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Australian shares fall most since mid-August on coronavirus fears; NZ down

Published 24/02/2020, 05:30 pm
Updated 24/02/2020, 05:35 pm
© Reuters.  Australian shares fall most since mid-August on coronavirus fears; NZ down

© Reuters. Australian shares fall most since mid-August on coronavirus fears; NZ down

(Updates to close)

Feb 24 (Reuters) - Australian shares fell more than 2% on Monday, their biggest since mid-August 2019, as sharp spikes in coronavirus cases outside mainland China deepened worries about a hit to the global economy.

South Korea put the country on high alert while the number of infections jumped to over 700 and deaths rose to seven. In Italy, a third person infected with the flu-like virus died on Sunday, while the number of cases jumped to above 150 from just three before Friday. S&P/ASX 200 index .AXJO fell 2.3%, or 160.70 points, to 6.978.30, its lowest close since Feb. 5.

Energy stocks .AXEJ dropped 4% to their lowest close since Oct. 10 as oil prices slumped nearly 3%. O/R

Woodside Petroleum WPL.AX dropped 6.4% to its lowest close since Oct. 10, while Whitehaven Coal WHC.AX shed 5.8%.

However, Viva Energy Group VEA.AX rose over 1% after the company said it had approved a two-month maintenance turnaround of key units at its Geelong refinery. stocks .AXFJ dropped 1.7%, with the 'Big Four' banks shedding between 0.9% and 1.5%.

National Australia Bank NAB.AX cut some of its losses to close about 1% lower, after the country's third-largest lender said it would increase the amount it was looking to raise from a notes offer. stocks .AXHJ , which are often seen as defensive ones, marked their worst session since August 2019. Bio-therapeutics firm CSL Ltd CSL.AX declined 3.4%.

Meanwhile, gold stocks provided some respite to the market, with the sectoral sub-index .AXGD rising 4.2% to its highest close since Oct. 9 on safe-haven demand. Spot gold prices XAU= jumped as much as 2% to their highest in more than seven years.

Newcrest Mining NCM.AX gained 5.1%, while St Barbara SBM.AX added 4.9%.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index .NZ50 dropped 1.8%, or 216.22 points, to finish the session at 11,857.12.

Shares of Air New Zealand AIR.NZ slumped 5.5%, while those of A2 Milk Co ATM.NZ slid 5%.

($1 = 1.5090 Australian dollars)

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