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Aussie stocks finish in the red

Published: (Updated: ) in Australian News by .

At the close of trade the benchmark S&P/ASX 200 was down 1.2 per cent or 81 points to 6,675 points.

The Australian sharemarket has finished in the red after a fresh COVID-19 outbreak in Sydney's north quelled the confidence of investors in certain sectors.

At the close of trade the benchmark S&P/ASX 200 was down 1.2 per cent or 81 points to 6,675 points.

Notable losers from the day's trade included the A2 Milk Company (down 23.42 per cent), QBE Insurance (down 12.26 per cent) and medicinal company Mesoblast which was savaged minus 35.28 per cent after it announced poor results of a COVID trial.

READ MORE: Aussie dollar cracks 76 US cents

Despite early losses this morning the market as a whole is still up 0.5 per cent over the past five sessions.

Overnight the Aussie dollar was booming, cracking the 76 US cents mark for the first time in two and a half years.

News of the Sydney outbreak came just hours after the Treasurer spoke about Australia's near-unparalleled economic recovery.

READ MORE: Aussie stocks drop, ending seven-day streak

"Following the biggest economic shocks since the Great Depression, Australians are back spending and they are back working, and they are back moving freely across the nation," the Treasurer said.

"Eighty-five per cent of the 1.3 million Australians who either lost their jobs or saw their working hours reduced to zero at the start of the crisis are now back at work.

"With 734,000 jobs created over the last six months the labour mark has performed better than we expected."

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You can get up-to-date information from the Federal Government's Coronavirus Australia app, available on the App Store, Google Play and the Government's WhatsApp channel.

Beyond Blue's Coronavirus Mental Wellbeing Support Service is a 24/7 service free of charge to all Australians. Visit the site here or call 1800512348

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The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

Source: 9News https://www.9news.com.au/national/asx-200-aussie-stocks-drop-as-sydney-outbreak-shakes-investor-confidence/debab8ea-cdeb-4925-b2d8-cad796fe81dd

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