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Shares slip; PolyNovo rallies; Goldman tips cash rate to peak at 4.85pc

The Australian sharemarket fell 0.2 per cent, or 11.6 points, to 7118 at market close after recording gains early during the trading session.

The energy sector was the worst performing, down 0.7 per cent. Beach Energy shares dropped 8.1 per cent. Viva Energy shed 2.8 per cent, Karoon Energy fell 3.5 per cent and Woodside Energy shed 0.4 per cent.

The major banks fell in the red. Commonwealth Bank shares fell 0.9 per cent. Westpac dropped 1.5 per cent. National Australia Bank shares shed 1.8 per cent. ANZ lost 0.04 per cent.

Healthcare stocks rallied. PolyNovo shares surged 15.8 per cent after it posted a record monthly sale of $7.2 million in May. Cochlear rose 1.8 per cent. CSL added 0.4 per cent. Estia Health rallied 13.3 per cent after Bain Capital lobbed a $3.20 a share revised non-binding bid to acquire the aged care operator.

Biotech Pacific Edge shares slumped 73.7 per cent after the company warned its bladder cancer detection product was rejected for US Medicare coverage.

BHP Group shares rose 0.1 per cent.

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