SYDNEY/WELLINGTON: Australian shares on Thursday closed at their lowest level in more than three weeks as surging cases of Covid-19 around the world stoked fears of a difficult global economic recovery.

The S&P/ASX 200 index ended 1.6% lower at 5,960.30, its lowest since Oct. 5, with gold and energy stocks leading the declines.

The Australian energy index declined 2.9% on weaker oil prices. Santos fell 5%, while Woodside Petroleum lost 2%.

Gold stocks shed 4.2%, with Westgold Resources losing 8.9% and OceanaGold Corp sliding 5.5%.

The broader mining index fell 2.2%. BHP Group and Rio Tinto declined 2.2% and 1.1% each. The heavyweight financial index closed 1.5% lower, with all the “Big Four” banks ending in the negative territory.

New Zealand’s benchmark S&P/NZX 50 index closed 0.5% lower at 12,201.80. Top losers were Oceania Healthcare, losing 3.6%, and Air New Zealand that fell 3.4%.—Reuters