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“That’s the largest stock on the index, so it’s going to move the index by itself,” he said. Davies said the company’s fortunes were influenced by the Covid-19 pandemic and had bounced around in recent times. Clement, who has been in the role since September 2018, presided over the dairy company’s expansion with new plant, customers and acquisitions as it sought to diversify away from its largest customer, specialist milk marketer The a2 Milk Company which accounts for much of its earnings. Synlait suffered over the past year after Covid-19 dented sales of a2 Milk’s products, and the departure of Clement was “another blow” for the company, Davies said.
Asian Shares Fall As Covid Cases Spike
CANBERA (dpa-AFX) - Asian stocks fell broadly on Monday, with a resurgence of coronavirus infections in the region and the possible restrictions on economic activity keeping underlying sentiment cautious.
Chinese shares fell after a top disease control official said during the weekend that the effectiveness of Chinese coronavirus vaccines was low and the government is considering mixing them to get a boost. The benchmark Shanghai Composite index fell 37.73 points, or 1.09 percent, to 3,412.95.
Hong Kong s Hang Seng index ended down 245.52 points, or 0.86 percent, at 28,453.28. Alibaba shares surged 6.5 percent after the e-commerce giant said it was fined $2.8 billion for anti-competitive behavior. The fine was less severe than many feared.
Australian shares fell on Monday after marking their best week since the week ended Feb. 5, as the country dropped its COVID-19 vaccination targets over the weekend after a policy shift on AstraZeneca's shot.