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Australian Shares Hit Fresh Records in Early Trade

Published 02/08/2021, 11:03 am
Updated 02/08/2021, 11:04 am
© Reuters.

© Reuters.

By Oliver Gray

Investing.com - The ASX 200 lifted 91.5 points or 1.24% to 7484.1 on Monday, surging to fresh record high valuations following gains of 1.41% through the month of July as market participants cheered strong corporate earnings from miners, while Afterpay Touch Group Ltd (ASX:APT) soared in early deals after U.S. fintech firm Square (NYSE:SQ) moved to acquire the BNPL firm in an A$39 billion deal.  Jack Dorsey, Co-Founder and CEO of Square, noted that “Square and Afterpay have a shared purpose. We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles,” Afterpay was last up 23.03%.

Meantime, Australia’s domestic coronavirus situation continues to worsen as New South Wales recorded a record number of infections over the weekend as millions remain in extended lockdown, while Queensland reported 13 fresh cases today amid a rapidly escalating outbreak, with health authorities extending current lockdown restrictions until Sunday and urging residents to get tested and vaccinated.

Investors will also be monitoring the Reserve Bank of Australia’s interest rate decision on Tuesday. While policymakers are expected to keep current setting unchanged, a further trimming of bond purchases may be delayed as the coronavirus Delta variant threatens prospects of economic growth.

In New Zealand, the NZX 50 added 60.23 points or 0.48% to 12654.75.

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