Australia Market tumbles 1.9%

The Australian share market finished lower for second straight session on Thursday, 09 September 2021, amid mounting worries that the Delta coronavirus variant may derail economic recovery, after COVID-19 cases rose for the first time in three days in New South Wales. Market sentiment was weighed on by concerns about the U.S. economic outlook after the Federal Reserve's Beige Book on Wednesday showed U.S. economic growth slowed to a moderate pace from early July through August due to the spread of the Delta variant of COVID-19.

At closing bell, the benchmark S&P/ASX200 declined 142.49 points, or 1.9%, to 7,369.53. The broader All Ordinaries fell 148.68 points, or 1.9%, to 7,658.86.

 

All 11 sectors ended lower along with the S&P/ASX 200 Index. Information technology was the worst performing sector, falling 3.2%, meanwhile telecommunication services (down 2.3%), industrials (down 2.2%), materials (down 2.1%), energy (down 2.07%), and financial (down 2%) sectors were also notable losers.

The bottom performing stocks in this index were VIRGIN MONEY UK PLC and OROCOBRE LIMITED, down 7.93% and 6.32% respectively, while the top performing stocks included RESMED INC and WHITEHAVEN COAL, up 1.8% and 1.4%, respectively.

Shares of materials and resources extended losses to a fourth consecutive session following a slump in iron ore prices. BHP Group, Rio Tinto and Fortescue Metals fell between 0.6% and 2.5%. Gold stocks fell, with Dacian Gold Ltd, down 4.8%, to be the top loser on the sub-index.

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