Australia: Shares end flat as investors brace for business closures

[SYDNEY] Australian shares ended flat on Monday as investors fretted that further virus-led business closures in the country's second-largest state could assuage hopes of a quick economic rebound from the pandemic-induced recession.

"People are reassessing the burden of bad loans as businesses close, and domestic-focused banking and consumer stocks are suffering as a result," Henry Jennings, senior analyst at Marcus Today Financial said. Financials, which were the biggest laggards, closed more than 2 per cent lower with the so-called 'Big Four' banks dropping as much as 4.1 per cent.

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