Australia Market end lower as gains locked in

The Australian share market finished session lower on Thursday, 09 December 2021, as investors locked in gains from their strong rally after official data showed payroll jobs recovery slowed in early November. At closing bell, the benchmark S&P/ASX200 declined 20.99 points, or 0.28%, to 7,384.48. The broader All Ordinaries index sank 17.76 points, or 0.23%, to 7,689.44.

The top performing stocks in this index were AGL ENERGY and ALLKEM, up 4.66% and 3.29% respectively. The bottom performing stocks in this index were REDBUBBLE and MAGELLAN FINANCIAL GROUP, down 9.31% and 4.88% respectively.

Shares of energy players declined on profit booking. Beach Energy fell 4%, while Santos dropped 1.6%.

 

Materials and resources were also lower, tracking an overnight downturn in Chinese stainless steel futures. Rio Tinto fell 0.9%, while BHP Group dropped 1.2%.

Technology stocks dropped on profit booking after strong rally in last two sessions. Software firm Xero and electronics solutions developer Codan fell 3.2% and 3.5%, respectively.

Shares of Sydney Airport Holdings closed 2.9% higher after the country's competition regulator approved its A$23.6 billion takeover.

ECONOMIC NEWS: Payroll jobs rose by 0.2% in the fortnight to 13 November 2021, following a rise of 1.5% in the previous fortnight, according to figures released today by the Australian Bureau of Statistics (ABS).

CURRENCY NEWS: The U.S. dollar recovered slightly against a basket of its peers the dollar index rose 0.15% to 96.042 from its previous close at 95.894. The Australian dollar traded down 0.1% at $0.7164.

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