Market Wrap / profit taking

Local markets started the trading week on a negative note, retreating from Friday’s record high, as investors took profits in major banks. 

The S&P/ASX200 Index slipped 1% to 8668.20 points. 

Banks fell 2.3%, with CBA down 2.5% and Westpac dropping 3.6%.

AMP defied the bank slump, rising 9.8% after reporting a sharp improvement in cashflows across its core businesses in the second quarter, marking a return to growth in its Superannuation & Investments division for the first time in eight years.

Fintech giant Block shares rose 11.2% locally after S&P Dow Jones Indices said the company will join the S&P 500. 

South32 also rose 4.5% after its fourth quarter manganese production was boosted by a recovery in export shipments following weather disruptions at its NT operations earlier this year.

Tomorrow the RBA will release minutes from last month’s meeting, when it stunned markets by passing up the opportunity to cut rates.