Australia Market falls after Queensland warns of more Covid-19 cases

The Australian market finished session lower on Tuesday, 30 March 2021, as risk aversion selloff triggered after Queensland warning of more cases of COVID-19 to emerge after the state capital Brisbane was put under lockdown.

At closing bell, the benchmark S&P/ASX200 was down 61.05 points, or 0.9%, to 6,738.45. The broader All Ordinaries fell 66.58 points, or 0.95%, to 6,969.83.

Australia reported eight new locally acquired COVID-19 cases in Queensland on Tuesday and authorities warned more could emerge as the state scrambles to quash an outbreak linked to the highly contagious UK variant of the coronavirus. The new cases took the total in the latest outbreak to 15 so far, a day after the state announced a snap three-day lockdown in Brisbane, Australia's third most-populous city.

Travel-related stocks fell as more COVID-19 cases were reported in Queensland after the state capital Brisbane was put under lockdown, with Webjet and Flight Centre weakening about 2% each.

Mining stocks closed lower, as iron ore futures dipped. Global miners BHP Group and Rio Tinto each declined over 2%.

Gold stocks fell, as bullion prices slipped to their weakest in more than two weeks. Resolute Mining slumped 7.7% and Silver Lake Resources lost 5.6%.

Energy stocks declined, hurt by a fall in oil prices. Woodside Petroleum lost 1.4%. Santos declined 1.1% after giving the go-ahead to its $4.7 billion Barossa gas project north of Darwin. AGL Energy tumbled 3.5% after the power giant said it will split off its emissions-intensive coal- and gas-fired power plants from its retailing business.

CURRENCY NEWS: The Australian dollar changed hands at $0.7636, off levels below $0.762 seen in the previous trading week.

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