Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

Australian shares rise on oil, hopes of pandemic peaking in U.S.

Published 09/04/2020, 11:27 am
Updated 09/04/2020, 11:30 am
© Reuters.
US500
-
DJI
-
AXJO
-
CSL
-
CBA
-
FMG
-
RIO
-
RIO
-
STO
-
WBC
-
WDS
-
CL
-
AXMM
-
AXEJ
-
AXHJ
-
AXFJ
-
IXIC
-
NZ50
-
CEN
-

* Energy, banking stocks lift Australian benchmark index

* CSL reaffirms FY2020 profit guidance, shares up 4.4%

* Top lender CBA gains as much as 3%

* NZ rises; banks, utilities among top gainers

By Sameer Manekar

April 9 (Reuters) - Australian shares rose more than 2% on Thursday, tracking gains on Wall Street as hopes that the new coronavirus pandemic is peaking in the United States bolstered sentiment, while a jump in crude oil prices lifted energy stocks.

The S&P/ASX 200 index .AXJO added 2.2% to 5,320.1 by 0010 GMT after a 0.9% drop on Wednesday. For the week, it was up more than 4%.

Overnight, all three major U.S. indexes .DJI .SPX .IXIC climbed between 2.6% and 3.4% on hopes that the outbreak in the United States was nearing a peak. .N

In New York, new hospitalisations fell to 586 on Tuesday, down from 656 a day earlier, while other data suggested the state was "bending the curve" and gaining some control over the rate of infections, Governor Andrew Cuomo said. that the number of new daily coronavirus cases is plateauing are driving expectations that social distancing measures will be lifted soon in parts of the world," Stephen Innes, chief market strategist at AxiCorp, said in a note.

"Relaxing social distancing is the new 'risk-on' barometer."

In Australia, energy stocks .AXEJ were the top gainers, rising 3.8%, as U.S. crude futures jumped nearly 6% on expectations that top oil producers would agree on production cuts at a meeting later in the day. O/R

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Woodside Petroleum WPL.AX advanced 3.6%, while Santos STO.AX climbed 4.5% to its highest in nearly a month.

Heavyweight financials .AXFJ gained 2.6%, with all the "Big Four" banks trading in positive territory. Top lender Commonwealth Bank of Australia CBA.AX and peer Westpac Banking Corp WBC.AX gained up to 3% each.

Among miners .AXMM , Fortescue Metals Group FMG.AX rose 2.5%, while Rio Tinto (LON:RIO) RIO.AX ticked up 1.6%, a day after it said it would go ahead with its $3.7 billion dividend payment plan this month. stocks .AXHJ added 3.3%, with biotech firm CSL Ltd CSL.AX jumping 4.4% after the company reaffirmed its profit forecast for 2020. New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose as much as 0.9% to 10,120.89.

Banks and utilities were among the top gainers, with Westpac Banking Corp's WBC.NZ local unit and electricity generator Contact Energy CEN.NZ rising 2.6% each.

Financial markets in Australia and New Zealand will be closed for holidays on Friday and Monday, and will resume trading on Tuesday, April 14.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.