The Courier-Mail

Backwards step for recovering bourse

- REBECCA LE MAY

THE Australian sharemarke­t pulled back yesterday after reaching fresh 13-month highs last week.

The ASX 200 finished 0.3 per cent lower at 6974 points.

ThinkMarke­ts Australia analyst Carl Capolingua said there may have been some profit-taking by investors.

“Don’t forget we were up 3 per cent last week,” he said. The ASX 200 got as high as 7012.4 points last Thursday.

OpenMarket­s Group CEO

Ivan Tchourilov said the market was still looking strong, technicall­y.

“Many of the top 20 are now near preCOVID levels which has helped the overall market push higher,” Mr Tchourilov said.

“Banks have seen a strong recovery, fuelled by a combinatio­n of monetary and fiscal stimulus as well as a surge in new home loan applicatio­ns.”

ANZ rose 0.45 per cent to $28.87, NAB 0.41 per cent to $26.83 and Westpac 0.36 per cent to $25.30. CBA eased 0.47 per cent to $86.72.

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