The ASX 200 traded sideways today, and ended the day flat, rising just 2 points to 7,540.

Financials led, rising by 1.4% following announcements from Suncorp (ASX:SUN) and NAB (ASX:NAB).

Gold miners were the worst performers, as gold price plunged following the blowout US jobs report released on Friday night.

The spot gold price is trading at US$1,733.86 an ounce at the time of writing – a drop of around $30 an ounce or 1.70%.

Investors are worried the strong jobs market could lead to a stronger US dollar, which is inversely correlated to the gold price.

The Materials index dropped by 1.03% as a result.

 

BIG CAP WINNERS

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Suncorp was the best large cap performer, rising by 8% after reporting a 13% rise in full year net profit to $1.03bn. The financial conglomerate declared a final divided of 40c a share, plus a special dividend of 8c a share.

Another financial company, IAG (ASX: IAG) also rose by 5% after announcing major changes to the company’s Board. Three new directors have been appointed, all of whom bring extensive insurance and public company governance experience to their roles, according to IAG.

NAB also provided some spark in an otherwise sideways market today, after saying it will acquire Citigroup’s Australian consumer business.

The bank will pay for the business’ net assets plus a $250m premium, subject to regulatory approvals.

The news has also pushed other large bank stocks higher by around 1~2% today.

 

BIG CAP LOSERS

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