Australian market falls on profit taking
The Australian stock market ended the session lower after zigzagging between positive and negative on Monday, June 7, 2021, as investors posted recent profits after the market hit an all-time high last week. Meanwhile, the sale was fueled by raising questions about the city’s lockdown and whether residents will be free to move around during the coming long weekend after nine more local coronavirus cases were reported in Melbourne.
At the close, the benchmark S & P / ASX200 was down 13.46 points, or 0.18%, up to 7,281.89. The largest All Ordinaries lost 11.72 points, or 0.16%, to 7,531.58.
In total, 7 of the 11 S & P / ASX200 sectors finished higher, with the best performing sectors being information technology (up 2.8%), followed by real estate (up 1%), utilities (up 0.8%), basic consumption (up 0.36%) and healthcare (up 0.23%), while finance (down 1.0%), 07%) was the worst performing sector, followed by consumer discretionary (down 0.9%).
The best performing stocks in the S & P / ASX200 were Altium (up 39.03%), Nuix (up 6.18%), Appen (up 6.13%), EML Payments (up 4 , 19%) and Austral (up 4.02%), while the worst performing stocks were Skycity Entertainment Group (down 6.47%), Corporate Travel Management (down 5.14%) %), Webjet (down 4.91%), Flight Center Travel Group (down 4.82%) and Mesoblast (down 4.32%).
Altium was in the spotlight on Monday, rising 39% after it deemed an A $ 5 billion takeover bid from US tech giant Autodesk insufficient.
Crown was down 1.5% after AUSTRAC announced it was expanding its investigation of the company after discovering potential violations of anti-money laundering laws at its Perth casino.
ECONOMIC NEWS: Australian service sector recovery yields best result in nearly 18 years – Australian industry group’s services performance index rose 0.2 points to 61.2 in May, indicating a pace recovery slightly faster compared to April and recording its highest monthly result since October 2003.
Results above 50 points indicate expansion, the distance from 50 points indicating the strength of the increase. That’s up from 61.0 in April, and it’s above the 50 expansion or recession line that separates expansion from contraction. Four of the five activity indicators – sales, new orders, employment and deliveries – posted positive results for the month.
CURRENCY NEWS: The Australian dollar changed hands at $ 0.7734, after climbing from levels below $ 0.768 late last week.
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