CMC chief market strategist Michael McCarthy said the strong yearly gain was one of the key factors at play in today's trade, as fund managers and institutional investors looked at their portfolios and tax liabilities to lock in profits and losses. "The best performing stocks over 2013-14 are under pressure today, with banks, Telstra, and healthcare stocks all under pressure. "Falls in mining stocks may also be the product of a year-end effect, as investors realise losses to offset gains elsewhere.
The Australian sharemarket rose strongly this financial year but finished the day slightly weaker as investors got their portfolios in order for tax time. At the 4. 15pm (AEST) official market close, the benchmark S&P/ASX200 index lost 49. 4 points, or 0. 91 per cent, to 5,395. 7 points, while the broader All Ordinaries index lost 47. 1 points, or 0. 87 per cent, to 5,382 points.
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