By Oliver Gray
Investing.com - The S&P/ASX 200 fell 46.4 points or 0.61% to 7582.5 Monday, easing from gains of 1.16% last week and retreating from record high valuations as risk sentiment soured following weaker than expected corporate earnings results and accelerating domestic coronavirus infection rates.
New South Wales reported 478 cases, the highest on record following almost 900 new infections over the weekend as officials increased police measures and lockdown restrictions, while Victoria added 22 cases, with health authorities closing playgrounds, announcing a curfew and extending lockdown restrictions for two weeks. Meantime, the ACT tallied 19 new cases amid a growing cluster, while Darwin was also plunged into a snap 3-day lockdown after recording a single case.
Among stocks, Seven West Media Ltd (ASX:SWM) dipped 7.77% despite reporting strong earnings, while Bendigo And Adelaide Bank Ltd (ASX:BEN) lost 9.91% as results came in below expectations. Meantime, A2 Milk Company Ltd (ASX:A2M) surged 12.08% amid speculation of a potential takeover bid, while Bluescope Steel Ltd (ASX:BSL) lifted 0.63% to 13-year highs following earnings, as the company tripled its final dividend and announced an A$500 million buy-back.
Investors will also be closely monitoring the Reserve Bank of Australia’s meeting minutes set to be released tomorrow, as well as employment data due later in the week.
In New Zealand, the NZX 50 fell 43.91 points or 0.34% to 12720.15.