Australia stocks fall sharply as new virus variant unnerves investors

australia stocks fall sharply as new virus variant unnerves investors

Sumary of Australia stocks fall sharply as new virus variant unnerves investors:

  • The benchmark S&P/ASX 200 fell 1.73 per cent in its biggest drop since Oct.
  • Australia said it was investigating the new COVID-19 variant spreading in South Africa and warned it may close its borders to travellers from the African nation if risks from the new strain rise.
  • Travel stocks were among the biggest losers, with travel management firms Flight Centre Travel Group and Corporate Travel Management falling 7.5 per cent and 5.8 per cent respectively, while Qantas Airways dropped 5.5 per cent.
  • Miners gave up 1.9 per cent as benchmark Chinese iron ore futures fell 6.4 per cent on concerns over the new COVID-19 variant and new cases in Shanghai.
  • Sector heavyweights BHP, Rio Tinto and Fortescue Metals Group fell between 1.5 per cent and 3.9 per cent.

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