Australia Stocks extend losses on Victoria virus spike

The Australian share market edged down after erasing early gains in subdued trade on Friday, 17 July 2020, as investors opted for profits after dour COVID-19 updates from Victoria and NSW. Around late afternoon, the benchmark S&P/ASX200 index fell 6.66 points, or 0.11%, to 6,004.20. The broader All Ordinaries dropped 7.61 points, or 0.12%, to 6,115.40.

Concerns over the quickening spread of COVID-19 continues to keep markets moving sideways as investors continually brace for either negative or positive headlines.

Victoria has recorded 428 new cases of coronavirus today, along with three further deaths from COVID-19. It is the biggest daily increase in infections since the pandemic began and the 12th day in a row of triple-digit increases in daily infections. The previous highest daily tally in Victoria was yesterday with 317 new cases. The 428 new cases for Victoria are just shy of the nationwide daily record for new cases of 457 on March 28. NSW earlier said 13 cases of COVID-19 have been confirmed in the state. The state also flagged tighter restrictions on businesses from next week.

Winners on the local market include those among the healthcare, materials, communications and consumer staples. On the other hand, energy, financials tech and property are offsetting improvements.

CURRENCY NEWS: The Australian dollar changed hands at $0.6981 after seeing levels around $0.7 yesterday.

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