Australian shares fall after Brisbane announces lockdown

Australian shares slipped on Monday, weighed by losses in expertise shares, as Brisbane saying a recent three-day lockdown raised fears of a sluggish financial restoration.

The S&P/ASX 200 index closed 0.4% decrease at 6,799.50, after gaining 0.5% on Friday.

Australian authorities introduced a snap three-day Covid-19 lockdown from Monday afternoon in Brisbane, the nation’s third largest metropolis, as they try to stamp out an outbreak of the virulent UK variant of the virus.

“The three-day lockdown in Brisbane for the coronavirus outbreak we have seen there, which has the potential to unfold to New South Wales, took all of the wind out of the sails at present,” stated Henry Jennings, senior analyst at Marcustoday Monetary Publication.

“Governments are very fast to lock folks down… and that does sap confidence and does spotlight that its not going to be a straight line of restoration from the pandemic.”

Know-how shares tumbled 2.8% to shut at an over two-week low of 1,930.50, with Afterpay shedding 4.2% and Xero shedding about 3.5%.

“It has been a fairly good quarter for lots of those (expertise) shares, so perhaps there may be some revenue taking,” Jennings stated.

Healthcare shares completed down 0.8%, with CSL slipping 0.8% and Healius shedding 2.6%.

The power sector was subdued, as oil costs slipped after reviews of the enormous container ship Ever Given being refloated within the Suez-Canal.

In the meantime, Treasury Wine Estates fell 1.5% after China’s Ministry of Commerce imposed a mixed 175.6% anti-dumping and countervailing obligation price for its Australian country-of-origin wine in China.

New Zealand’s benchmark S&P/NZX 50 index gained 0.16% to complete the session at 12,368.13.

The highest gainers on the index had been Serko Ltd and Meridian Power, every including about 3.5%.

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