The ASX200 closed down 0.22% for the first day of the new financial year. The IT sector was the biggest drag, shedding more than 2.2 per cent .The best performe was the Materials sector which gained a per cent as iron ore recovered to US$107.50 a tonne, in the wake of China introducing mortgage relief measures to stimulate its property sector.
The benchmark S&P/ASX 200 (INDEXASX: XJO) surrendered 81.5 points, or 1.1 per cent, to 7414.8, while the broader All Ordinaries (INDEXASX: XAO) was also down by 1.1 per cent, losing 83 points to 7,647.