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Mining stocks weigh on market: Aus market closes 1.6% lower over week

31 Jul 2020 – The Australian share market opened on shaky ground today following sour economic news in the US. The US Commerce Department announced overnight that US GDP dropped by a record 32.9 per cent (on an annualised basis) in the second quarter, the worst decline on record. The negative sentiment was contagious, with Aussie investors reversing positions today. We saw a broad-based pull back across all of the sectors, with mining losing nearly 3.1 per cent. Credit Suisse rates engineering, mining and construction service provider, CIMIC Group (ASX:CIM) as an Outperform with a 12-month price target of $34.00.

Source: Finance News Network

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