Australia Stocks fall on profit-taking, coronavirus fears

The Australian share market finished session lower on Tuesday, 14 July 2020, pressured by profit-taking and concerns over the impact of wider coronavirus lockdown restrictions both here and abroad. Simmering tensions between Washington and Beijing over the South China Sea also weighed down risk sentiments.

At closing bell, the benchmark S&P/ASX200 index fell 36.43 points, or 0.61%, to 5,941.08. The broader All Ordinaries dropped 43.77 points, or 0.72%, to 6,045.50.

Stocks sensitive to travel and tourism were mostly lower. Webjet (WEB) fell by 3.7%, The Star (SGR) dropped by 2.23%, Flight Centre (FLT) declined by 1.34%, Sydney Airport (SYD) fell by 0.92% and Qantas (QAN) lost 0.6%.

Shares of the heavyweight financial sector finished lower with ANZ the worst of the big banks, down 1.2% at A$18.42.

The materials sector also weighed, but the iron ore giants all came out ahead thanks to strong prices for the bulk metal. BHP added 0.3 to A$37.08, Rio Tinto gained 1.4% to A$101.25, and Fortescue Metals finished at A$15.51, a new record high close.

Blood giant CSL lost 0.9% to A$278.9 to weigh the health sector down, though Fisher and Paykel pulled the other way with a 0.5% climb to A$33.92.

Consumer staple was the only sector to finish in the black. Supermarket Coles rose 0.3% to A$17.96 and a2 Milk edged 0.2% higher to A$19.64.

CURRENCY NEWS: The Australian dollar changed hands at $0.6944 after turbulent trading on Monday that saw it at levels above $0.698.

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