MARKET NEWS

Australian shares poised for a sharp fall
28/02/2020 7:04 AM

Australians stocks are poised to extend their losses for a fifth day after another rout on most global markets.

The SPI200 futures contract was down 112 points, or 1.69 per cent, at 6,504 at 0700 AEDT on Friday, pointing to another sharp fall when the local market opens.

By Thursday's closes the benchmark index had fallen 7.0 per cent in five days returning to a level last seen on December 5 and wiping $170 billion in value from the market.

The Aussie dollar was buying 65.84 US cents up from 65.50 US cents at the market close on Thursday.

Australian stocks poised to fall again
27/02/2020 7:07 AM

The Australian share market is set to open lower on Thursday as investors watch for more news on the coronavirus that threatens to hurt global markets.

The SPI200 futures contract was down 30 points, or 0.454 per cent, at 6,625 at 0700 AEDT on Wednesday.

The futures market points to another fall when the local market opens but less severe than earlier this week.

A third straight day of huge losses on the Australian share market on Wednesday came close to wiping out the local bourse's phenomenal gains since the start of the year.

US and European stock markets stabilised overnight in the absence of any significant fresh bad news regarding the spread of COVID-19.

The Australian dollar was buying 65.58 US cents at 0700 AEDT on Thursday, down from a near 11-year low of 65.88 US cents on Wednesday as the market closed.

Australian stocks to fall for third day
26/02/2020 7:10 AM

Australian shares face another hammering after big falls on US equity markets overnight following a warning for Americans to prepare for the coronavirus.

The SPI200 futures contract was down 153 points, or 2.24 per cent, at 6,673 at 0700 AEDT on Wednesday, pointing to another sharp fall when the local market opens.

Local stocks lost $37.8 billion in value on Tuesday in the Australian share market's second worst day of 2020, following Monday's 2.25 per cent plunge.

It was followed by a sell off overnight on US markets after the US Centres for Disease Control and Prevention said Americans should begin to prepare for community spread of the new coronavirus.

Oil prices also continued their fall on fears of a demand hit from the flu-like virus that has infected more than 80,000 people.

The Australian dollar was buying 66 US cents at 0700 AEDT on Wednesday, down from 66.12 US cents on Tuesday.