By Oliver Gray
Investing.com - The S&P/ASX 200 traded 29.1 points or 0.38% lower on Monday, easing from gains of 1.16% last week and retreating from record high valuations as market participants digested weaker than expected corporate earnings while Australia’s domestic coronavirus situation continues to worsen.
New South Wales added a record 478 cases today, following almost 900 new infections over the weekend as officials further tightened restrictions over the weekend, while Victoria added 22 cases, with 8 of those in the community while infectious. The ACT is facing a growing cluster amid unknown community transmission, while Darwin also recorded a single case as health authorities consider a 3-day snap lockdown. Meantime, Queensland reported zero cases for the second consecutive day.
Among stocks, Seven West Media Ltd (ASX:SWM) dipped 4.85% despite reporting strong earnings, while Bendigo And Adelaide Bank Ltd (ASX:BEN) lost 8.87%. BHP Billiton Ltd (ASX:BHP) added 1.44% after confirming that it is in talks to merge its A$20 billion petroleum business with Woodside Petroleum Ltd (ASX:WPL). Bluescope Steel Ltd (ASX:BSL) lifted 1.33% to 13-year highs following earnings, as the company tripled its final dividend and announced an A$500 million buy-back.
In New Zealand, the NZX 50 added 26.39 points or 0.21% to 12790.45.