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Australian stock market drops 0.5% within minutes of opening as growing Sydney Covid outbreak threatens the country’s economic recovery
- Australian share market slipped 0.5 per cent during opening Friday trade
The Australian share market has slipped following a spat of new Covid cases on Sydney’s Northern Beaches.
The benchmark S&P/ASX200 dropped 0.5 per cent in the opening minutes of Friday trade only a day after official data showed Australia’s jobless rate had slipped from seven per cent to 6.8 per cent in November.
This occurred despite a 0.5 per cent increase in the American Dow Jones Industrial Average.
IG market analyst Kyle Rodda said the share market wasn’t particularly concerned about the latest Covid outbreak on the Northern Beaches and were simply trying to make profits after a strong week.
‘It hasn’t shown up in market pricing,’ he told Daily Mail Australia.
‘If it was a more considerable concern, you’d probably see a weaker Australian dollar this morning.’
The Australian dollar wasn’t affected with the currency rising 0.6 per cent to 76.18 US cents.
By 10.45am AEST, the S&P/ASX200 had fallen 0.46 per cent to 6725.50 points.
The Australian share market has slipped following a spat of new Covid cases on Sydney’s Northern Beaches
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