The Australian sharemarket edged lower on Monday after an early broad rally petered out, with gains in gold and copper miners offsetting losses in tech.<\/p>\n
After spending the morning higher, the S&P\/ASX 200 Index was down 0.1 per cent or 9 points at 8,978.6 by 2.30pm ADST. The local bourse briefly reset a closing high of 9,019.1 of August 21, but was unable to sustain gains as losses in the tech sector deepened, in line with the Nasdaq on Friday.<\/p>\n
Accounting software firm Xero<\/strong> shed 2.3 per cent, followed by WiseTech<\/strong> down 2.2 per cent.<\/p>\n Out of the 11 sectors, five were still flashing green with miners and energy in the front seat. Lynas<\/strong> was the top performer on the ASX 200 with a 7.6 per cent gain, followed by Iluka<\/strong> up 4.8 per cent.<\/p>\n Gold and copper miners led gains after prices of both metals veered higher. Bullion reached an all-time high of $US3926.29 in morning trade on Monday, putting it a whisker away from the $US4,000 mark.<\/p>\n In response, Newmont<\/strong> jumped 2 per cent, N<\/strong>orthern Star <\/strong>added 1.6 per cent, Evolution Mining<\/strong> rose 1.5 per cent, and Perseus Mining<\/strong> gained 0.9 per cent.<\/p>\n Copper prices, meanwhile, climbed to a 16-month high on supply worries following a deadly accident at a major mine in Indonesia on Sunday. Sandfire Resources<\/strong> advanced 3.6 per cent, Kincora Copper<\/strong> flew 5 per cent higher and Atayla<\/strong> climbed 3.4 per cent.<\/p>\n The big mining groups, however, fell with Rio Tinto<\/strong> down 0.7 per cent and BHP<\/strong> 0.1 per cent lower.<\/p>\n In the financial sector, the big banks were split with ANZ<\/strong> 0.2 per cent lower, Commonwealth Bank<\/strong> and National Australia Ban<\/strong>k flat, while Westpac<\/strong> rose 0.4 per cent.<\/p>\n In other news, Brisbane Broncos<\/strong> soared 33 per cent to a record high of $1.68 after their big win at the NRL grand final.<\/p>\n Stocks on the move<\/p>\n In corporate news, dual-listed Restaurant Brands<\/strong> rose 0.7 per cent after it received notice from majority stakeholder Finaccess Restauracion for a full takeover offer at $NZ5.05 ($4.46) per share.<\/p>\n Auckland Airport<\/strong> fell 1 per cent even though the Commerce Commission ruled out the need for an inquiry into airport regulation following Air New Zealand\u2019s request.<\/p>\n Gold miner Predictive Discovery<\/strong> (PDI) surged 11.4 per cent after it announced a merger with Canada\u2019s Robex Resources in a $2.3 billion deal. Under the plan, Robex shareholders will receive 8.667 PDI shares per Robex security.<\/p>\n","protected":false},"excerpt":{"rendered":"The Australian sharemarket edged lower on Monday after an early broad rally petered out, with gains in gold…\n","protected":false},"author":3,"featured_media":31693,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[64,135,67,132,68],"class_list":{"0":"post-280875","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-markets","10":"tag-united-states","11":"tag-unitedstates","12":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115325164777357600","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/280875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=280875"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/280875\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/31693"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=280875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=280875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=280875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}