Australia Market tumbles to two-months low

The Australian share market declined to two months low on Wednesday, 01 December 2021, on renewed fears around the omicron Covid variant after Moderna's CEO raised worries over Covid-19 vaccines effectiveness against Omicron variant. However, market losses capped after data showed that the local economy performed better than expected in the September quarter.

At closing bell, the benchmark S&P/ASX200 declined 20.12 points, or 0.28%, to 7,235.85. The broader All Ordinaries index dropped 29.57 points, or 0.39%, to 7,557.84.

Total 8 of 11 sectors ended lower along with the S&P/ASX 200 Index, with consumer staple sector was worst performer, down 1.87%, followed by utilities (down 1.39%), real estate (down 1.1%), and consumer discretionary (down 1%), while materials was best performing sector, up 0.57%.

The top performing stocks in this index were SOUTH32 and WAYPOINT, up 4% and 3.1% respectively. The bottom performing stocks in this index were G.U.D. HOLDINGS and PRO MEDICUS, down 10.39% and 7.39% respectively.

ECONOMIC NEWS: Australia GDP Limbs 3.9% On Year In Q3- Australia's gross domestic product expanded 3.9 percent on year in the third quarter of 2021, the Australian Bureau of Statistics said on Wednesday following the 9.6 percent jump in the previous three months. On a seasonally adjusted quarterly basis, GDP was down 1.9 percent after rising 0.7 percent in the three months prior. Capital expenditure was up 0.2 percent on quarter, slowing from 3.2 percent in Q2.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 95.895 after a recent drop from above 96.5. The Australian dollar was at $0.7151, above an earlier low of $0.7117.

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