The benchmark S&P/ASX200 (^AXJO) has finished flat to 5,926.10 points, as Victoria completes its first day of tougher lockdown restrictions.
The broader All Ordinaries index (^AORD) also finished flat to 6,053.90 points.
What happened this afternoon?
The benchmark S&P/ASX200 (^AXJO) is flat at midday trade to 5,932.10 points, after plummeting at the open.
The broader All Ordinaries index (^AORD) is also flat at midday to 6,059.20 points.
Victorian Premier Daniel Andrews is expected to announce 429 daily virus cases on the first day of the state’s stage four lockdown.
The new measures have been dubbed “the harshest restrictions in our history,” by Victorian Liberal leader Michael O’Brien, with thousands of businesses expected to fold as a result.
What happened this morning?
The benchmark S&P/ASX200 (^AXJO) has opened 1.06 per cent lower to 5,865.20 points at 10:17 AEST, after mixed results overseas on Friday.
The broader All Ordinaries index (^AORD) also opened 1.02 per cent lower to 5,996.80 points at 10:17 AEST.
The share market tumble comes as Victoria declares a state of disaster, after its renewed coronavirus outbreak continues to savage the economy.
Premier Daniel Andrews announced stage four lockdown restrictions as the state reported 671 new cases and seven deaths.
Australian investors will be awaiting the Reserve Bank of Australia’s official cash rate decision on Tuesday, although experts expect the current record-low rate of 0.25 per cent to remain.
What happened over the weekend?
The US share market posted mixed results over the weekend, with the Nasdaq gaining more than 1 per cent, but the Dow and S&P 500 finishing with smaller gains due to economic uncertainty caused by Covid-19.
The Dow Jones Industrial Average rose 114.67 points, or 0.44 per cent, to 26,428.32, the S&P 500 gained 24.9 points, or 0.77 per cent, to 3,271.12 and the Nasdaq Composite added 157.46 points, or 1.49 per cent, to 10,745.28.
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