The Australian ASX 200 Stock Market Closed Down 1.5% in 2020 Recovering Most of Virus Related Losses

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    ThePitBoss
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    Japan’s Blue Chip Nikkei 225 ended the…

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    #25368
    ThePitBoss
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    The Australian sharemarket had its worst weekly performance since late October this week but saw a fourth consecutive month of gains

    A sharp downturn in Friday afternoon trading steered the S&P/ASX 200 Index down 42.3 points, or 0.6 per cent, to 6607.4 points, after it rallied as high as 6730.2 points.

    The shift into risk-off mode ahead of the weekend came as Wall Street futures slid throughout the afternoon on media reports investment platform Robinhood had tapped credit lines and China’s overnight rate had soared to its highest since 2015.

    The selling pushed the S&P/ASX 200 Index to a 2.8 per cent loss for the week, its worst performance since a 3.9 per cent retreat in the week ended October 30.

    The S&P/ASX 200 Index managed to eek out a 0.3 per cent gain for the month, the lowest return since a 4 per cent decline in September.
    The best performer for the month was Zip, which climbed 37.4 per cent. The worst performer was Polynovo, which plunged 32.2 per cent.

    The big three iron ore miners weighed heavily in afternoon trade after the spot price for the steel making ingredient tumbled overnight.

    Fortescue Metals Group led the sell-off with a 4.1 per cent decline after the iron ore price fell 5.5 per cent to $US157 a tonne. MySteel reported China’s iron ore stockpiles rose 0.6 million tonnes to 125 million tonnes this week.

    Fortescue fell 11.2 per cent over the week, the biggest weekly decline since an 11.9 per cent slide in the week ended February 28.

    Rio Tinto ended down 3 per cent (for weekly loss of 8.4 per cent) and BHP has shed 1.6 per cent (for a weekly decline of 6.4 per cent).

    Banks also lost ground, with Commonwealth down 1.9 per cent. NAB lost 1.6 per cent after paying $220 million for the 88 per cent of neobank 86 400 that it does not own.

    Kogan.com was hammered 8.5 per cent lower after it warned of “significant challenges” in meeting elevated demand as sales soared 96 per cent in the first half.

    BlueScope emerged as a winner from Friday’s session after the steel maker said first half earnings would be around $530 – above prior guidance of approximately $475 million. The stock climbed 3.5 per cent on Friday.

    Service Stream rallied 10.5 per cent after signing a five-year construction and maintenance contract with Telstra.

    GME Resources slumped 20 per cent after it blamed sharing a similar ticker – GME – with GameStop for a surge in price and trading volume after receiving a speeding ticket from the ASX.

    Source: AFR

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