NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Australia shares slip as Sydney virus spike stoke border curb worries

Published 21/12/2020, 04:57 pm
© Reuters.
AXJO
-
BHP
-
AGL
-
FMG
-
AXMM
-
AXEJ
-
AXIJ
-
NZ50
-
WTC
-

* Sydney sees lowest daily infection count in three days

* NSW govt to provide update on virus curbs on Wednesday

* Miners hit over 9-1/2-year high (Updates to close)

By Arpit Nayak

Dec 21 (Reuters) - Australian shares ended slightly lower on Monday, as growing coronavirus cases in the country's most populous state stoke fears of tighter movement restrictions, though gains in heavyweight miners limited losses.

The S&P/ASX 200 index .AXJO fell 0.1% to close at 6,669.90, after closing 1.2% lower on Friday.

A growing number of infections in Sydney's northern beachside suburbs has prompted other states and territories to seal off borders with the New South Wales' capital city, stoking fears that fresh curbs would slow down an economic rebound. the state recorded its lowest one-day rise in new cases in three days, with the local government set to provide an update on restrictions going into Christmas on Wednesday.

Hard border closures for New South Wales and reports of a fast-spreading new COVID-19 strain in the United Kingdom were weighing on sentiment, said Damien Rooney, director of equity sales at brokerage Argonaut.

Energy stocks .AXEJ suffered a 1.1% drop as oil prices weakened amid concerns over the new COVID-19 strain in the UK. Woodside Petroleum fell 2.8%, while Origin Energy gave up 1.6%. O/R Energy AGL.AX closed 5.1% lower, after the country's top power producer slashed its full-year outlook following a transformer incident that led to an outage at its coal-fired Liddell power plant. firm WiseTech Global WTC.AX fell 6.5% to be the biggest loser among tech stocks .AXIJ on reports of a short-seller attack. .AXMM , however, climbed 1.6% to hit their highest since April 2011, buoyed by a jump in iron ore prices, with Fortescue Metals Group FMG.AX and BHP Group BHP.AX climbing 5% and 1.2%, respectively.

"Governments around the world are going to continue to stimulate their economies, which is not only bullish for safe havens like gold but iron ore as well," said Andrew White, resources analyst at brokerage Curran & Co.

New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.6% to close at 12,607.74.

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.