SYDNEY: Australian shares fell on Thursday, dragged down by losses in banks and utilities stocks, as a series of poor earnings forecasts fanned fears of more financial pain from the Covid-19 crisis. The S&P/ASX 200 index fell 0.7% to 6,091.0 at the close of trade. The financial subindex lost over 1% on Thursday, with all of the "Big Four" banks falling between 1.3% and 2.6%.
The country's top power producer, AGL Energy, and telecom giant Telstra Corp also forecast sharp drops in their earnings for fiscal 2021, sending their shares down 9.6% and 8.3%, respectively. Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose marginally to 11,500.82, helped by gains in real estate and consumer stocks. Commonwealth Bank's Chief Executive Matt Comyn said on Wednesday the bank expected lower credit growth and low interest rates to put pressure on its revenue.
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