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ASX closed red; Suncorp joins the BNPL market; Webjet shares dip on Omicron spread.

  • The ASX200 closed 0.54% lower at 7239.70 points on Monday.
  • Suncorp Group shares took a hit despite launching PayLater BNPL.
  • Webjet shares dip amid investor fears of Omicron COVID-19 strain.

The Australian market closed Monday’s session 0.54% lower at 7239.70 boosted by a surge in metals and mining stocks that offset heavy losses for the energy and industrials sectors. Travel shares remained weaker today as the Omicron variant of COVID-19 remains in headlines for its rapid spread.

The tech sector lost some ground in afternoon trade however still managed to close the first trading day of the week in the green as Technology One jumped 3.8% and Afterpay added 1.8%.

Bitcoin is trading 5.60% higher over the last 24-hours at US$57,351.12 at 4:30pm AEDT.

Suncorp Group shares took a hit today despite launching a buy now, pay later offering called PayLater which comprises both a physical and digital Visa debit card. The PayLater system can be used in-store and/or online at more than 70 million merchants worldwide and allows customers to make purchases through payment plans split over four separate and equal interest-free instalments.

Making headlines, Webjet is the latest travel stock to face a sell-off as investors fear what impact the new Omicron COVID-19 strain will have on the recovering travel sector. Webjet shares finished Monday’s session 2.8% as flights out of South Africa continue being cancelled around the world.

And Apple has reportedly filed numerous patents around augmented reality and head-mounted displays in a plan to start selling AR headsets by the end of 2022.

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