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Australia shares end lower as vaccine doubts weigh

Published 30/11/2020, 05:21 am
Updated 30/11/2020, 05:24 am
© Reuters.

© Reuters.

(Corrects NOV 27 item to "more than 11%", paragraph 5)

* Oil stocks record worst day in nearly a month

* ASX 200 still on track for best month ever

By Shashwat Awasthi

Nov 27 (Reuters) - Australian shares ended lower on Friday as renewed doubts about a promising coronavirus vaccine dented investor sentiment, while Treasury Wine dived on China's plans to impose temporary anti-dumping measures on Australian wine imports.

The S&P/ASX 200 index .AXJO fell 0.5% to end the session at 6,601.1 points and close lower for the second straight day.

Global markets eased after several scientists questioned some efficacy results of a trial of UK drugmaker AstraZeneca's AZN.L COVID-19 vaccine candidate, stoking worries that this could lead to a delay in key approvals. likely the company will start a new trial to firm up results. The news was enough to trigger profit taking, given the importance of a vaccine to market confidence," said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking.

Optimism around multiple potential effective coronavirus treatments have partly buoyed stock markets in November, with the Australian bourse on track for its best month ever on the back of a more than 11% jump.

Treasury Wine Estates Ltd TWE.AX plunged more than 14% and was the worst performer on the ASX 200 before trading in its shares was halted.

China said it will impose temporary anti-dumping tariffs on wine imported from Australia from Nov. 28, with Treasury Wine required to pay the highest deposit to China's customs authority of all wine importers. stocks .AXEJ incurred the most losses as they fell 1.8%, led by Beach Energy Ltd BPT.AX which dropped 3.8% and Oil Search Ltd OSH.AX which gave up 3.7%.

Technology stocks .AXIJ , financials .AXFJ and miners .AXMM also declined.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 closed 0.3% higher.

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