ASX retreats from the 7-week cap at 6,755-65

January 11, 2021 - 2 weeks ago
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The ASX 200 struggled to recapture its bullish charm on Monday after its recent two ‘bullish’ consecutive sessions; the market struggled to break over the 7-week cap at 6,755-65 after posting an intraday high of 6,761 before its retreat.

Gold and technology stocks weighed on the Australian share market after spot gold plummeted 89 dollars on Friday before rebounding off a 6-week low.

At the closing bell, the benchmark S&P/ASX 200 index fell -60.70 points or -0.90%, to 6,697.20, while the All Ordinaries declined -64.70 points, or -0.92% to settle at 6,959.50.

On Sunday, U.S. House Speaker Nancy Pelosi said, she would push ahead with efforts to remove President Donald Trump from office during his administration’s final days after his supporters’ violent attack on the Capitol.

Ms Pelosi said there would be a resolution in the House of Representatives on Monday calling for the cabinet to remove Mr Trump as unfit for office under the constitution’s 25th amendment.

If Vice President Mike Pence does not agree, “we will proceed with bringing impeachment legislation” to the floor of the House of Representatives, Ms Pelosi said.

“In protecting our Constitution and our Democracy, we will act with urgency, because this President represents an imminent threat to both,” she said.

Materials struggled throughout the day with our local minors weighing on the Index.

Rio Tinto led the titans lower after slipping -1.3%, to $122.40, BHP Group tumbled -0.36%, to $46.50 and Fortescue Metals Group slid -0.51%, to $25.21.

Lynas Rare Earths fell -1.96%, to $4.51, IGO retreated -2.07%, to $7.10, OZ Minerals added +0.05%, to $21.03 and Mineral Resources dropped -2.42%, to $39.50.

The Financial sector was mixed with the “Fab Four” (banks) directionless, with Westpac Banking Corp eking out +0.05%, to $20.29, National Australia Bank slid -0.6%, to $23.21, Commonwealth Bank lost -0.55%, to $85.16, Australia and New Zealand Banking Group added +0.04%, to $23.85, and Macquarie Group fell -0.67% and settled at $140.01.

As for our oil and gas producers, Woodside Petroleum advanced +2.62%, to $25.46, Santos firmed +3.15% to $7.20, Oil Search lost -0.94%, to $4.23, Origin Energy slid -0.2%, to $5.11 and Beach Energy rose +0.78%, to $1.93.

Buy now, pay later Afterpay fell -1.73%, to $113.99, WiseTech lost -2.56%, to $27.74, Computershare added +0.79%, to $14.08, and Xero dropped -4.68%, to $135.93.

Biotechnology giant CSL lost -1.53% to $275.95, while ResMed rose +3.28% to $28.32, Fisher & Paykel Healthcare declined -1.41%, to $30.15, while Cochlear lost -1.26% to $182.90 and Mesoblast surged +14.29%, to $2.56.

Meanwhile, our local currency, the Australian dollar is currently buying US$0.7712 (as of writing).

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