Australia Market ends 2.6% up

The Australian share market finished session sharp higher on Monday, 05 October 2020, amid optimism about the Reserve Bank of Australia policy meeting and federal budget on Tuesday. Investor sentiment received a boost following news that Trump may be discharged from hospital later today. Also boosting sentiments was declined in the coronavirus cases in Australia as Victoria recorded no new coronavirus deaths on Monday and the state government announced that all students in the state will return to schools by October 26.

At closing bell, the benchmark S&P/ASX200 index inclined 150.08 points, or 2.59%, to 5,941.58. The broader All Ordinaries added 151.96 points, or 2.54%, to 6,135.11.

ECONOMIC NEWS: Australia NAB Business Confidence Improves In September:- Australia's business confidence improved to -4 in September from -8 in the previous month, survey data from the National Australia Bank showed Monday. Confidence rose in all industries except finance, business & property services which was flat. At the same time, the conditions index advanced to zero from -6 a month ago. Conditions returned to the levels seen in early 2020 though it remained well below average. The improvement in conditions was driven by a rise in all three sub-components. Trading and profits logged positive figures and the employment index advanced eight points but remained in negative zone.

CURRENCY NEWS: The Australian dollar changed hands at $0.7166 after its rise last week from levels below $0.707.

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