Australia Market falls on profit taking
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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