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Aussie sharemarket falls on tech losses

AUSTRALIAN ECONOMY
Gains in materials and resources could not outweigh losses in tech on Monday. Picture: NewsWire / Gaye Gerard

Falls in technology nudged the Australian sharemarket down on the first day of the new financial year.

The S&P/ASX200 closed down 0.22 per cent, to 7,750.70, with seven of the 11 industry sectors finishing in the red.

Strike Energy was the worst performer on the day. More delays to production at its West Erregulla gas field near Geraldton, and a ratings downgrade from Macquarie, sent Strike shares ground-ward by 16.07 per cent, to $0.24.

Former President Donald Trump Holds Campaign Rally In Chesapeake, Virginia
Markets are ‘coming around to the idea’ Trump 2.0 will be inflationary, the CommBank chief economist says. Picture: Anna Moneymaker / Getty Images

As a whole the ASX200 benchmark fell below its 20 day moving average.

The decline was curbed by flurries of trade in resources.

A fire at an Anglo American’s Grosvenor Coal Mine in central Queensland forced the miner to suspend operations. Fellow Queensland coal operator Whitehaven Coal was a big winner, up 6.27 per cent to $8.13.

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Mid-cap miner Coronado came bursting out of the gate Monday, gaining nearly 10 per cent by midafternoon, and closing up 8.8 per cent, at $1.29.

But it was the tech sector dampening the start of the financial year. The sector fell 1.98 per cent.

The All Ordinaries fell 21 points, or 0.27 per cent, to 7,992.30.

The Australian Dollar lost nearly half of one per cent to the Euro as of 5pm Monday, buying 61 Euro cents.

Commonwealth Bank chief economist Stephen Halmarick said markets were “coming around to the idea” that a second Donald Trump presidency would be inflationary.

“Trump 2.0” tax cuts and tariffs weighed on US markets late last week, he said, spilling onto Australian markets Monday.