SYDNEY/WELLINGTON: Australian shares fell more than 1% on Tuesday as a fast-spreading new coronavirus strain in Britain triggered travel restrictions all over the world and threatened to disrupt a nascent global economic recovery.
The S&P/ASX 200 index fell 1.1% to 6,599.6, its lowest close since Dec. 2. Energy stocks slumped 2.8% in their biggest drop since Oct. 29, as oil prices sank on border closures in several countries to contain the new virus strain. Woodside Petroleum and Santos lost 3.1% and 3.3%, respectively.
Industry giants BHP Group and Rio Tinto led losses among heavyweight miners, which slipped 2.3%. Gold stocks also booked heavy losses with Newcrest Mining shedding 2.1% while Northern Star Resources gave up 3.4%.
New Zealand's benchmark S&P/NZX 50 index ended 1.9% higher at 12,842.69, marking its best single-day performance since Aug. 17. Fisher & Paykel Healthcare added 3.6%, while Meridian Energy climbed 2.9%.
Several countries across the globe have shut their borders to Britain after the country identified a mutated variant of the novel coronavirus that has killed about 1.7 million people worldwide.
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