Australia Market falls on lockdown extension

The Australian share market finished session lower on Wednesday, 28 July 2021, on tracking negative lead from Wall Street overnight. Meanwhile, sentiments dampened further amid concerns over the country's economic outlook after authorities extended the lockdown of Greater Sydney by four weeks to curb rising COVID-19 cases.

At closing bell, the benchmark S&P/ASX200 declined 52.07 points, or 0.7%, to 7,379.29. The broader All Ordinaries decreased 54.41 points, or 0.71%, to 7,649.60.

The country's most populous city of Sydney extended a coronavirus lockdown by another four weeks until August 28 as it fights a flare-up of the virulent Delta coronavirus variant.

Shares of materials and resources declined, with mining heavyweight BHP down 1.7 percent after it trumped a bid by mining magnate Andrew Forrest to buy Canada's Noront Resources. Rio Tinto ended modestly lower after announcing plans to build a lithium mine in Serbia.

Energy stocks were also lower, with gas explorers Woodside Petroleum and Santos falling 2% and 1.4% respectively.

Spark Infrastructure was up 5.4%, after a consortium that includes private equity giant KKR & Co Inc sweetened a buyout deal for the electricity infrastructure investor.

In economic news, consumer prices in Australia were up 0.8% sequentially in the second quarter of 2021, up from 0.6% in the previous quarter.

CURRENCY NEWS: The Australian dollar changed hands at $0.7343, above levels below $0.732 seen last week.

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