Australia Market gains for a third day

The Australian share market stretched gains for third day in row on Thursday, 06 February 2020, as investors risk sentiments lifted by U.S. shares advancing overnight on better-than-expected jobs data and positive developments on the U.S.-China trade front.. At closing bell, the benchmark S&P/ASX200 index added 73.15 points, or 1.05%, to 7,049.20, while the broader All Ordinaries rose 67.74 points, or 0.96%, to 7,148.68.

Investor sentiment was bolstered after the China Ministry of Finance said on Thursday it would halve tariffs on hundreds of U.S. imports from 14 feb 2020, which could help improve negotiating conditions for a second phase of a trade accord after the two countries signed off on an interim deal last month.

The financials subindex ended 1.4% higher, underpinned by gains in the "Big Four" banks. The country's two biggest lenders Commonwealth Bank of Australia and Westpac Banking Corp advanced 1% and 1.7%, respectively.

Strength in copper prices helped mining stocks extend gains into a third consecutive session. Heavyweights BHP Group and Rio Tinto Ltd, which together own the majority of the world's biggest copper mine in Chile, added 1.7% and 0.7%, respectively.

The healthcare subindex rose 1.2% to close at a record high, as heavyweight CSL surged 1.6% after Morgan Stanley upgraded the company's rating and price target.

CURRENCY NEWS: The Australian dollar changed hands at $0.6748 after touching an earlier low of $0.6741.

Powered by Capital Market - Live News