New variant panic drags ASX 1.6pc lower for the week

New variant panic drags ASX 1.6pc lower for the week

New variant panic drags ASX 1.6pc lower for the week The Australian sharemarket receded on Friday after the detection of a new COVID-19 variant triggered a wave of panic selling in Dow Jones futures and spread to other stock markets. The S&P/ASX 200 dropped 1.7 per cent, or 128 points, to 7279.3 ending the week 1.6 per cent lower in its third consecutive week of losses. Scientists said the new variant, which was detected in South Africa, are concerned it could resist vaccines and have hurried to impose travel restrictions on South Africa. This comes amid the virus’ resurgence across Europe and the US, forcing authorities to impose restrictions on movement and activity. Shares in Appen tumbled 18.8 per cent to $9.45 after Macquarie speculated the stock could potentially downgrade …
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