AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)
Markets

Australia shares drop as new virus cluster sows doubt about quick recovery

  • In New Zealand, the benchmark S&P/NZX 50 index rose 0.5% to 12,950.52, with utilities and healthcare stocks leading the gains.
Published December 18, 2020

Australian shares fell on Friday as a fresh cluster of COVID-19 cases in the country's largest city ignited fears that movement curbs could make a comeback and slow down an economic recovery.

New South Wales state Premier Gladys Berejiklian warned Sydney should prepare for more infections after 17 new cases were reported in the city's northern coastal suburbs, prompting authorities to ask residents to stay at home for three days.

The S&P/ASX 200 index fell 0.5% to 6,722.9 by 0006 GMT, retreating from a near-10-month high hit in the previous session. But, the index is still headed for a seventh straight weekly gain.

The fresh outbreak marks the end of a two-week run of no local coronavirus transmission and has prompted other states to tighten movement across state borders.

The possibility of further restrictions ahead of Christmas season dragged shares of airlines lower, with Qantas and smaller rival Regional Express Holdings sliding as much as 4.3% and 5.6%, respectively.

Heavyweight financials led losses on the benchmark, as Commonwealth Bank of Australia dropped 1.3% and National Australia Bank shed 1.6%.

Energy stocks also dipped despite an uptick in oil prices, with Ampol and Santos being the biggest the drags.

On the flip side, gold stocks rose 1.8% and supported some gains on the metals and mining sub-index as the bullion continued its climb on hopes of more US stimulus. Newcrest Mining added 1.7% and Northern Star Resources tacked on 2.6%. The gold sub-index was on track for its best week since Nov. 6.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.5% to 12,950.52, with utilities and healthcare stocks leading the gains.

However, flag carrier Air New Zealand, which has been preparing for a travel bubble with Australia in early 2021, fell 1.9%.

Comments

Comments are closed.