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The Australian stock market has opened deeper as the country struggles with a COVID-19 resurgence in Australia’s largest city just a few days before Christmas.
Travel restrictions on Greater Sydney residents to other Australian states have thrown travel plans into chaos and put Christmas party plans on hold.
Flight Center stocks were the biggest hit in the opening deal, down 5. 9 percent to $ 14. 93.
The travel company’s shares rebounded in November as travel restrictions eased across the country as Victoria reopened after its second wave.
The shares of Corporate Travel Management are also down (-3. 2 pieces) together with shares in the company that owns Auckland Airport (-2. 2pc).
A travel bubble flew between New Zealand and Australia last week before the number of COVID-19 cases in Sydney began to rise again.
Shares in the company that operates Sydney Airport have also decreased 2. 2 percent on early trading.
Tour operators have been preparing for a busy Christmas season after the social distancing lines gradually eased.
On the flip side, stocks with an investment in home entertainment do well in early trading.
Kogan is up 5. 5 percent together with JB Hi-Fi, that’s 1. 8 percent higher.
The benchmark also closed 1. 2 percent less on Friday when falls began to rise on Sydney’s northern beaches.
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AEST = Australian Eastern Standard Time, 10 hours before GMT (Greenwich Mean Time)
Synlait Milk, The a2 Milk Company, ASX
World News – AU – ASX hits a hit as Sydney grapples with a COVID nightmare before Christmas
Ref: https://www.abc.net.au
