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Australian Market Significantly Lower

(RTTNews) - The Australian stock market is significantly lower on Monday, giving up the modest gains in the previous session, with the benchmark S&P/ASX 200 falling below the 7,500 level, following the mixed cues from Wall Street on Friday on on disappointing U.S. jobs data and sinking crude oil prices. The worsening domestic coronavirus situation, primarily in New South Wales and Victoria, is also weighing on investor sentiment.

NSW reported 1,281 new cases on Sunday. Victoria also recorded 246 new locally acquired cases, with the total active cases of COVID-19 across Victoria standing at 1,619.

The benchmark S&P/ASX 200 Index is losing 70.80 points or 0.94 percent to 7,452.10, after hitting a low of 7,440.10 earlier. The broader All Ordinaries Index is down 74.80 points or 0.96 percent to 7,751.90. Australian stocks closed modestly higher on Friday.

Among the major miners, BHP Group, Rio Tinto and OZ Minerals are edging down 0.2 percent each, while Mineral Resources is losing almost 1 percent. Fortescue Metals is adding more than 1 percent.

Oil stocks are mostly lower, with Oil Search, Santos and Beach energy losing more than 2 percent each, while Origin Energy and Woodside Petroleum are down almost 2 percent each.

Santos and Oil Search have agreed to extend their period of exclusive due diligence for another week before finalising a $22 billion merger deal.
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