ASX 200 Movements: Dull day as tech and healthcare industries beat, travel and energy companies soar

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It was a lackluster session for the Australian equity market, with gold, energy and travel companies helping the index mask weakness in the tech sector.

A booming performance for travel, energy and gold mining companies helped mask an otherwise lackluster session for the Australian equity market, which will be remembered most for a rush of trading activity than ‘something else.

The benchmark S & P / ASX / 200 finished 4.7 points or 0.1% lower on Monday at 7,452.2 – ending a three-day winning streak – while the All Ordinaries lost 9.3 points or 0.1% at 7767.9.

Improving oil and gold prices and the imminent reopening of transatlantic travel have helped mask a massive sell-off in the growth sector that has driven down tech, telecommunications and healthcare values ​​in the sector. Asian.

Major Australian banks and miners were mostly higher, but Burman Invest chief investment officer Julia Lee said the heavy losses for Afterpay, Xero, CSL and Resmed may be a sign investors want to cut back. their risks ahead of this week’s US inflation data.

Burn treatment company Polynovo was also punished again, falling 9.7% to $ 1.58 after announcing the resignation of chief executive Paul Brennan on Friday.

“At first glance, it’s not a big day of moves for our market, but it’s definitely a risk,” Ms. Lee said.

“You’ve seen the materials, energy and industrial sectors do well, but these high-risk sectors have been among the worst performers.

“Markets exposed to technology stocks – like the Korean KOSPI – are certainly down more than what we are seeing in Australia.”

Wall Street finished higher on Friday, but a fading end to the race sapped some of the enthusiasm that had underpinned a stellar week.

The travel industry took off on Monday as the United States prepares to reopen for fully vaccinated British travelers.

Qantas shares rose 4.1% to $ 5.85, Flight Center rose 5.7% to $ 21.10, Corporate Travel rose 1.6% to $ 25.20 and Helloworld rose from 5.5% to $ 2.86.

But it was Sydney Airport, an industrial giant adjacent to travel, that stole the show, after the long-awaited confirmation of its $ 32 billion buyout by a private consortium.

The airport finished up 2.8% at $ 8.46 after announcing – after four weeks of due diligence – that it had entered into a program implementation act with IFM, AustralianSuper, QSuper and Global Infrastructure. Partners.

It was just one of many headlines in the M&A space on Monday, with Senex Energy announcing an $ 845 million takeover offer from Korean Posco.

Senex finished up 3.1% at $ 4.60 and was joined in the dark by other energy companies Woodside Petroleum, Oil Search and Santos after crude prices rebounded to supplement speculation about OPEC + production and the US response to rising oil prices increase volatility.

Gold miners brought some sparkle to the mining industry, with Evolution up 4% and Northern Star up 3.3%. Newcrest gained 1.2 percent to $ 25.36.

Elsewhere, Wesfarmers fell 0.5% to $ 60.03, even after winning the $ 760 million bidding war for Priceline pharmacy owner Australian Pharmaceutical Industries.

BHP finished 0.8% ahead at $ 36.38 after agreeing to sell its coking coal assets to Queensland-based Stanmore for $ 1.2 billion.

Mining rivals Rio Tinto and Fortescue Metals each rose 0.4%, ending at $ 89.15 and $ 14.33 respectively.

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