Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Australian shares end lower as virus surge raises economic growth worries

07/19/2021 | 03:42am EDT

* Miners slump to worst session in 2 months

* Altium falls 3.8% as takeover talks with Autodesk cease

* Energy stocks drop as oil prices sink

July 19 (Reuters) - Australian shares closed lower on Monday, with losses seen across major sub-indexes, as a surge in Delta variant cases in the country and other Asian nations raised concerns about economic recovery.

The S&P/ASX 200 index ended down 0.8% at 7,286 points, after falling as much as 1.4%.

Australian authorities said Victoria state will extend a COVID-19 lockdown beyond Tuesday, while other Asian countries also struggled to curb the virus, denting markets already worried about global growth and high inflation.

The metals and mining index, down 2.7%, was the biggest drag on the benchmark index. Weak iron ore prices weighed on the sector. Heavyweights BHP Group, Rio Tinto and Fortescue fell between 2.6% and 1.4%

A 2.1% slip on the ASX 200 Energy index also pulled the markets lower. Oil prices stumbled more than 1% on OPEC+ group of producers agreeing to boost supply.

Oil Search Ltd, down 4.9%, was the biggest loser on the sub-index, followed by Santos Ltd that fell 2.4%.

The "Big Four" banks shed between 0.5% and 1.2%.

Health stocks, however, closed up 1.6% as a firm U.S. dollar aided export-reliant stocks. Medical devices maker PolyNovo added 3.4% and ResMed climbed 2.4%.

Investors' focus is now on the Australian manufacturing data, which is due on Wednesday.

"Australian PMIs on Wednesday should remain strong, but with sweeping lockdowns in NSW and Melbourne, any signs of viral infection will not be kind to the AUD or local equities," Jeffrey Halley, senior market analyst at OANDA said in a note.

Amongst individual stocks, software maker Altium declined 3.8% after U.S. peer Autodesk Inc ended takeover talks.

In New Zealand, the benchmark S&P/NZX 50 index ended down 0.2% at 12,652.09 points. ($1 = 1.3510 Australian dollars) (Reporting by Savyata Mishra in Bengaluru; editing by Uttaresh.V)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALTIUM LIMITED 1.37% 36.28 End-of-day quote.6.74%
AUTODESK, INC. -0.87% 288.15 Delayed Quote.-5.63%
BHP GROUP -3.67% 39.16 End-of-day quote.-7.71%
FORTESCUE METALS GROUP LIMITED -11.48% 15.27 End-of-day quote.-34.83%
OIL SEARCH LIMITED -1.54% 3.84 End-of-day quote.3.50%
POLYNOVO LIMITED 2.57% 1.995 End-of-day quote.-48.58%
SANTOS LIMITED -1.09% 6.33 End-of-day quote.0.96%
Latest news "Economy & Forex"
07:17aUK meat processor Cranswick says CO2 shortages could halt production
07:16aCentral bank group BIS warns of green asset bubble risk
07:15aWith the focus on a taper, five questions for the Fed
07:10aUK energy firms seek state support to weather gas crisis
07:09aWeaker equities, oil undermine grains, soybeans
07:09aVestas Wind Systems to Stop Production at Three European Factories
07:07aMiddle East's first Expo to open in Dubai under shadow of pandemic
07:05aCOVID Variants Do Not Stop C. diff. Awareness Walks Worldwide
07:05aVirtues and Skills of Researchers Across the U.S. Celebrated During 12th National Postdoc Appreciation Week
07:05aThe Spodak Dental Group Raises Minimum Wage and Hires Entry-Level Employees at $15 Per Hour
Latest news "Economy & Forex"