Australia’s share market had its seventh consecutive week of gains, but investors will be watching how a Sydney coronavirus outbreak unfolds after it marred Friday trade.
The S&P/ASX200 benchmark index closed lower by 81.2 points, or 1.2 per cent, to 6675.5 on Friday, with the virus outbreak overshadowing record closing results on US markets from economic stimulus hopes.
The All Ordinaries closed down 76.0 points, or 1.09 per cent, to 6924.1.
The ASX200 gained 0.5 per cent in a week of better than expected jobs figures and a positive budget update. Both showed Australia’s economic recovery from the pandemic is tracking better than feared.
China’s demand for iron ore, and rising prices for the commodity, helped miners.
Overseas, US politicians’ comments suggested they are close to finally agreeing on financial stimulus for an economy ravaged by the virus.
Yet the ability of NSW health authorities to control the Sydney outbreak is the latest great unknown.
Authorities on Friday said 28 people have been infected, mostly on Sydney’s northern beaches.
Most states and territories have required anyone who has been in the area to quarantine.
The Aussie dollar improved and was buying 75.89 US cents at 1625 AEDT, lower from 75.94 US cents at Thursday’s close.