Australia Market falls on first day of new Australian fiscal year

Australian equity market finished session lower on Monday, 03 July 2017, marking a cautious start to the new Australian fiscal year, with weakness led by biotech giant CSL, the biggest drag on the benchmark, while Fairfax Media tumbled after two private equity firms withdrew rival takeover bids. Market losses were, however, capped after survey that showed that Australia's manufacturing and service sectors both enjoyed strong activity in June with upbeat demand encouraging more hiring. The S&P/ASX 200 index fell 0.7%, or 36.99 points, to 5,684.5 at the close of trade.

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