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Australian Shares Close 0.6% Lower as Energy and Financials Drag

Published 22/11/2021, 04:20 pm
Updated 22/11/2021, 04:20 pm
© Reuters.

By Oliver Gray

Investing.com - The ASX 200 dipped 43.40 points or 0.59% to 7,353.10 during Monday’s trade, extending losses of 0.66% in the previous week as market participants rotated away from travel stocks amid accelerating coronavirus infection rates in Europe, while falling Oil prices hit energy stocks after Japan indicated over the weekend that it would consider releasing oil reserves to help ease supply concerns.

Among stocks, energy companies led declines amid a further fall in oil prices. Santos Ltd (ASX:STO) was down 1.78%, Oil Search Ltd (ASX:OSH) fell 1.79%, Woodside Petroleum Ltd (ASX:WPL) lost 1.99%, and Beach Energy Ltd (ASX:BPT) sank 3.61%.In addition, travel stocks dragged as sentiment soured amid rising COVID-19 cases in the US and Europe. Flight Centre (ASX:FLT) tanked 7.39%, Qantas Airways Ltd (ASX:QAN) dipped 3.65%, Webjet Ltd (ASX:WEB) lost 3.72% and Corporate Travel Managment Ltd (ASX:CTD) dropped 5.86%.

AMP Ltd (ASX:AMP) was also stronger, up 2.64% after announcing that it would hang on to its office property business this morning. Meantime, Vulcan Energy (ASX:VUL), added 7.37% after unveiling another off-take agreement.

Ahead in the week, Australian investors will be paying close attention to Markit Manufacturing and Services PMIs, retail trade and capital expenditure.

In New Zealand, the NZX 50 declined 132.48 points or 1.04% to fresh 3-month lows of 12,617.64.

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