The Market Movers || ASX 200 Seesaws; Miners Dip Capping The Gains

• ASX 200 crossed 7300 mark at the market opening, setting a new 52-week high.  During the day, Australian shares reflected sinusoidal trends. While gold miners advanced, the gains were capped by weakness in other mining stocks and a subdued finish on Wall Street overnight. 

•  Gold miners dominated the gains on the Australian benchmark.  Sector heavyweights Newcrest Mining and Northern Star Resources advanced.  Silver Lake Resources , Gold Road Resources , Evolution Mining , Resolute Mining and De Grey Mining  also traded higher.

• shares of software provider Nuix  fell on reports of regulatory probe. Reportedly, Australia's financial services regulator has sent notices to Nuix and Macquarie Group relating to a probe into allegations that Nuix overstated sales forecasts ahead of its listing on the ASX last year.

• Lets move to the mining space now. the miners fell as softer iron ore prices weighed.  The big miners Rio Tinto, BHP Group and Fortescue Metals were all down more than 1%. Iron ore prices traded lower on Monday as China's subdued trade data for May 2021 and narrowing steel profit margins that impacted the market's sentiments about demand prospects for the steelmaking ingredient. 

• Shares of drug developer Acrux fell to over a one-year low on a U.S. drug patent litigation. The Company stated that U.S.-based pharma firm Almirall has initiated a patent litigation in a U.S. District Court of New Jersey over Acrux’s new drug application for Dapsone Gel 7.5% which is used to treat acne vulgaris in patients aged 9 years and above. 

•  Shares of the Australian telecom firm MNF Group  hit over 3-week peak on higher EBITDA view. MNF forecasts EBITDA for financial year 2021 to be within the top half of its earlier guidance range of $40 -$43 million. 


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