ASX 200 slips 0.13% after record closing high
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The news: The Australian sharemarket retreated after reaching a record high last week.
The numbers: The benchmark ASX200 ended down 0.13% to 7,735.8, with seven out of 11 sectors finishing in red.
The best performing sector was AREITs, up 1.42%, followed by IT (0.92%) and financials (0.33%). Most of the large AREIT companies enjoyed gains including Goodman Group (2.69%), Scentre Group (1.43%), and Stockland (0.66%).
The stock that gained the most was Life360, up 7.97%. On Friday Life360 reported narrowed losses for the 2023 calendar year and announced a new advertising stream.
The worst performing sector was healthcare down 0.78%, followed by utilities (-0.77%) and materials (-0.72%). Utility companies had a mixed session with Origin down 1.22% but Genex Power up 32.43% after announcing that its Japanese partner J-Power improved its takeover bid.
Pro Medicus and Flight Centre were both down 3.31% and 3.07% respectively, despite the announcement after market close on Friday that the stocks would be added to the ASX 100 on 18 March, replacing Alumina and Region Group.
The context: Tomorrow will see China hand down its annual GDP target at its annual Two Sessions meetings that is expected to be around 5% while economists estimates are at 4.6%.
Wednesday will see our quarterly GDP figures released while the US Federal Chair Jerome Powell starts his two-day testimony before congress. The European Central Bank will announce its latest monetary policy decision on Friday.
