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Australia Market extends losses

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Capital Market
The Australian share market finished session lower on Tuesday, 01 June 2021, extending the losses of the previous session, amid concerns over rising COVID-19 cases in Victoria. However, market losses capped after the Reserve Bank of Australia on Tuesday announcement of widely expected decision to hold steady on its current policy settings, including keeping the cash rate at 0.1%.

At closing bell, the benchmark S&P/ASX200 was down 19.06 points, or 0.27%, up at 7,142.57. The broader All Ordinaries fell 14.56 points, or 0.2%, to 7,392.10.

Total 9 of 11 S&P/ASX200 sectors were lower, with the worst performing sectors were Financial (down 0.72%), healthcare (down 0.7%), telecommunication services (down 0.46%), and consumer discretionary (down 0.26%) issues, while energy (up 1.34%), and materials (up 0.29%) were best performing sectors.

 

The best performing stocks in the S&P/ASX200 were Whitehaven Coal (up 5.71%), Reece (up 3.22%), Megaport (up 3.07%), Mineral Resources (up 2.95%), and The A2 Milk Co (up 2.54%), while the worst performing stocks were Blackmores (down 5%), Lynas Rare Earths (down 4.89%), Polynovo (down 4.43%), Nearmap (down 3.9%), and Bega Cheese (down 3.85%).

Financial stocks were the worst-hit sectors on the benchmark, with all the Big Four banks closing in the red.

Travel stocks were mixed after Victoria reported nine new locally acquired cases, taking the cluster to 54 and the exposure list to 320. Sydney Airport (SYD) finished in the red, Qantas (QAN) was flat, while Webjet (WEB) and Flight Centre (FLT) bounced back from Monday's heavy declines.

Energy stocks rebounded, boosted by higher oil prices, followed by materials as iron ore prices rallied in the latest session, up 5.9 per cent to US$198.75 a tonne.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.751 falling below the 90 level again. The Australian dollar changed hands at $0.7751, still below levels above $0.776 seen last week.

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First Published: Jun 01 2021 | 5:08 PM IST

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