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Australian shares slide as rising Europe COVID-19 cases caution investors

11/21/2021 | 08:10pm EST

Nov 22 (Reuters) - Australian shares fell on Monday to their lowest in over a week, as energy stocks dropped after a resurgence of COVID-19 cases across Europe stoked demand fears and hit risk appetite.

The S&P/ASX 200 index fell 0.5% to 7,357.4 by 0040 GMT.

The energy index fell 2.1%, tracking a sharp fall in oil prices as rising novel coronavirus cases in Europe threatened to slow the economic recovery.

Sector heavyweights Woodside Petroleum, Oil Search and Santos Ltd were down between 2.1% and 3.3%.

Travel stocks slid on worries of more lockdowns in Europe and spiking cases in the United States.

Flight Centre Travel Group, Webjet Ltd, Corporate Travel Management Ltd and carrier Qantas Airways dropped 1.8%-3%.

Financial stocks followed suit, falling over 1.1%, with all the so-called "Big Four" banks down between 0.7% and 1.1%. Gold stocks shed 1.8% after bullion prices fell to a one-week low on Friday.

Gold miner Silver Lake Resources dropped as much as 4.8%, tracking its worst day since September, after acquiring credit facilities provided by BNP Paribas to Harte Gold Corp .

Meanwhile, Nickel Mines jumped to its highest in nearly seven months as it signed a multi-year memorandum of understanding with Shanghai Decent Investment.

AMP Ltd shares jumped as much as 3.5%. The company said AMP Capital will remain as the manager of its Wholesale Office Fund.

New Zealand's benchmark S&P/NZX 50 index was down 0.9% at 12,630.7, with Meridian Energy hitting over 16-month low on selling its Australian unit for $528 million.

In other markets, the S&P 500 E-minis futures were up 0.07%.

(Reporting by Indranil Sarkar in Bengaluru; editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED -3.30% 0.88 Delayed Quote.-12.87%
CORPORATE TRAVEL MANAGEMENT LIMITED -2.21% 20.33 Delayed Quote.-7.63%
FLIGHT CENTRE TRAVEL GROUP LIMITED -3.99% 15.9 Delayed Quote.-9.76%
HARTE GOLD CORP. 0.00% 0.01 Delayed Quote.0.00%
MERIDIAN ENERGY LIMITED 1.11% 4.56 End-of-day quote.-5.98%
OIL SEARCH -2.42% 4.04 End-of-day quote.0.00%
QANTAS AIRWAYS LIMITED -3.32% 4.66 Delayed Quote.-6.99%
S&P/ASX 200 -2.49% 6961.6 Real-time Quote.-6.49%
SANTOS LIMITED -4.82% 6.72 Delayed Quote.6.50%
SILVER LAKE RESOURCES LIMITED -7.97% 1.675 Delayed Quote.-5.63%
WEBJET LIMITED -3.85% 4.75 Delayed Quote.-8.12%
WOODSIDE PETROLEUM LTD -3.98% 24.13 Delayed Quote.10.03%
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