ASX falls as tech drags
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The news: The Australian sharemarket began the new financial year on a weaker note, tracking Wall Street falls at the end of last week.
The numbers: The benchmark ASX 200 fell 0.22% to end at 7,750.7, with seven out of 11 sectors finishing in red.
The worst performing sector was IT, down 2.21%, followed by healthcare (-1.59%). Wisetech led the tech sector’s losses, falling 5.18% after CEO Richard White sold a parcel of shares in the company.
Strike Energy shares plunged 17.86% after flagging delays in receiving environmental approvals, and, in turn, delays in a final investment decision for its West Erregulla gas field. It was the worst performer across the ASX 200.
Brambles shares fell 2% after it announced the departure of its Americas CEO Xavier Garijo after just six months due to "cultural differences".
Elsewhere, asset manager Pacific Current Group dropped 3.7% after announcing that it had named former Challenger boss Michael Clarke as its acting CEO, and appointed Joanne Dawson as non-executive director.
The best performing sector was materials, up 1.03%, followed by AREITs (0.88%). Rio Tinto ended 1.49% higher after announcing plans to install carbon-free aluminium smelting cells at its Arvida smelter in Canada, as part of a USD285 million ($427 million) co-investment with the Government of Quebec.
Lendlease, up 4.25%, was one of the best ASX 200 performers after the property company finalised a deal to sell its US military assets for $480 million.
Fletcher Building gained 1.12% after completing and handing over SkyCity’s NZ International Convention Centre project in Auckland.
Meanwhile, MMA Offshore increased 3.1% after major shareholder Halom Investments said it would back a takeover offer from private equity-backed Cyan Renewables.
The context: Tuesday will see the Reserve Bank publish its board minutes while US Federal Reserve chair Jay Powell will participate in a panel discussion at the European Central Bank Forum.
