Australia Market falls on profit booking

The Australian share market finished session lower on Friday, 27 November 2020,as investor sentiment dented in the absence of fresh cues from Wall Street, which was closed overnight for a Thanksgiving holiday, and renewed doubts about a promising coronavirus vaccine.

At closing bell, the benchmark S&P/ASX200 declined 35.32 points, or 0.53%, to 6,601.05. The broader All Ordinaries fell 31.99 points, or 0.47%, to 6,816.78.

Investors turned cautious following news that British pharmaceutical giant AstraZeneca might conduct an additional global trial to evaluate the efficacy of its COVID-19 vaccine candidate as questions were raised about the vaccine's trial results.

The big four banks - ANZ Banking, Westpac, National Australia Bank and Commonwealth Bank - were lower in a range of 0.3% to 1.1%.

 

Oil stocks fell after crude oil prices fell more than 1% in Asian trading on Friday. Oil Search lost more than 3%, while Santos and Woodside Petroleum were lower by more than 1% each. Among the major miners, BHP Group declined more than 1% and Rio Tinto was down 0.5%, while Fortescue Metals rose 0.5%.

Treasury Wine dived on China's plans to impose temporary anti-dumping measures on Australian wine imports. China said it will impose temporary anti-dumping tariffs on wine imported from Australia from Nov. 28, with Treasury Wine required to pay the highest deposit to China's customs authority of all wine importers.

CURRENCY NEWS: The risk-sensitive Australian dollar fell 0.01% versus the greenback to $0.736.

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