All Ords hit by risk-off move, gold, Capricorn (ASX:CMM) surge on Trump comments, RPM Global (ASX:RUL) jumps on takeover offer

The local market suffered its worst performance in several weeks, falling as much as 0.7 per cent on Monday but ultimately finishing down 0.5 per cent. The technology and retail sectors were the biggest detractors, falling 2.7 and 1.2 per cent respectively as growth concerns emanated from the US ahead of Monday’s Labour Day holiday. WiseTech Global (ASX:WTC) and Xero (ASX:XRO) both fell by more than 3 per cent amid concerns about growth prospects and a rotation away from the highly valued technology sector overseas. Junior gold miner Capricorn (ASX:CMM) was up more than 11 per cent after President Trump suggested that inflation had disappeared, triggering a sharp short-term rally. The banking sector remains under pressure, as the likes of the Commonwealth Bank (ASX:CBA) and Westpac (ASX:WBC) continue to stagnate, falling 0.8 per cent respectively. But it was all about mining software business RPM Global (ASX:RUL) with shares in the company surging more than 22 per cent after confirming that global giant Caterpillar (NYSE:CAT) had made a bid for the company valuing it at $1.1 billion. 

Harvey Norman (ASX:HVN) boosted by upgrades, Insurance Australia Group (ASX:IAG) announces acquisition, Pro Medicus (ASX:PME) off despite positive moves

Shares in retailer Harvey Norman (ASX:HVN) surged more than 8 per cent following a similarly strong day on Friday, with brokers upgrading expectations for the up and down stock following a much better than expected earnings result. It was the opposite story for Pro Medicus (ASX:PME) as the radiology and imaging software finished flat, caught up in the technology rotation, despite announcing a deal with the Department of Veteran’s Affairs for the use of its Visage platform. Insurance Australia Group (ASX:IAG) posted a positive day in comparison to the broader financial sector, gaining slightly after announcing the acquisition of 90 per cent ownership in RACQ’s underwriting business, and entering a 25 year distribution deal to offer insurance for the motoring club. Dreamworld operator Coast Entertainment (ASX:CMM) bounced after the Queensland Government flagged that it would potentially takeover the groups planning applications for changing to its theme parks amid complex issues regarding environmental impacts.