ASX slides further

October 29, 2020 - 1 month ago
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Having started the day on shaky territory, the Australian share market sunk deeper in the red for sixth (bearish candles) out of eight consecutive days, since the rejection of 6,248.

The ASX 200 posts yet another fresh three-week low of 5,940 amid concerns over the latest increase in COVID-19 cases and its potential impact on the global economy.

It was a pool of red across all 11 market sectors on Thursday, with just 20 of our top 200 stocks gaining any sort of ground.

At the closing bell, the benchmark S&P/ASX 200 Index fell -97.4 points or -1.61% to 5,960.30 at the close of the day, while the broader All Ordinaries sank -93.8 points or -1.5% to 6,168 points.

Energy prices took further casualties after U.S. crude oil plummeted further losing -5% on Wednesday with Woodside falling -2.2% to $17.33, Santos ended -4.99% lower to $4.76, Origin Energy dropped -4.29% to $4.02, and Oil Search lost -5.1% to close at $2.60.

Local travel stocks were also hit with Corporate Travel Management shares closing -5.4% lower to $15.15, Webjet fell -4.5% to $3.65, and Qantas lost altitude and fell -1.8% to close at $4.35.

The Financial sector weighed on the index with Australia and New Zealand Banking Group leading the “Fab Four” (banks) lower after full-year results from revealed a 42% drop in cash profit.

After sinking -2.4%, ANZ settled at $18.70, while Westpac Banking Corp Bank lost -1.97% to $17.95, meanwhile, National Australia Bank fell -1.48% to $18.60, Commonwealth Bank sank -0.45% to $68.14, and Macquarie Group lost -2.82% to $127.84.

Supermarket Coles shined after rallying +1.6% to close at $17.96, while its offsider Woolworth slipped -0.69% to $38.80.

The mining heavyweights ended weaker with titans BHP Group leading the decline by -2.19% to $34.01, with Rio Tinto falling -1.07% to $90.96 and S32 dropped -3.3% to $2.05.

Fortescue Metal Group, meanwhile, closed higher after a strong quarterly report that featured production and cost figures better than had been expected by the market with its share price, adding +0.85% to $16.62.

Jumbo Interactive rose +1.7% to $11.58 after telling investors that it had increased its total transaction value margin through the September quarter.

A trading update from JB Hi-Fi was not well received by investors as the retailer’s share price dropped -6.2% to close at $47.38 despite a performance update for the September quarter released ahead of its annual general meeting on Thursday confirming the surge in sales for the period.

Seek was in the spotlight after U.S. activist short-seller Blue Orca accused its Chinese business Zhaopin of false job listings.

Seek shares recovered from a fall of as much as -10.7% to end down -5.9% to $21.51 when the stock was suspended from trade pending an announcement.

Our local currency, the Australian dollar, is currently buying US$0.7024 (as of writing).

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