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

Australia Stocks slips on position squaring

Capital Market 

The Australian share market finished session lower on Friday, 30 April 2021, pressured by month-end position adjustments by investors amidst mixed regional economic data and fears of a fresh surge in coronavirus infection rates in the region, particularly in India and Japan. At closing bell, the benchmark S&P/ASX200 fell 56.46 points, or 0.8%, to 7,025.82. The broader All Ordinaries declined 55.33 points, or 0.75%, to 7,290.70.

Monthly manufacturing data from China pointed to a slow recovery and slackening demand in the world's second-biggest economy. Data showed China's factory activity expanded at a slower-than-expected pace in April as the official manufacturing Purchasing Manager's Index fell to 51.1, from 51.9 in March.

A reading above 50 indicates expansion.

Most sectors finished in the red, with energy leading falls down 1.7%. IT declined 1.4%, while materials fell 1.3%. Only utilities and industrial finished in positive territory, up 0.4% and 0.2% respectively.

Beach Energy shares led losses as it plunged 24% after slashing reserve estimates and earnings outlook following a review of declining output at its Western Flank field in South Australia.

ResMed (RMD) shares were down 4.2% after reports it swung into a net loss of US$78.5m for the March quarter from a US$163m profit a year ago. Revenue was relatively steady at US$768.8m. RMD has set aside US$255m for an ongoing dispute with the ATO.

Powered by Capital Market - Live News

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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, April 30 2021. 17:53 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU