Australia Market falls on profit taking

The Australian shares finished session lower on Friday, 24 September 2021, snapping three days of winning streak, as investors booked recent profit, with shares in heavyweight gold and metal companies being notable losers on weaker bullion and copper prices overnight, overshadowing gains in energy stocks and banks.

At closing bell, the benchmark S&P/ASX200 declined by 27.59 points, or 0.37%, to 7,342.62. The broader All Ordinaries dropped 32.04 points, or 0.42%, to 7,649.31.

Total 6 of 11 sectors ended lower along with the S&P/ASX 200 Index. Material was worst performing sector, falling 2.7%, followed by realty (down 1.7%), Industrials (down 1.37%), and financials (down 1.35%) issues. Energy was the best performing sector, gaining +4.9%, followed by utilities (up 3.8%), and Information Technology (up 1.1%) issues.

The bottom performing stocks in this index were RAMELIUS RESOURCES and CENTURIA INDUSTRIAL REIT, down 6.1% and 6% respectively. The top performing stocks in the ASX200 index were COMPUTERSHARE and PREMIER INVESTMENTS, up 5.7% and 5.5% respectively.

Shares of Gold miners lost heavily in sync with the global correction in the yellow metal's prices. Ramelius Resources declined by 6.1%. Perseus Mining shed 5.7% and Silver Lake Resources lost 5.1%.

Cochlear shares closed 5% down after a complaint for patent infringement was filed by the University of Pittsburgh in the US. In a statement, COH said it believes that none of its products infringe the University's patent and will defend the lawsuit'. This is relating to a patent to a wireless energy transfer system COH filed in the US back in 2009 and which expires in 2030.

CURRENCY NEWS: The Australian dollar changed hands at $0.7269 following its climb yesterday from below $0.724.

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