Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Australian shares jump most in nearly 2 months as upbeat data boosts recovery hopes

Stock MarketsMar 01, 2021 17:12
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

* Aussie benchmark posts biggest gain since Jan. 7

* Real estate stocks rise on home price surge

* Auckland enters fresh seven-day lockdown (Updates to close)

By Shruti Sonal

March 1 (Reuters) - Australian shares notched their best session in nearly two months on Monday, as upbeat economic data strengthened recovery hopes, while the central bank increasing the size of its daily quantitative easing programme also aided sentiment.

The S&P/ASX 200 index .AXJO rose 1.7% to close at 6,789.6 in a solid start to March, posting its biggest intraday percentage gain since Jan. 7.

Home prices surged at the fastest pace in almost two decades in February and job advertisements also skyrocketed, in further evidence that the economy is rapidly emerging from its once-in-a-generation recession. overall picture for the Lucky Country is that it remains lucky, and its recovery continues," said Jeffrey Halley, senior market analyst for Asia Pacific at OANDA.

The Reserve Bank of Australia (RBA) boosted investor sentiment by announcing a larger-than-usual A$4 billion ($3.10 billion) worth of bond purchase.

The move comes ahead of RBA's monthly board meeting on Tuesday where it is likely to leave rates unchanged. However, markets will eye the post-meeting statement for any commentary on soaring home prices, rising bond yields and an appreciating currency.

Real estate stocks rose sharply on home price data, making them one of the leading gainers on the benchmark index. Stockland Corp SGP.AX , Charter Hall Group CHC.AX and Goodman Group GMG.AX jumped about 4% each. Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.6% to finish the session at 12,301.81.

Auckland, the country's biggest city, was thrown into its fourth pandemic lockdown over the weekend, prompted by just a single new COVID-19 case. weighed on tourism stocks, with Tourism Holdings THL.NZ and Kathmandu Holdings KMD.NZ sliding about 2% each.

($1 = 1.2907 Australian dollars)

Australian shares jump most in nearly 2 months as upbeat data boosts recovery hopes
 

Related Articles

Dow Futures Tick Higher as Major Indices Rebound
Dow Futures Tick Higher as Major Indices Rebound By Investing.com - May 18, 2022

By Oliver Gray  Investing.com - U.S. stock futures moved modestly higher on Tuesday evening after major benchmark indices rebounded from recent losses during regular trade,...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Otu Emmanuel
Otu Emmanuel May 13, 2021 21:20
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hello
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email