By Oliver Gray
Investing.com - The S&P/ASX 200 declined 31.10 points or 0.43% to 7,248.20 in Monday’s session, extending last week’s losses of 1.55% and trading at 8-week lows as investors reacted to the fresh coronavirus variant Omicron, dubbed a ‘variant of concern’ from WHO officials over the weekend and sparking an exit from companies that would be affected by new COVID-19 restrictions.
ASX 200 Futures were up however, gaining 0.74%.
Among stocks, financial companies sank, and Australia and New Zealand Banking Group Ltd (ASX:ANZ) dipped 2.18%, Commonwealth Bank Of Australia (ASX:CBA) lost 1.78%, National Australia Bank Ltd (ASX:NAB) fell 2.24% and Westpac Banking Corp (ASX:WBC) lost 1.61%.
Travel stocks also retreated, with Qantas Airways Ltd (ASX:QAN) down 2.6%, Flight Centre Ltd (ASX:FLT) 3.91%, Webjet Ltd (ASX:WEB) shedding 4.67% and Sydney Airport Holdings Ltd (ASX:SYD) down 2.02%.
Energy companies felt the sting of Friday's plummeting Oil prices. Woodside Petroleum Ltd (ASX:WPL) lost 2.18%, Oil Search Ltd (ASX:OSH) fell 2.26%, Santos Ltd (ASX:STO) dipped 2.31% and Beach Energy Ltd (ASX:BPT) dropped 5.2%.
However, technology names lifted with Appen Ltd (ASX:APX) up 2.43%, Xero Ltd (ASX:XRO) adding 1.84%, Technology One Ltd (ASX:TNE) lifting 2.08% and Wisetech Global Ltd (ASX:WTC) up 0.54%.
On the bond markets, Australia 10-Year yields lifted to 1.744% after Friday’s fall, while United States 10-Year yields were at 1.531%.
Ahead in the week, market participants will be closely monitoring Building Approvals, Current Account data, the AIG Manufacturing Index, quarterly GDP, Retail Sales and Trade Balance data.