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S&P/ASX 200 closes flat but energy sector outperforms broader market

Financials were the main weight on the market with losses for the four major banks
ASX boards
Australian dollar continued its rally to 71.4 US cents.

S&P/ASX 200 (INDEXASX:XJO) was swinging between gains and losses throughout the day and ended the session flat at 6221.8.

Oil prices are near 5-month highs and helped the energy sector easily outperform the broader market.

Oil & gas producers made gains of between 2-4.5% with Beach Energy (ASX:BPT) climbing the most, rising 5.45%.

Financials were the main weight on the market with losses for the four major banks. Commonwealth Bank (ASX:CBA) lost 0.6%, the most of the big four.

Crown Resorts takeover

Crown Resorts (ASX:CWN) gained close to 20% after the Melbourne based gaming and entertainment company confirmed a proposed takeover by Las Vegas based Wynn Resorts (NASDAQ:WYNN).

Few tech stocks gain

Artificial intelligence (AI) software firm, Appen (ASX:APX) rose by 4% after its share purchase plan offer to raise $15 million was 3.4 times oversubscribed.

Both Afterpay Touch (ASX:APT) and Altium (ASX:ALU) also both gained 1.7% and 1.6% respectively.

The Australian dollar continued its rally to 71.4 US cents.

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