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Australian shares drop as fears grow of a worsening Covid outbreak in Sydney before Christmas
- Australian share market’s benchmark S&P/ASX200 drops 1.2 per cent at open
- A localised Sydney Covid-19 outbreak has created fears of a new viral wave
- The outbreak has the capacity to sharply reduce Christmas spending
The Australian share market has lost 1.2 per cent in the opening minutes of Monday trade as fears grow of a Sydney Covid-19 outbreak before Christmas.
The market reacted after New South Wales reported another 30 coronavirus cases on Sunday, with 28 linked to the Avalon RSL and Avalon Bowlo on the Sydney’s Northern Beaches.
The outbreak has triggered fears of a new wave of the virus in Australia’s biggest city, with a resultant major effect on the economy.
Investors are nervous with the benchmark S&P/ASX200 falling 1.2 per cent in the opening 20 minutes of trade.
The barometer of Australia’s blue chip stocks lost 81.2 points to fall to 6,675.5 points.
More to come
The Australian share market has lost 1.2 per cent in the opening minutes of trade as fears grow of a Sydney Covid outbreak before Christmas
