Australia Stocks end mixed

The Australian share market finished mixed on Tuesday, 05 January 2021, thanks to gains in mining and gold stocks that helped to offset broader market losses driven by concerns over a COVID-19 cases in New South Wales and Victoria and uncertainty surrounding Senate runoffs in the United States.

At closing bell, the benchmark S&P/ASX200 declined by 2.39 points, or 0.04%, to 6,681.86. The broader All Ordinaries edged up 2.06 points, or 0.03%, to 6,955.73.

Australian share market commenced trading with a weak note on following weak lead from Wall Street overnight amid a persisted surge in coronavirus cases in several parts of the world and ahead of crucial Senate election run-offs in Georgia that will determine which party controls the U.S. Senate.

 

The country's most populous state New South Wales called on residents in three cities to be tested for COVID-19 and isolate, amid worries that a Sydney cluster may have spread to regional areas after a visitor from the city tested positive.

Virus concerns hurt a wide range of sectors, with real estate, industrials and tourism-related stocks taking a hit. Financials and energy firms shed over 1% each.

However, gains in miners and gold stocks on the back of robust commodity prices helped the S&P/ASX 200 index limit losses. Mining heavyweights Rio Tinto, BHP Group and Fortescue Metals Group gained between 2% and 3%.

CURRENCY NEWS: The Australian dollar changed hands at $0.7716 following an earlier low of $0.7659.

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