 Ltd (RED.AU)$.

Milk producer $Synlait Milk Ltd (SM1.AU)$ disputed a move earlier this morning by $The a2 Milk Co Ltd (A2M.AU)$ to remove the long-running, exclusivity partnership between the two companies. The exclusivity rights relate to a2 Milk's infant milk formula products that are sold in China, Australia and New Zealand. A2 Milk fell 1.2 per cent and Synlait fell 8.5 per cent.

$Costa Group Holdings Ltd (CGC.AU)$ dropped 3.4 per cent after Paine Schwartz Partners cut the amount it is prepared to pay for the fruit and vegetable processor from $3.50 per share, made in May, to $3.20 per share.

$QBE Insurance Group Ltd (QBE.AU)$ sank 1.5 per cent. The insurer's group head of distribution, Julie Wood, has been promoted to CEO of QBE's North American division, following the departure of Todd Jones in August.

$Azure Minerals Ltd (AZS.AU)$ fell 12.3 per cent, following the release of new lithium intersections at its Andover project in WA.

$Yellow Brick Road Holdings Ltd (YBR.AU)$ declined 10.3 per cent. Shareholders in the soon-to-be-delisted mortgage-broking business will get the chance to top up shares through a final purchase plan, announced earlier today.

$Zip Co Ltd (ZIP.AU)$ fell 6.3 per cent, following news the buy-now-pay-later platform’s chief financial officer will retire at the end of this month. Martin Brooke will step down from the role on September 29 and former Westpac general manager of group finance Gordon Bell will step into the role.