Australia S&P/ASX200 extends losses to second day

The Australian market closed lower for second straight session on Friday, 05 March 2021, as investor sentiment was dented by following negative cues from Wall Street overnight amid continued concerns over a recent surge in U.S. bond yields and further rise in U.S. long-term interest rates.

At closing bell, the benchmark S&P/ASX200 declined 49.86 points, or 0.74%, to 6,710.85. The broader All Ordinaries dropped 57.69 points, or 0.82%, to 6,942.95. Despite the soft finish, the ASX 200 still managed to climb over the course of the week, making it the first weekly improvement in a month with a gain of 0.56% or 37 points.

Today, losses have been rather widespread with declines across most sectors. Materials and healthcare experienced some of the heavier falls. Lithium miner Orocobre (ORE) eased 6.4% while Pilbara (PLS) fell 3.5%. Big names such as BHP Group (BHP) and Rio Tinto (RIO) are 2.2% and 3.3% lower respectively.

Energy bucked the overall trend with global oil prices jumping over 4% overnight following the decision by OPEC+ to keep existing production cuts for another month. The decision caught investor by surprise as members were expected to increase supply in March. Producers such as Oil Search (OSH) and Santos (STO) were higher by 5% and 4.7% each while Woodside (WPL) added 3.1%.

CURRENCY NEWS: The Australian dollar changed hands at $0.7681, off levels around $0.783 seen earlier in the week.

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