Market Wrap / volatility victory lap

The S&P/ASX 200 started September on a weak note, closing lower by 0.51% to 8,927.7 points. Investors took some profits after a volatile reporting season, and following a weak lead-in from Wall Street which saw an AI-induced sell-off during Friday's session.

The financial sector closed lower by 0.8%, with all major banks in the red. IAG was one of the few companies in the green after completing the acquisition of RACQ Insurance.Gold stocks benefited from a rush to safety, with Northern Star gaining 6.9%. Shares in RPMGlobal rose 1.5% as global mining equipment giant Caterpillar launched a $1.1 billion takeover bid for the Brisbane-base company. Elsewhere, Activeport is partnering with Megaport to further inter-connection among telco operators in Asia. The former jumped 17.4%, while Megaport shares closed lower by 2.3%. US markets will remain closed for Labour Day. While tomorrow locally, Santos, Iluka Resources and Bendigo Bank are amongst companies trading ex-dividend.