Australia Stocks fall 2nd straight day

The Australian share market finished lower for second day in row on Friday, 10 December 2021, as investors continued withdrawing profit off the table on caution about risks associated with the new omicron Covid variant and ahead of key events in the United States, including CPI data for November later today in global day and a policy meeting of the Federal Reserve next week.

At closing bell, the benchmark S&P/ASX200 declined 30.94 points, or 0.42%, to 7,353.51. The broader All Ordinaries index sank 21.51 points, or 0.28%, to 7,667.93.

The top performing stocks in this index were REDBUBBLE and ILUKA RESOURCES, up 10.26% and 7.29% respectively. The bottom performing stocks in this index were AFTERPAY and WHITEHAVEN COAL, down 4.37% and 4% respectively.

Total 7 of 11 sectors were lower along with the S&P/ASX 200 Index. Utilities was the best performing sector, gaining +0.38%, while healthcare was the worst performing sector, falling 1.8%,

Slumping oil prices also saw the Energy sector lose 1.5%, with the Technology and materials sectors mirroring the movement, down by 0.9% and 0.3% respectively.

Shares of energy players declined after oil prices dropped overnight on fears about the economic outlook in China as Evergrande finally defaulted on its debts.

AVZ Minerals (AVZ) slipped 8.5% to A$0.59 after conducting a A$75m equity raise at a price of $0.50, a 22% discount to the last closing price. The funds raised will be directed towards undertaking site works at the Manono Project, and to vertically integrate in lithium processing.

Telix Pharmaceuticals (TLX) has closed up 6.3% to A$7.97 after announcing that their prostate cancer imaging product, Illuccix, has progressed to the final stage of regulatory assessment.

CURRENCY NEWS: The U.S. dollar traded near flat against a basket of its peers, at 96.241. The Australian dollar inched higher to $0.7156.

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