The Australian sharemarket edged lower on Monday after an early broad rally petered out, with gains in gold and copper miners offsetting losses in tech.<\/p>\n
After spending the morning higher, the S&P\/ASX 200 Index was down 0.1 per cent or 9 points at 8,978.6 by 2.30pm ADST. The local bourse briefly reset a closing high of 9,019.1 of August 21, but was unable to sustain gains as losses in the tech sector deepened, in line with the Nasdaq on Friday.<\/p>\n
Accounting software firm Xero shed 2.3 per cent, followed by WiseTech down 2.2 per cent.<\/p>\n
Out of the 11 sectors, five were still flashing green with miners and energy in the front seat. Lynas was the top performer on the ASX 200 with a 7.6 per cent gain, followed by Iluka up 4.8 per cent.<\/p>\n
Gold and copper miners led gains after prices of both metals veered higher. Bullion reached an all-time high of $US3926.29 in morning trade on Monday, putting it a whisker away from the $US4,000 mark.<\/p>\n
In response, Newmont jumped 2 per cent, Northern Star added 1.6 per cent, Evolution Mining rose 1.5 per cent, and Perseus Mining gained 0.9 per cent.<\/p>\n
Copper prices, meanwhile, climbed to a 16-month high on supply worries following a deadly accident at a major mine in Indonesia on Sunday. Sandfire Resources advanced 3.6 per cent, Kincora Copper flew 5 per cent higher and Atayla climbed 3.4 per cent.<\/p>\n
The big mining groups, however, fell with Rio Tinto down 0.7 per cent and BHP 0.1 per cent lower.<\/p>\n
In the financial sector, the big banks were split with ANZ 0.2 per cent lower, Commonwealth Bank and National Australia Bank flat, while Westpac rose 0.4 per cent.<\/p>\n
In other news, Brisbane Broncos soared 33 per cent to a record high of $1.68 after their big win at the NRL grand final.<\/p>\n
Stocks on the move<\/p>\n
In corporate news, dual-listed Restaurant Brands rose 0.7 per cent after it received notice from majority stakeholder Finaccess Restauracion for a full takeover offer at $NZ5.05 ($4.46) per share.<\/p>\n
Auckland Airport fell 1 per cent even though the Commerce Commission ruled out the need for an inquiry into airport regulation following Air New Zealand\u2019s request.<\/p>\n
Gold miner Predictive Discovery (PDI) surged 11.4 per cent after it announced a merger with Canada\u2019s Robex Resources in a $2.3 billion deal. Under the plan, Robex shareholders will receive 8.667 PDI shares per Robex security.<\/p>\n","protected":false},"excerpt":{"rendered":"The Australian sharemarket edged lower on Monday after an early broad rally petered out, with gains in gold…\n","protected":false},"author":2,"featured_media":37717,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[114,85,46,190],"class_list":["post-57032","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-il","tag-israel","tag-markets"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/57032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=57032"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/57032\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/37717"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=57032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=57032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=57032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}