Australia’s share market was almost one per cent lower after investors responded to Victoria extending coronavirus restrictions and a mixed finish for US markets last week.
The S&P/ASX200 benchmark index was trading lower by 55.2 points, or 0.90 per cent, at 6071.0 points at 1200 AEST on Monday.
The All Ordinaries index was lower by 50.8 points, or 0.81 per cent, at 6210.9.
The ASX has been down since trading began on Monday and reached a session low of 6059.3 just after 1130 AEST.
It comes after Premier Daniel Andrews on Sunday extended Victoria’s state of emergency and accompanying restrictions on movement and trade for four weeks until September 13.
Australia has again recorded its deadliest day of the pandemic after 25 people died from the virus in Victoria in the previous 24 hours. There were 282 new cases.
On the market, the financial sector was doing worst, down 1.85 per cent.
Telecommunications was down 1.37 per cent and industrials was lower by 1.22 per cent.
Results season continues and JB Hi-Fi has been buoyed by customers spending more on electronic equipment to shore up home offices during the coronavirus pandemic, posting a 21 per cent profit increase for the 2019/20 financial year.
The profit of $302 million came as sales rose 11.6 per cent to $7.9 billion across the group, which includes stores in both Australia and New Zealand and the Good Guys whitegoods retailer.
The group is paying a dividend increase of 47 cents per share – or 33 per cent – to $1.89 per share.
Shares in the company were higher by 4.5 per cent to $49.46.
Another business which enjoyed benefits from the pandemic was Kogan, which posted a 55.9 per cent jump in full-year profit.
The business reaped $26.8 million in net profit for the 2019/20 financial year as consumers shunned bricks and mortar shops.
Shareholders will receive a dividend of 13.5 cents per share, fully franked, higher from the 2019 payout of 8.2 cents per share, fully franked.
However, shares were down 5.12 per cent to $20.72.
Bendigo and Adelaide Bank has declared cash earnings down by 27.4 per cent to $301.7 million in its full-year results.
Its deferred a decision on dividends.
Shares were lower by 6.14 per cent to $6.57.
Among major banks, ANZ shed 2.11 per cent to $18.28, the Commonwealth lost 1.39 per cent to $70.76, NAB fell 2.57 per cent to $17.75 and Westpac slumped 2.43 per cent to $17.60.
In the other heavyweight sector, mining, BHP rose 0.37 per cent to $40.16, Rio Tinto dropped 0.27 per cent to $100.87 and Fortescue edged higher by 0.38 per cent to $18.05.
US markets finished stagnant on Friday after data showed improvements for US retailers, though less than economists expected.
Investors there continue to wait for more economic stimulus from the government.
The Australian dollar was buying 71.86 US cents at 1200 AEST, up from 71.60 US cents at Friday’s close.