Market Wrap / new year, same tech game

The local market started the trading week on a fairly flat note. After giving up some earlier gains, miners dragged the bourse lower, sending the S&P/ASX 200 up just 0.1% to 8257.40. 

The miners countered progress made in the IT and real-estate spaces. 

Bellevue Gold was today’s worst performer, in a material sector losing 14%, dragging the market overall. However, Gold Road Resources bucked the trend and gained 1%. The miner produced just under 92-thousand ounces of gold at the operation during the December quarter, up from 68,781 ounces in the three months prior. Following a tech rally in the US, the local IT space jumped higher, with Block leading the gains, up 5.5%. 

Insignia Financial received another takeover offer from CC Capital Partners, valued at $4.30 per share, and 7.5% higher than the offer from Bain Capital in December. It was today’s best performer by far, jumping 14.7%. 

Locally, the consumer staples mirrored the market and ended flat.

In company news, SPC Global's international business, Nature One Dairy, locked in a landmark 10-year exclusivity agreement with a leading Asian retailer, worth $250 million.Shares in Nine Entertainment gained after it announced a new minority shareholder in activist investment firm Tanarra Capital.

And as the real-estate sector gained around a percent today, investors will look at building approval data for November released tomorrow. Private sector approvals are expected near a two-year high.