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Australia shares slip as virus restrictions threaten economic recovery

07/22/2021 | 09:01pm EST

July 23 (Reuters) - Australian shares slipped on Friday from a record closing high scaled the previous day, as strict restrictions in major cities dampened sentiment, while casino operator Crown Resorts slumped after Star Entertainment withdrew its takeover bid.

The S&P/ASX 200 index fell 0.21% to 7,371.1 by 0015 GMT, but was on track for a weekly gain.

Strict restrictions in major cities, specifically in Sydney, are threatening the country's economic recovery, with some analysts expecting the economy to shrink in the third quarter.

Miners were the top percentage losers in the index, shedding as much as 0.7%. Silver Lake Resources Ltd fell 9.35%, while MACA Ltd dropped 3.76%.

Among financials, top lenders Commonwealth Bank of Australia and Westpac Banking Corp advanced as much as 1.1% and 1.3%, respectively.

Energy stocks fell 1.1%, led by Santos Ltd , which dropped 1.6%, and Oil Search Ltd, which lost 1.47%.

Star Entertainment Group jumped 1.7% after it withdrew its all-stock proposed takeover of rival Crown Resorts for $9 billion. Crown Resorts declined 4.4%.

Among top percentage losers on the benchmark index, Northern Star Resources fell 3.44% and Westgold Resources slipped 2.6%.

In New Zealand, the benchmark S&P/NZX 50 index fell up to 0.21% to 12,693.62.

Top percentage losers on the benchmark were a2 Milk Co , down 1.64%, followed by Vista Group International , losing 1.32% and Vital Healthcare Property Trust , down 0.94%.

Elsewhere, S&P 500 E-minis futures were up 0.21%. (Reporting by Sameer Manekar in Bengaluru; Editing by Subhranshu Sahu)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
COMMONWEALTH BANK OF AUSTRALIA -1.26% 97.37 Delayed Quote.-3.59%
CROWN RESORTS LIMITED -0.72% 12.46 Delayed Quote.4.18%
MACA LIMITED -1.97% 0.745 Delayed Quote.-9.15%
NORTHERN STAR RESOURCES LIMITED 1.03% 9.83 Delayed Quote.4.46%
OIL SEARCH -2.42% 4.04 End-of-day quote.0.00%
S&P/ASX 200 -2.27% 7175.8 Real-time Quote.-3.61%
SANTOS LIMITED -2.62% 7.07 Delayed Quote.12.04%
SILVER LAKE RESOURCES LIMITED 0.81% 1.86 Delayed Quote.4.79%
THE A2 MILK COMPANY LIMITED -4.20% 5.48 End-of-day quote.-7.59%
THE STAR ENTERTAINMENT GROUP LIMITED -3.17% 3.36 Delayed Quote.-8.70%
VISTA GROUP INTERNATIONAL LIMITED 1.37% 2.22 End-of-day quote.-7.11%
VITAL HEALTHCARE PROPERTY TRUST 0.48% 3.17 End-of-day quote.0.63%
WESTGOLD RESOURCES LIMITED 0.99% 2.04 Delayed Quote.0.00%
WESTPAC BANKING CORPORATION -0.62% 20.98 Delayed Quote.-1.73%
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