Australia Market closes down

The Australian share market finished session down on Monday, 08 November 2021, as losses in healthcare and tech stocks outpaced gains in materials and energy stocks. At closing bell, the benchmark S&P/ASX200 fell 4.73 points, or 0.06%, to 7,452.21. The broader All Ordinaries index dropped 9.30 points, or 0.12%, to 7,767.92.

Healthcare stocks declined on profit booking after gaining for all five trading days last week, with Polynovo and Clinuvel Pharmaceuticals being notable losers. In the tech sector, Xero and Afterpay closed down.

Materials and resources stocks advanced, with BHP Group up 0.8% after announcement of the divestment of its 80% interest in its metallurgical coal joint venture in Queensland. Stanmore Resources (SMR) shares closed 14% higher after the company has agreed to acquire 100% of the shares in Dampier Coal from BHP Minerals for a cash consideration of up to US$1.35 billion.

Energy stocks gained, as oil prices firmed on renewed supply concerns. Woodside (WPL), Santos (STO) and Oil Search (OSH) all rose around 3%.

Travel stocks were well supported as domestic travel restrictions continue to ease. Qantas (QAN) rose 4.1%, Flight Centre (FLT) closed 5.7% higher and Webjet (WEB) closed 4.8% higher.

CURRENCY NEWS: The Australian dollar changed hands at $0.74 after last week's drop from above $0.75.

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