ASX 200 races through 5400 before coming back with a thud. After hitting 5425 we closed at 5372.5 up 29.5 points as profit taking hurt the banks and resources remained firm. Woolworths in the spotlight after KKR spotted looking again at the books. Asian markets positive with China up 1.05% and Japan up 0.08%. AUD at 73.57 and US futures down 42. A mirror image day to the previous two - as we thought might happen this morning. A leap out of the blocks was never going to be sustainable given the relative outperformance in the last two days. After soaring through 5400 to hit 5425, the banking sector came under pressure as profit takers moved in. The resources picked up some of the slack, with the index ending under 5400 to close at 5372.5. A couple of corporate moves adding to the mix with rumours of takeovers in Woolworths and an opportunistic bid for AWE in the energy sector. Another good day on volume at $5.6bn. (VIEW LINK)
Founder of the Marcus Today share market newsletter. Marcus is a stockbroker and has been advising institutional clients and a private client base for over 35 years.