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Australia, NZ shares post first monthly gain in three

Published 30/04/2020, 05:52 pm
© Reuters.

(Updates to close)

By Soumyajit Saha

April 30 (Reuters) - Australian shares settled 2.4% higher on Thursday, driven by gains in energy and financial stocks, and posted their first monthly gain in three.

The S&P/ASX 200 index .AXJO rose 2.4% to 5,522.4, closing April nearly 9% higher after two consecutive months of falls. Last month, it slumped more than 21%.

"The market is hoping to move towards normality as virus restrictions ease... and people don't want to miss out cashing in on a historic opportunity," said Henry Jennings, senior analyst at Marcus Today Financial.

The New Zealand benchmark .NZ50 fell 1.3% to 10,532.07 but ended the month 7.5% higher, also its first monthly gain in three.

In Australia, energy stocks .AXEJ outperformed all other sectors on the back of a jump in crude oil prices. Worley Ltd WOR.AX led the gains with a jump of 17.34%, while Oil Search OSH.AX climbed 10.51​%.

Brent crude LCOc1 futures rose 6.52% to $24.01 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained 11% to $16.72 per barrel. O/R

Financial stocks .AXFJ rose nearly 3%, led by a surge in IOOF Holdings IFL.AX as the financial services company reported a strong growth in funds under management, advice and administration.

The "big four" banks rose between 1.4% and 4.1%, with Australia and New Zealand Banking Group ANZ.AX adding 1.4% even after the lender posted an almost two-thirds plunge in first-half profit and deferred its interim dividend decision. Eagers APE.AX was the top percentage gainer on the benchmark index as the automotive retailer continued to implement cost-saving measures to weather the coronavirus-induced downturn. .AXMM also advanced as firmer commodity prices lent support. Heavyweight Fortescue Metals Group FMG.AX surged more than 4% after the company hiked its annual iron ore shipments forecast and reported a rise in third-quarter shipments. GOL/ IRONORE/

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Miners were also helped by "respectable" PMI data from Australia's largest trading partner, China, Jennings said. GRAPHIC: ASX 200 and the coronavirus crisis

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