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Budget News

  • Australia Market ends lower
  • September 28,2020  17:18
  • The Australian share market finished session lower after swinging between gains and losses on Monday, 28 September 2020, on rising US-China tensions. However, market loses capped on some positive news on the coronavirus front.

    At closing bell, the benchmark S&P/ASX200 index declined 12.61 points, or 0.21%, to 5,952.32. The broader All Ordinaries dropped 5.63 points, or 0.09%, to 6,134.90.

    Victoria, the country's second-most populous state and the epicenter of the Covid-19 outbreak, announced plans to ease social distancing restrictions after the state recorded its lowest number of new infections in more than three months.

    Heavyweight financial stocks were among the biggest drags on the index, losing 0.6% after a 3.7% jump in the previous session. The big four banks fell between 0.8% and 1.3% on bets the Reserve Bank may cut interest rates next week.

    Miners were also lower, with global iron ore mining giants BHP Group and Rio Tinto declining 1.3% and 1.5%, respectively.

    Tech stocks climbed up, tracking peers in the United States, with Afterpay climbing 5.1%. EML Payments and Nearmap were the top gainers on the index.

    Airline stocks gained ground, with Qantas surging 6.4% after the federal government said it would extend subsidies for airlines operating flights on key domestic and regional routes.

    CURRENCY NEWS: The Australian dollar changed hands at $0.7048 after sliding from levels above $0.72 last week.

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