Markets Live, Monday 21 September, 2020

Markets Live, Monday 21 September, 2020

The market is now down 3.9 per cent for the month and is 5.5 per cent off the post-pandemic peak hit on August 25, shedding about $100 billion from its market capitalisation in that point.

The native decline mirrors the current selloff of US tech shares, which continued on Friday amid extra stimulus package deal uncertainty and pre-election posturing.

TMS Captial portfolio supervisor Ben Clark mentioned Monday’s commerce was one other gradual information day dominated by a tender Wall Street lead.

“I just think there’s a lot of people sitting out at the moment because of the uncertain outlook,” Mr Clark mentioned.

“There’s still a bit of money on the sidelines in my mind… (but) the market’s not cheap enough for people to step in and start buying aggressively.”

The iron ore miners had been hit laborious on Monday with BHP and Rio Tinto every down 1.2 per cent and Fortescue Metals shedding 0.7 per cent to proceed its current run of losses.

Twiggy Forrest’s miner has shed 7.Four per cent of its worth this month and closed at a two-month low $16.20.

Goldminers had been additionally subdued, with Newcrest down 2.1 per cent, Northern Star 2 per cent, Evolution 2.6 per cent, and Saracen 5.2 per cent.

NAB led losses for the large banks, down 1.5 per cent to $17.04. Westpac and Comonwealth Bank fell 1.Four per cent and ANZ completed 1.Three per cent decrease.

Biotech CSL ended 0.2 per cent larger at $283.25 and was joined within the black by sector stablemate Sonic Healthcare, which added 2.7 per cent to $33.27.

Supermarket Woolworths gained 0.Four per cent to $36.21. Among the opposite blue-chips, Telstra and Goodman Group had been flat and Wesfarmers dropped 0.eight per cent to $43.73. Toll big Transurban was a 0.9 per cent weight on the index.

Whitehaven Coal was the most important gainer of the day with a 10.2 per cent rise to 98 cents. Harvey Norman additionally soared, leaping 2.1 per cent to shut at $4.44 on a bumper gross sales replace.

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