Australia Market falls from 3-month high

The Australian share market gave up early gains to end session slightly down on Monday, 31 May 2021, hit by lock in gains after Friday's surge, with shares in tech, telecom, banks and energy companies being notable losers.

However, market losses capped as many investors opted for a wait-and-see attitude due to Memorial Day market closure in the United States and on caution ahead of the RBA's monthly policy announcement on Tuesday and the GDP data due Wednesday for directional cues.

At closing bell, the benchmark S&P/ASX200 was down 17.88 points, or 0.25%, up at 7,161.63. The broader All Ordinaries fell 17.31 points, or 0.23%, to 7,406.66.

Sectors ended mixed. Total 7 of 11 S&P/ASX200 sectors were lower, with the worst performing sectors were telecommunication energy (down 1.59%), information technology (down 0.91%), Financial (down 0.55%), industrials (down 0.46%), and consumer discretionary (up 0.35%) issues.

The best performing stocks in the S&P/ASX200 were Resolute Mining (up 4.27%), Persues Mining (up 3.56%), Inghams Group (up 3.52%), Bega Cheese (up 3.46%), and G8 Education (up 2.97%), while the worst performing stocks were NUIX (down 17.8%), Link Administration (down 6.79%), Austral (down 5.04%), NRW Holdings (down 5%), and AMP (down 4.26%).

In company news: Shares of Nuix declined 18% to A$2.77 after software company has lowered its full-year forecasts following recent developments in its new and existing customer contract revenue pipeline.

Link shares declined 6.8% to A$5.08 after the company has decided to boost its shareholding of property settlements platform PEXA and list it on the ASX next month after rejecting a number of takeover offers.

CURRENCY NEWS: The Australian dollar changed hands at $0.773, lower than levels above $0.776 seen last week.

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