Australia Market falls on profit booking

The Australian share market finished fractionally lower on Monday, 17 February 2020, snapping four sessions of winning streak, as worries over the severe economic effects of the coronavirus outbreak swelled after reports about an unabated increase in the number of carriers of the mysterious coronavirus across the globe. At closing bell, the benchmark S&P/ASX200 index declined 5.11 points, or 0.07%, to 7,125.10, while the broader All Ordinaries sank 5.92 points, or 0.08%, to 7,221.20.

The Commonwealth Bank (CBA) led the declines for the big four banks with a fall of 1.68%. Meanwhile, Adelaide & Bendigo (BEN) was in a trading halt as it looks to raise $300 million from shareholders. The regional bank also released first half profit numbers today and cut its interim dividend to $0.31/share after statutory net profit tumbled 28% to A$145.8 million, impacted by impairments and higher costs, but cash earnings only fell 2% to A$215.4 million.

 

The energy sector dragged with a decline of 1.2%, largely due to a 2.7% decrease in Woodside Petroleum to A$32.82, a 1.3% decrease in Origin Energy to A$7.76, and a 2.3% decline in Worley to A$14.14.

CURRENCY NEWS: The Australian dollar was up 0.22% against the greenback at 0.6728.

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