⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Australia shares slip on fears of lockdowns in Europe

Published 20/10/2020, 05:01 pm
© Reuters.
AXJO
-
BHP
-
CBA
-
ANZ
-
RIO
-
NAB
-
RIO
-
WBC
-
AXMM
-
AXIJ
-
NZ50
-
PKF1
-
APT
-
SKO
-

* ASX benchmark's marks worst session since Oct. 2

* U.S. stimulus are just about out of time - analyst

* Afterpay closes at record high to boost Tech index (Updates to close)

By Nikhil Subba

Oct 20 (Reuters) - Australian shares closed lower on Tuesday, weighed by miners and bank stocks, as surging coronavirus cases in Europe raised the possibility of further restrictions and stoked fears of an onerous global economic recovery.

The S&P/ASX 200 index .AXJO slid 0.7% to close at 6,184.60, marking its worst session since Oct. 2. The benchmark gained 0.9% on Monday.

Italy approved the shutting of public squares from 9 p.m. and many regions in Spain tightened curbs as COVID-19 cases spiked. Meanwhile, in Britain the government scientific adviser said the country needs to impose a three-week period of national lockdown. virus numbers are pointing to a second wave globally. This may lead to more severe shutdowns and lower economic activity," said Brad Smoling, managing director at Smoling Stockbroking.

Adding to market uncertainty, U.S. House Speaker said she hoped that by the end of Tuesday there will be "clarity" on whether a coronavirus stimulus bill can be passed before the Nov. 3 presidential election. U.S. stimulus talks are just about out of time. I now believe that neither side wants to make a move before the election outcome," Smoling said.

The Australian financial index .AXJO fell 1.2%, weighed by losses in the "Big Four" banks.

Australia and New Zealand Banking Group ANZ.AX , National Australia Bank NAB.AX Commonwealth Bank of Australia CBA.AX and Westpac Banking Corp WBC.AX fell between 1% and 1.4%.

Miners .AXMM fell 1.1%, dragged down by losses in BHP Group BHP.AX Rio Tinto (LON:RIO) RIO.AX .

In a bright spot, technology stocks .AXIJ gained 1.7% and closed at a record high, boosted by buy-now-pay-later firm Afterpay's APT.AX near 6% gain after a partnership with Westpac Banking WBC.AX to offer savings accounts. New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 0.62% to 12,462.1.

Top gainers were Serko Ltd SKO.NZ , up 3.6%, followed by Port of Tauranga Ltd POT.NZ , gaining 3.5%.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.