You are here: Home » News-CM » International » Market Report
Business Standard

Australia Shares fall on soft offshore lead

Capital Market 

The Australian share market finished session lower on Monday, 13 January 2020, as risk sentiments weighed down by a soft lead from Wall Street, geopolitical uncertainty in the Middle East and lingering concern about the impact of recent bushfires on the broader economy. At closing bell, the benchmark S&P/ASX200 index declined 25.36 points, or 0.37%, to 6,903.67, while the broader All Ordinaries sank by 21.72 points, or 0.31%, to 7,020.16.

Energy and healthcare companies were hardest hit on Monday. Oil and gas companies have been dragged lower by lower oil prices on Friday following a volatile couple of weeks for the commodity due to US-Iran tensions. Among oil stocks, Origin Energy declined 1.8%, Woodside Petroleum was down 1.28%, and Santos tumbled 0.7%. Oil Search was off by 1.9%. CSL Limited (CSL) was the main weight on healthcare stocks. The company fell by 1.6 %.

Retailers were also pressured, coinciding with the release of data from ANZ Bank that warned card spending at retailers ahead of Christmas was particularly weak. Woolworths fell 1 % to A$37.43 while rival Coles Group slipped 1.2 % to A$15.47.

Gold stocks rallied after prices fell following declining U.

S.-Iran escalation risks. Evolution Mining rose 2.51%, and Kingsgate Consolidated surged 2.27%.

Zip (Z1P) added to earlier improvements, surging by 3.1 % on Monday. The buy-now-pay-later stock posted well received quarterly numbers. Revenue jumped by 24 % between October and December to a record $38.5m, customer numbers rose to 1.8 million while more than 20,000 merchants are now using its payments platform. Shares in competitor, Afterpay (APT) jumped by 4.5 %.

Shares in The A2 Milk Company (A2M) slipped by 1.1 % as it announced another change in leadership. Chief Technical Officer, Phil Rybinski announced his departure 'to pursue other interests'.

CURRENCY NEWS: The Australian dollar, sensitive to shifts in broader risk appetite, rose against the U. S. dollar. The Australian dollar was at around $0.6915, strengthening after sliding last week.

Powered by Capital Market - Live News

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

First Published: Mon, January 13 2020. 12:28 IST