ASX wary of bears

July 19, 2021 - 5 days ago
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The Australian share market kick starts the week in negative territory; after a choppy session on Monday, the index finished below the waterline amid rising COVID-19 cases and worries about the economic damage from prolonged lockdowns in NSW and Victoria.

At the closing bell, the benchmark S&P/ASX 200 index fell -62.1 points, or -0.85%, to 7,286.0, while the All Ordinaries dropped -71.0 points, or -0.93%, to 7,559.7.

Most of the losses in the local market were focused on the Materials, Energy, Telecommunication, Industrials and Financials sectors.

Besides other beaten sectors, Materials dragged the ASX 200 lower after falling -2.44%, with BHP Group leading the titans lower after plummeting -2.64%, to $50.50, while Rio Tinto dropped -2.12% to $127.83, and Fortescue Metals Group lost -1.4% to $25.42.

Woodside dropped -1.89%, to $22.33, Oil Search plummeted -5.17%, to $3.67, Origin Energy lost -1.1%, to $4.49, AGL Energy fell -0.49%, to $8.06, Santos declined -2.71%, to $6.83 and Worley lost -2.62%, to $11.15.

Gold miners also struggled with Newcrest Mining falling -1.97%, to $26.37, Northern Star Resources fall -4.1%, to $10.29, and Evolution Mining Ltd dropped -8.74%, to $4.28.

The Financial sector deeper into negative territory with National Australia Bank leading the “Fab Four” (banks) lower by -1.19%, to $25.65, with Australia and New Zealand Banking Group falling -1.02%, to $27.15, Commonwealth Bank decreased -0.52%, to $97.68, Westpac Banking Corp lost -0.88%, to $24.69, and Macquarie Group fell -1.14% and settled to $153.71.

Technology stocks were mixed with ‘Buy-now-pay-later’ giant Afterpay rose +1.64%, to $114.90, while accounting software provider Xero added +1.05%, to $138.64, Altium lost -3.78%, to $35.17, EML ended flat at $3.83, and Nearmap ended -0.92%, lower to $2.16.

Biotechnology giant CSL gained +1.81%, to $282.74, while ResMed added +2.43%, to $34.52, Fisher & Paykel Healthcare rose +1.92%, to $29.27, while Cochlear added +0.85%, to $241.32 and Mesoblast lost -1.05%, to $1.885.

Travel stocks were weaker with Sydney Airport ending flat at $7.91, Flight Centre falling -2.42%, to $14.50, Webjet dropped -3.26%, and $4.75, Qantas shares lost -1.48%, to $4.65, and Regional Express slid -2.03%, to $1.205.

Meanwhile, our local currency, the Australian dollar, is currently buying US$0.7356 (as of writing).

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