Australian Market Declines

(RTTNews) - The Australian stock market is declining on Friday following the mostly negative cues overnight from Wall Street as the relentless surge in coronavirus cases across the U.S. raised fears of another lockdown in several states and dimmed prospects for a quick economic recovery. In addition, lower commodity prices dragged down resources stocks.

The benchmark S&P/ASX 200 Index is losing 15.60 points or 0.26 percent to 5,939.90, after falling to a low of 5,928.50 earlier. The broader All Ordinaries Index is down 14.60 points or 0.24 percent to 6,060.30. Australian stocks closed modestly higher on Thursday.

Among the major miners, BHP Group is lower by 0.2 percent and Fortescue Metals is down 0.1 percent, while Rio Tinto is edging up 0.1 percent.

Gold miners are weak after gold prices snapped a four-day winning streak to close lower overnight. Evolution Mining is lower by more than 2 percent and Newcrest Mining is declining more than 1 percent.

In the oil sector, Oil Search is losing more than 2 percent, Woodside Petroleum is lower by almost 2 percent and Santos is down more than 1 percent after crude oil prices fell overnight.
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