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Australia Market falls on profit booking

Capital Market 

The Australian share market finished session lower on Thursday, 26 November 2020,snapping three day winning streak, due to profit taking, with shares in financials, materials, and energy being notable losers. Healthcare and industrials also fell sharply while utilities and IT led the improvements today.

At closing bell, the benchmark S&P/ASX200 declined 46.95 points, or 0.7%, to 6,636.38. The broader All Ordinaries fell 39.46 points, or 0.57%, to 6,848.77.

The big four banks were among the major drags on the financial sector and broader market as a whole. National Bank (NAB) led the declines with a fall of 2.4%.

Investment bank Macquarie Group (MQG) also dropped 2% for the day. Among the winners were gold stocks, which rebounded from recent sharp falls, Evolution (EVN) rose 2.5% with Saracen (SAR) climbing 3.6%.

In company news, Bega Cheese (BGA) shares were in a trading halt after agreeing to buy Lion Dairy & Drink (brands include Dairy Farmers, Dare Iced Coffee, Daily Juice and more) for $534 million.

Telstra Corp (TLS), the country's biggest telecom firm, rose marginal 0.3% as the telco faces a $50 million fine from the Australian Competition & Consumer Commission (ACCC) in relation to sales behaviour and using unfair sales tactics towards indigenous customers at five of its Telstra outlets in SA, NT and WA. TLS had made a $50 million provision for any potential fines at its FY20 earnings release back in August.

Meanwhile Origin Energy (ORG and Wisetech Global (WTC) both reiterated guidance for the financial year 2021 as part of a virtual AGM. ORG shares rose 1.1% while WTC gained 0.9%.

CURRENCY NEWS: The risk-sensitive Australian dollar fell 0.01% versus the greenback to $0.736.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 26 2020. 15:46 IST
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