Australian banking, mining shares drop

Business | 22 Sep 2020 11:30 am

Australian shares have dropped in early trade, as global markets sank to their lowest levels in seven weeks on fears of a slower economic recovery in the United States and Europe.

By 11:50am local time, the benchmark ASX 200 index was down by  0.8 percent to 5,776 points, ABC News reports. After four straight days of losses, the market has fallen back to where it was in mid-June.

Some of the worst performing stocks were Virgin Money UK (-7pc), News Corp (-4.4pc), Gold Road Resources (-6.1pc) and Perseus Mining (-5.3pc).

Mining and banking stocks were the biggest drags on the market, including Westpac (-1.9pc), ANZ (-2.1pc), Fortescue Metals (-3.3pc) and Rio Tinto (-2.7pc).

On the flip side, Appen (+3.6pc), ResMed (+3.1pc) and Collins Foods (+5pc) were the best performers.

The Australian dollar had dropped (-1.2pc) to 72 US cents.

It also fell to 75.29 Japanese yen (-1pc), 4.9 Chinese yuan (-1pc), 56.2 British pence (-0.3pc) and 61.25 euro cents (-0.4pc).

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