ASX ends flat
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The news: The Australian sharemarket finished flat on Monday, following a mixed session.
The numbers: The benchmark ASX 200 ended higher, up 0.12%, to 7,652.8, with six sectors out of 11 finishing in green.
The best performing sector was consumer discretionary, up 1.11%, followed by IT (0.87%). Kogan was up 23.2% as investors cheered the online retailer’s announcement that it had returned to profitability during the half to December 2023.
Some of the largest IT companies gained, including Wisetech Global (0.75%), Xero (2.01%), and NextDC (1.19%), following the continued tech rally on Wall Street.
Alumina Limited was the best performing stock within the ASX 200, up 7.35%, after it announced that it received a takeover offer from Alcoa.
The energy sector was the worst performing, down 2.12%, followed by utilities (-0.8%). The energy sector was dragged by large companies including Woodside (-1.66%), Santos (-4.85%) and Yancoal (-3.06%).
TPG Telcom was the worst performing stock, down 8.21%, after it posted a 90% drop in profits for the six months to December 2023.
The context: Earnings season continues on Tuesday with Appen, Coles, Woodside, Altium posting results.
