Not expecting significant growth for insurance industry this year due to virus impact: Bajaj Allianz
The Australian share market finished lower after fluctuating in and out of the neutral line on Friday, 20 November 2020, as investors remained cautious over the short-term economic impact of the coronavirus as cases around the world continue to rise.
At closing bell, the benchmark S&P/ASX200 fell 8.05 points, or 0.12%, to 6,539.17. The broader All Ordinaries dropped 2.74 points, or 0.04%, to 6,739.91.
Investor sentiment was tinged by data that showed COVID-19 hospitalizations across the U. S. jumped by nearly 50% in the last two weeks, threatening the recovery of the world's largest economy as cities and states began to impose lockdowns.
QBE Insurance shed 0.9% after insurers lost a test case trying to knock out claims for business interruptions caused by the coronavirus pandemic.
Insurance Australia Group shares entered a trading halt as the company examines the financial impacts of the ruling and its capital requirements.
Aged-care home operator Regis Healthcare jumped more than 23% after rejecting a $555m takeover bid from conglomerate Washington H.
Regenerative medicine company Mesoblast surged 11.3% after it entered an exclusive license and collaboration agreement with Swedish drug maker Novartis to manufacture and commercialize its lead drug candidate.
ECONOMIC NEWS: Australia Retail Sales Climb 1.6% On Month In October- Australia total value of retail sales climbed a seasonally adjusted 1.6% on month in October coming in at A$29.618 billion, the Australian Bureau of Statistics said on Friday, following the 1.1% decline in September. Cafes, restaurants and takeaway food services led the rises, although there were also rises for Other retailing, and Clothing, footwear and personal accessory retailing. Household goods retailing was relatively unchanged while maintaining recent strength. On a yearly basis, sales rose 7.3%.
CURRENCY NEWS: The Australian dollar changed hands at $0.7291, climbing from an earlier low of $0.7264.
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