Backwards step for recovering bourse
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.