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Market Update: Australian Shares Snap 2 Sessions of Gain
The ASX 200 lost 22.70 points or 0.32% to 7092.50 on Wednesday, snapping 2 sessions of gain as risk sentiment dampened amid a worsening domestic COVID-19 situation after Victoria logged 6 new infections, taking the cluster in Melbourne’s northern to 15. On the bond market, local 10-year rates fell to a three-month low of 1.635% Tuesday while US bond yields were near three-week lows of 1.576%. Among stocks, ALS Ltd jumped 13.2% after reporting a drop in both revenue and expenses, which lands the company in the green, for the year ending March 31st. Meanwhile, Kogan.com sank 5.92% after revising downward its earnings predictions. On the data front, Australia’s construction output picked up in Q1, while the leading index lifted 0.2% mom in April. [/s2If]
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