Australian Market Declines

(RTTNews) - The Australian stock market is declining on Wednesday after U.S. stocks closed lower overnight on renewed coronavirus concerns as World Health Organization officials warned that the death toll from the pandemic may start to climb again.

News that Melbourne, the capital of the state of Victoria, has returned to lockdown for six weeks due to a surge in coronavirus cases also dampened investor sentiment.

The benchmark S&P/ASX 200 Index is losing 20.20 points or 0.34 percent to 5,992.70. The broader All Ordinaries Index is lower by 23.30 points or 0.38 percent to 6,103.40. Australian stocks gave up early gains to end on a flat note on Tuesday.

In the banking space, ANZ Banking, Westpac and National Australia Bank are all lower in a range of 1.6 percent to 1.8 percent, while Commonwealth Bank is down almost 1 percent.

In the oil sector, Oil Search is declining more than 1 percent and Woodside Petroleum is down 0.2 percent, while Santos is adding 0.2 percent after crude oil prices ended almost flat overnight.
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