Australia Market falls on profit booking

The Australian share market finished subdued session lower on Tuesday, 28 April 2020, as investors booked profits after a sharp gain in the previous session, with shares in banks and energy were notable losers while retailing and tech saw some of the biggest gains. At closing bell, the benchmark S&P/ASX200 index eased 8.34 points, or 0.16%, to 5,313.10. The broader All Ordinaries was down by 7.11 points, or 0.13%, to 5,381.22.

Investors continue to struggle against positive news of lifting restrictions and re-opening the economy against what is expected to be the sharpest and most severe downturn since the great depression.

Gold miners and health stocks underperformed. Mesoblast (MSB), which nearly doubled in price in the previous two sessions, fell back by 15.8% while Ramsay Health (RHC) fell 3% and Mayne Pharma (MYX) lost 3.8%. Gold miners such as Regis Resources (RRL) and St Barbara (SBM) eased 4.1% and 3.9% each.

Banks were mixed. National Bank (NAB) shares fell 2.8% after it resumed trade today after successfully raising A$3 billion from institutional investors. Westpac (WBC) shares rose 1.8% after it confirmed that it will wear a A$2.24 billion impairment charge against its first half profit results for 1H20, to be released May 4, of which A$1.6 billion will be Covid19 related.

CURRENCY NEWS: The Australian dollar changed hands at $0.6459 after rising from levels below $0.642 yesterday.

Powered by Capital Market - Live News