Australia Market finishes lower

The Australian share market finished session lower on Friday, 28 August 2020, due to consistent rise in daily Covid-19 cases in Victoria, weaker commodity prices and an unwinding of growth stocks. Gold and iron ore miners weighed heavily while investors dumped tech and health shares in favour of the big banks.

At closing bell, the benchmark S&P/ASX200 index dropped 52.42 points, or 0.86%, to 6,073.81. The broader All Ordinaries rose 49.84 points, or 0.79%, to 6,260.79.

Victoria, the hotbed of a second wave of Covid-19 infections in the country, reported a steady uptick in cases, although authorities expect the daily numbers to fall below 100 by the coming weekend. Broader sentiment was also hit after U.S. House Speaker Nancy Pelosi said U.S. Democrats and Republicans still do not see eye to eye on the quantum of fresh coronavirus relief legislation.

Shares of miners fell. BHP dropped 1.9% to A$37.73, Rio Tinto fell 2.2% to A$97.88, and Fortescue Metals shed 2.2% to A$18.87. Newcrest dropped 2.5% to A$31.37.

Tech was largely in retreat. Afterpay dropped 2.8% to A$88.75 while Appen was down 10.4% to A$34.65.

Financials ended up, with Commonwealth Bank flat at A$69.09, while Westpac added 0.9% to A$17.56, NAD gained 0.7% to A$17.93, and ANZ finished 0.4% higher at A$18.40

Financials ended lower, with lenders Commonwealth Bank of Australia and National Australia Bank being the biggest drags.

Shares of Woolworths Group rose 2.9% after the country's biggest supermarket chain reported a rise in annual supermarket sales on coronavirus-led stockpiling.

CURRENCY NEWS: The Australian dollar changed hands at $0.731 following its rise this week from levels below $0.72.

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