Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Australia shares drop for second week as virus cases rise, U.S. data disappoints

Published 31/07/2020, 04:55 pm
© Reuters.
AXJO
-
BHP
-
AMP
-
RIO
-
ORG
-
RIO
-
STO
-
WDS
-
AXMM
-
AXEJ
-
AXFJ
-
NZ50
-

(Updates to close)

By Soumyajit Saha

July 31 (Reuters) - The Australian benchmark index .AXJO fell on Friday to its lowest close in three weeks, posting a second straight weekly fall as rising coronavirus cases fed fears of stricter lockdowns and dismal data from the United States battered risk sentiment.

The country recorded its deadliest day of the coronavirus pandemic on Thursday with 14 deaths, taking total fatalities from the virus to 190, more than half of which have been in Victoria. we could see even stricter restrictions in Victoria as it continues to see elevated covid cases and growing clusters... will have a major impact on the economic performance for the country as a whole since it contributes a fair amount of output," said James Tao, market analyst at CommSec.

Further denting sentiment, data showed that the U.S. economy suffered its biggest blow since the Great Depression in the second quarter, largely due to a virus-led slump. S&P/ASX 200 index .AXJO fell 2% to 5,927.8 points and was down 1.6% for the week. The index was up 0.5% for the month.

Among sectors, the energy subindex .AXEJ dropped as much as 4% to hit its lowest in 2-1/2 months, with Woodside Petroleum WPL.AX and Santos Ltd STO.AX giving up 2% and 3%, respectively.

Power and gas retailer Origin Energy ORG.AX dropped nearly 5% on posting a fall in fourth-quarter revenue from its share in the Australia Pacific LNG (APLNG) project. .AXFJ dropped 2.8%, with the "big four" banks losing between 2.2% and 3.3%.

Mining stocks .AXMM fell 2.4%, with global miners BHP Group BHP.AX and Rio Tinto (LON:RIO) RIO.AX falling 2.9% and 2.4%, respectively.

Wealth manager AMP Ltd AMP.AX was the biggest loser on the index, after it said it expects underlying profit to more than halve in the first-half. Zealand's benchmark S&P/NZX 50 index .NZ50 ended 0.3% higher, helped by gains among healthcare and industrial stocks.

The index gained 0.8% for the week, and registered a 2.4% gain for the month.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.