5-day Victorian lockdown from tomorrow: Aus shares down 0.5% over week

Market Reports

by Katrina Bullock

Despite a positive start to the week on Monday, the Australian share market lost ground throughout the week and ended on a negative note. The ASX200 sunk this afternoon after Victorian Premier Daniel Andrews announced that the state of Victoria would be entering a snap 5 day lockdown, effective from midnight tonight. Major grocery chains Coles (ASX:COL) and Woolworths (ASX:WOW) are re-introducing buying limits in the state as panic buying returns.

At the closing bell the S&P/ASX 200 index closed 43 points lower, or 0.6 per cent lower to finish at 6,807.

Over the week the market lost 0.5 per cent or 34 points.

Futures market

Dow futures are suggesting a fall of 43 points.
S&P 500 futures are eyeing a dip of 8 points.
The Nasdaq futures are eyeing fall of 20 points.
And the ASX200 futures are eyeing a 42 point fall on Monday morning.

Company news

Following the announcement of the Victorian lockdown, Crown Resorts (ASX:CWN) has confirmed that gaming, food, beverage and retail activities at its Crown Melbourne Entertainment complex will cease from midnight tonight until midnight next Wednesday the 17 February 2021. This comes after former AFL boss Andrew Demetriou joined the exodus of directors from the board of Crown Resorts (ASX:CWN) this morning. All this on the back of a damning report earlier in the week, which found that the casino giant was not suitable to operate a licence for its new Sydney casino in Barangaroo. Shares in Crown Resorts (ASX:CWN) closed 1.6 per cent lower at $9.89.

Spark Infrastructure’s (ASX:SKI) TransGrid Services has secured $600 million via new five-year syndicated bank debt facilities.

Baby Bunting Group (ASX:BBN) saw statutory net profit after tax rise 54.7 per cent to $7.5 million for the half year ended 27 December 2020. Sales rose 16.6 per cent to $217.3 million, on the prior corresponding 26-week period.

Bailador Technology Investments (ASX:BTI) says pre-tax net tangible assets per share rose 12.3 per cent to $1.39 for the first half of the 2021 financial year.

Genworth Mortgage Insurance Australia (ASX:GMA) has scrapped its dividend after recording a $174.1 million loss for the 2020 financial year.

Mirvac Group’s (ASX:MGR) statutory profit after tax dropped over 35 per cent to $396 million in the half year ended 31 December 2020, compared to the same half year in 2019.

IPOs

Singular Health Group (ASX:SHG) started trading today. The company specialises in the sale and development of medical imaging and visualisation software and technology. It floated with an issue price of $0.20, opened at $0.35 and it closed at $0.38.

Best and worst performers

The best-performing sector, and the only sector in the black, was Communication Services, adding 0.4 per cent, while the worst-performing sector was Energy, dropping 1.3 per cent.

The best-performing stock in the S&P/ASX 200 was Cromwell Property Group (ASX:CMW), rising 2.5 per cent to close at $0.83. Shares in GWA Group (ASX:GWA) and Charter Hall Long WALE REIT (ASX:CLW) followed.

The worst-performing stock in the S&P/ASX 200 was Westgold Resources (ASX:WGX), dropping 7.4 per cent to close at $2.00. Shares in Eagers Automotive (ASX:APE) and Perseus Mining (ASX:PRU) followed.

Asian markets

Japan’s Nikkei has lost 0.4 per cent. The Hang Seng and the Shanghai Composite are closed.

Wall Street

Wrapped up our four trading days this week higher: The Dow Jones added 0.9 per cent, The S&P 500 added 0.8 per cent and the tech heavy Nasdaq gained 1.2 per cent.

Commodities and the dollar

Gold is trading at US$1,8323 an ounce.
Light crude is US$0.28 lower at US$54.21 a barrel.
One Australian dollar is buying 77.46 US cents.