The ASX was in the green until NSW’s lockdown was extended, but the damage from a 15 percent iron orecould have been worse. The Australian share market extended its to five straight days, the first time it has done so in 18 months, weighed down by NSW’s coronavirus crisis. The S&P/ASX200 closed just 3.7 points lower at 7460.9, while the All Ordinaries Index dipped 10.2 points to 7725.1.
“Thefor five consecutive sessions or more was in February 2020,” CommSec analyst James Tao said. “The benchmark index fell 2.2 percent for the week, making it the this year.” Mr. Tao said the index lifted as much as 48 points or 0.64 percent at its intraday high but dipped following the daily were announced along with an extension of the Greater Sydney lockdown until the end of September.
Chief executive Ivan Tchourilov said it was a choppy session to cap off a tough week. “While some stellar (earnings) results are continuing to be announced and the long-term outlook is generally favorable, several immediate macroeconomic impacts are weighing the market down,” Mr. Tchourilov said.
“The iron ore price, which supercharged the market for most of the year, is now plummeting back to earth. “The continued impact of the Covidis now pricing itself into the market as well.” The iron ore price fell an eye-watering 15 percent overnight. HSBC Global Research said it had plunged about 40 percent in the past three months since peaking in May, while to a three-month low and copper prices to a four-month low, with the broad-based nature of the decline signaling macroeconomic growth concerns.
BHP dropped 0.74 percent to $44.34 following twoof steep declines in the wake of its plan to offload its petroleum division to Woodside. Amid concerns, its investors. The mining giant tumbled 16 percent this . Rio Tinto firmed six cents to $107.23 but almost 11 percent weaker, while Fortescue lifted 1.14 percent to $20.36 but lost nearly 9 percent over the week.
Mr. Tchourilov said there was opportunity amid volatility. BHP was the second most purchased stock at his company this week, behind, which also lost ground in recent sessions. CBA rose five cents to $99.27, ANZ gave up five cents to $28.31, National Australia Bank backtracked 0.36 percent to $27.41, and Westpac shed six cents to $25.76.
Sydney Airport booked a nearly $100m half-year net loss after passenger. six months, but traveler traffic rebounded strongly every time borders reopened. The company is pinning its hopes on a , and Mr. Culbert says it will be “ready to go” when border .
Shares in Sydney Airport, which recently rejected a takeover bid from a consortium, dropped 0.26 percent to $7.70. Shopping center giant Stockland reported a massive turnaround, delivering a full-year statutory profit of $1.1bn, compared to a $21m loss, saying there had been a solid improvement in retail leasing activity, rent spreads, and, while residential property sales momentum continued.
Hearing products giant Cochlear sank 7.44 percent to $237.05 despite booking a full-year statutory net profit of $326.5m, a big turnaround from a $238.3 loss previously. Sales revenue hit a record $1.49bn, driven by , and rescheduled surgeries after Covid-19 shutdowns. Shares in the company slipped 0.66 percent to $4.52.
Telco TPG, which merged with Vodafone a year ago, announced it was considering selling its telecommunications tower assets in the wake of Telstra doing the same. TPG also reported a $76m half-year, down $7m, and declared an interim dividend of 8 cents per share. Cochlear declared a final dividend of $1.40 per share, bringing the full-year payout to $2.55, up 59 percent.
Bedlinen retailer Adairs booked a near 81 percent surge in statutory full-yearto $63.7m, driven by the well-observed trend of home sprucing. The retailer also reported it had cleared its debt and declared a final dividend of 10 cents per share, taking the annual payout to shareholders to 23 cents per share. Its shares retreated 0.45 percent to $6.58.
Adair1.9 percent to $3.76. Poultry producer Inghams gained 4.6 percent to $4.09 after posting a 107 percent jump in full-year statutory to $83.3m, crediting operational measures and “resilient” demand for chicken and turkey. The Aussie dollar fetched 71.14 US cents, 52.24 British pence, and 60.89 Euro cents in afternoon trade. Published initially, the Australian sharemarket’s extended to five days, weighed down by the NSW virus crisis.