Australia Market ends softer

The Australian share market finished session marginally lower in quiet trade on Monday, 28 June 2021, as investors refrained from making bold moves amid fears of resurgence of coronavirus infections and on caution ahead of key global economic data. Participants also kept a close eye on Washington after President Joe Biden acknowledged there was no guarantee the infrastructure package would get through Congress.

At closing bell, the benchmark S&P/ASX200 edged down 0.76 point, or 0.01%, to 7,307.29. The broader All Ordinaries decreased marginal 6.11 points, or 0.08%, to 7,572.47.

Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. materials was the best performing sector, gaining 4.4%, followed by consumer staples (up 1.9%), consumer discretionary (up 1.3%), telecommunication services (up 1.3%), financials (up 0.7%), and real estate (up 0.6%) sectors, while healthcare was worst performing sector, down 3.1%, followed by industrials (down 0.5%) sector.

 

The best performing stocks in the S&P/ASX200 were Redbubble (up 8.2%), Kogan.com (up 6.6%), Endeavour Group (up 3.8%), Woolworths Group (up 2.9%), and Eagers Automotive (up 2.2%), while the worst performing stocks were Afterpay (down 7.5%), Gold Road Resources (down 7.4%), Zip CO (down 7.1%), Webjet (down 4.7%), and Nearmap (down 4.2%).

Investors refrained from making major moves ahead of the release of major economic data, including the U.S. economic data, China manufacturing and non-manufacturing data, and Bank of Japan's Tankan survey later this week for directional cues.

The White House on Saturday stepped back from a call to link it to a wider tax-and-spending bill - including priorities like climate change mitigation, child care, schools and social services - that is opposed by Republicans. The announcement fanned fears he had threatened to veto the new agreement.

Travel and tourism stocks suffered heavy losses as fresh COVID-19 cases triggered tighter restrictions in four states. New South Wales reported 30 new COVID-19 cases on Sunday, the first day of a two-week lockdown in Sydney and Darwin. Flight Centre Travel Group, Qantas Airways and Webjet lost 3-4 percent.

CURRENCY NEWS: The Australian dollar changed hands at $0.7583 after rising last week from below $0.756.

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