Australia Market falls on profit taking

The Australian share market finished session lower after zigzagging between the positive and negative on Monday, 07 June 2021, as investors booked recent profit after the market hits record high last week. Meanwhile, selloff was fuelled on raising questions over the city's lockdown and whether residents will be free to move around during the upcoming long weekend after another nine local coronavirus cases were reported in Melbourne.

At closing bell, the benchmark S&P/ASX200 was down 13.46 points, or 0.18%, up at 7,281.89. The broader All Ordinaries fell 11.72 points, or 0.16%, to 7,531.58.

Total 7 of 11 S&P/ASX200 sectors ended higher, with the best performing sectors was information technology (up 2.8%), followed by realty (up 1%), utilities (up 0.8%), consumer staples (up 0.36%), and healthcare (up 0.23%), while financial (down 1.07%) was 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 Centre Travel Group (down 4.82%), and Mesoblast (down 4.32%).

Altium was the star performer on Monday, rising 39% after it deemed a A$5 billion takeover bid from US tech giant Autodesk as insufficient.

Crown was 1.5% down after AUSTRAC announced it was widening its investigation into the company after uncovering potential breaches of anti-money laundering laws at its Perth casino.

ECONOMIC NEWS: Australian Services Sector Recovery Delivers Strongest Result In Almost 18 Years- The Australian Industry Group Australian Performance of Services Index rose by 0.2 points to 61.2 in May, indicating a slightly stronger pace of recovery compared to April and recording its highest monthly result since October 2003. Results above 50 points indicate expansion, with the distance from 50 points indicating the strength of the increase. That's up from 61.0 in April, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Four of the five activity indicators - sales, new orders, employment and deliveries - showed positive results in 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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