Australia Market extends losses to fourth day

The Australian shares declined for fourth straight session on Tuesday, 22 September 2020, with the major averages finished deeply into negative territory, amid concerns over another wave of coronavirus cases as the U.K. reportedly considers another national lockdown to stop an increase in infections.

At closing bell, the benchmark S&P/ASX200 index declined 38.56 points, or 0.66%, to 5,784.07. The broader All Ordinaries was down 40.07 points, or 0.67%, to 5,973.48.

Wall Street's main indexes closed lower on Monday over the possibility of delays in fresh stimulus from Congress following the death of US Supreme Court Justice Ruth Bader Ginsburg. Congress has for weeks remained deadlocked over the size and shape of another coronavirus-response bill, on top of the roughly US$3 trillion already enacted into law.

Concerns about new lockdowns in Europe and the UK also spurred fears of obstruction to a nacent recovery in the global economy and further pressure to equity markets.

Mining stocks led losses on the benchmark ASX 200 index. Major miners BHP Group and Rio Tinto both fell around 2%. Gold stocks fell 3.3% to their lowest since Sept 14, following a decline in bullion prices.

Shares in renewables developer Genex Power closed 7.7% higher after the company told investors it had secured rights to a suitable site in North Queensland for its large-scale battery storage project.

CURRENCY NEWS: The Australian dollar was at $0.7192 following yesterday's drop from levels above $0.73.

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