That Australian benchmark index fell on Friday to its lowest close in three weeks, posting a second consecutive weekly decline as gains corona virus cases raise fears of tighter lockouts and dismal data from the United States destroys risk sentiment.
The country recorded the deadliest day of the coronavirus pandemic on Thursday with 14 deaths, bringing the total death toll from the virus to 190, more than half of them in Victoria.
“That we can see tighter restrictions on Victoria because it continues to see improvements Covid-19 cases and groups that develop … will have a big impact on the overall economic performance of the country because they contribute a fair amount of output, “said James Tao, market analyst at CommSec.
Further weighing on sentiment, data showed that the US economy suffered the biggest blow since the Great Depression in the second quarter, largely due to the slump caused by viruses.
The S & P / ASX 200 index fell 2 percent to 5,927.8 points and fell 1.6 percent for the week. The index is up 0.5 percent for this month.
Among sectors, the energy subindex dropped by 4 percent to reach its lowest level in 2-1 / 2 months, with Woodside Petroleum and Santos Ltd. give up 2 percent and 3 percent, respectively.
Electric and gas retailers Original Energy down nearly 5 percent as it posted a decline in fourth-quarter revenue from its share in the Australia Pacific LNG (APLNG) project. Finance fell 2.8 percent, with the “big four” banks losing between 2.2 percent and 3.3 percent. Mining stocks fell 2.4 percent, with global miners BHP Group and Rio Tinto dropped 2.9 percent and 2.4 percent respectively.
AMP Ltd’s wealth manager is the biggest loser on the index, having said they expect underlying profits to be more than half in the first half.
New Zealand’s S & P / NZX 50 benchmark index ended 0.3 percent higher, helped by gains between health and industry stocks.
The index is up 0.8 percent for the week, and posted a 2.4 percent rise this month.