The Australian sharemarket closed lower on Monday after an early session sell-off that began soon after the benchmark index hit a record high.
Information technology (I.T.) and healthcare were among the sectors that dragged the S&P/ASX 200 index from its peak of 9,026.4 points.
The index ended down six points (0.17%) at 8,977.20 after trading between 8,970.6 and 9,026.4, a new peak which was reached in the first 45 minutes of trading.
Seven of the 11 sectors finished in the red, headed by I.T. (down 1.38%) and healthcare (-1.07%) with the materials index providing some solace via an 0.71% gain.
The omens were bright prior to the start of day with the share price index December contract indicating the index would begin about 0.3% above the previous close.
This in turn followed a positive end to last week in the United States where two of the three indices claimed new records as investors clung to hopes of another interest rate cut and the continuing government closure denied investors crucial economic data.
In the IT sector, WiseTech (ASX: WTC) shed $1.82 (2.02%) to $88.44 and Xero (ASX: XRO) lost $3.49 (2.17%) to $157.46, while in healthcare Mesoblast (ASX: MSD) dropped 17 cents (6.16%) to $2.59 and Pro Medicus (ASX: PME) gave away $9.78 (3.11%) to $304.22.
Australia’s only publicly-listed sporting club, the Brisbane Broncos (ASX: BBL), finished 35 cents or 26.9% higher at a record close of $1.68, a day after it won the National Rugby League men’s and women’s titles.
In New York last Friday the Dow Jones Industrial Average had climbed 0.51% and the S&P 500 advanced by just 0.01% but the Nasdaq Industrial Average gave away earlier gains to slip back 0.28%.
The Australian dollar closed 0.06% higher at US$0.66029 at 4.40pm AEDT (5.40am GMT).
In the fixed interest market, yields closed higher on Australian Government bonds with the 10 year rate rising 1.15% to 4.389% and the two year rate gaining 0.66% to 3.527%.
