Aust stocks look set to snap win streak

Derek Rose | November 28, 2022

The local share market has dipped modestly in morning trading as unrest over China’s harsh zero-COVID policies grips Australia’s biggest trading partner. 

The benchmark S&P/ASX200 index was down 29.2 points, or 0.4 per cent, to 7230.3 at noon AEDT on Monday. The broader All Ordinaries had dropped 28 points, or 0.38 per cent, to 7419.2.

The energy and mining sectors had lost the most ground, a bit more than one per cent, while industrials and telecommunications had risen slightly.

The losses came as rare protests erupted in major cities in China, with demonstrators blaming lockdown rules for hampering rescue efforts in an tower fire in Urumqi that killed 10 people.

BHP dipped 1.3 per cent to $43.63, Fortescue Metals dipped 0.4 per cent to $18.87 and Rio Tinto was down 1.6 per cent to $103.95.

In the energy sector, Woodside was up 2.6 per cent to $36.98, Santos had risen 2.4 per cent to $7.275 and Beach Energy had dropped 3.0 per cent to $1.7025.

In the heavyweight financial sector, the big banks were mixed, with CBA down 0.6 per cent to $108.50, Westpac down 1.0 per cent to $23.76 and ANZ dipping 0.2 per cent to $24.77. But NAB was up 0.2 per cent to $31.56.

Bank of Queensland was down 5.4 per cent to $7.15 after the regional lender announced its chief executive of over four years, George Frazis, was leaving the bank, effective immediately.

Chairman Patrick Allaway said that while Mr Frazis had led the bank’s return to growth, the successful acquisition of ME Bank and progress in upgrading the bank’s technology, “the board has formed a view that different leadership is now required to ensure that BOQ can continue to build a stronger and more resilient bank through future cycles.”

The local currency had also dropped following the China unrest.

The Australian dollar was buying 66.84 US cents, from 67.64 US cents at Friday’s ASX close.