At the market close the benchmark S&P/ASX 200 was down 86.80 points or 1.68 percent at 5,067.50, while the broader All Ordinaries index was down 81.80 points or 1.58 percent at 5,106.90.
Energy stocks surged at open and were up close 8 percent. However, they lost their sheen throughout the day to finish only marginally improved.
The rest of the market which was trending higher in early trade also took a turn with industrials and consumer discretionary stocks leading losses, both down over 4 percent
Commsec market analyst Steven Daghlian said that the ASX 200 was still on track for it's best week of 2020 lifting close to 8 percent in just five days.
"The main risk moving forward continues to be a more drawn out COVID-19 pandemic, which would keep businesses closed and thousands of stood down employees at home," he said.
In the financial space, Australia's big banks sank with the Commonwealth Bank down (1.85 percent), ANZ down (2.23 percent), National Australia Bank down (2.38 percent) and Westpac Bank down (2.94 percent).
Mining stocks rallied with Rio Tinto up (1.75 percent), BHP up (1.61 percent), Fortescue Metals up (5.71 percent), and goldminer Newcrest up (0.78 percent).
The country's oil and gas producers lifted with Oil Search up (4.60 percent), Santos up (0.50 percent) and Woodside Petroleum up (0.36 percent).
Australia's largest supermarkets dropped with Coles down (1.06 percent), and Woolworths down (0.76 percent).
Meanwhile telecommunications giant Telstra slumped (1.58 percent), the national carrier Qantas plummeted (4.69 percent) and biomedical firm CSL sank (1.35 percent).
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