Australia Market ends lower on dividend worries

The Australian share market finished session lower on Monday, 17 August 2020, as investor sentiment weighed down by decision by Bendigo and Adelaide Bank to defer its final dividend and news that the country's second-most populous state Victoria registered its biggest COVID-19 daily death toll with 25 fatalities and 282 new infections. Also weighing on the market was tensions between the U.S. and China continue to weigh on investor sentiment.

At closing bell, the benchmark S&P/ASX200 index dropped 49.87 points, or 0.81%, to 6,076.38. The broader All Ordinaries was down 43.19 points, or 0.69%, to 6,218.54.

Financials led declines on the benchmark as a decision by Bendigo and Adelaide Bank to defer its final dividend brought the sector's payout woes to surface. The "Big Four" banks lost between 1.1% and 2.3%. Bendigo and Adelaide Bank fell 6.6% as the mid-sized lender deferred its full-year dividend payment, citing economic uncertainty caused by the COVID-19 pandemic, and posted full-year profit that almost halved from a year earlier.

Energy stocks declined, with Ampol shedding 3.6% after Australia's biggest fuel supplier said it would sell a 49% stake in a convenience stores property trust to Singaporean sovereign wealth fund GIC and Charter Hall Group for A$682 million Cooper Energy shares lost 1.3%.

CURRENCY NEWS: The Australian dollar changed hands at $0.7173 after touching the $0.711 handle last week.

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