Australia Market gains on upbeat local economic data

The Australian share market finished first session of the new month and quarter in a more positive manner on Wednesday, 01 April 2020, despite weakness in majority of regional markets, thanks to better than expected readings on building approvals and Australia AiG Manufacturing data. Improvements were across the board with all sectors in positive territory, with energy sector was the big standout, followed by financials, materials, and healthcare issues. At closing bell, the benchmark S&P/ASX200 index advanced 181.81 points, or 3.58%, to 5,258.64. The broader All Ordinaries added 180.19 points, or 3.53%, to 5,290.75.

Shares in energy sector were the big standout. Oil Search (OSH) advanced 12.6%. Woodside (WPL) gained 7.8% and Santos (STO) lifted 9.6%

Financials were aided by the performance of the big four banks. The big four rose as much as 3% with Commonwealth Bank (CBA) leading the way. Macquarie Group (MQG) also climbed 4%.

ECONOMIC NEWS: Australia Building Approvals Up 19.9% On Month In February- Australia total number of building permits was up a seasonally adjusted 19.9 percent on month in February, coming in at 15,698, the Australian Bureau of Statistics said on Wednesday, following the 15.3 percent decline in January. On a yearly basis, total approvals fell 5.8 percent.

Australia AiG Manufacturing Climbs into Expansion in March- Australia manufacturing sector climbed back into expansion in March, the latest survey from the Australian Industry Group revealed on Wednesday with a seasonally adjusted Performance of Manufacturing Index score of 53.7. That's up sharply from 44.3 in February, and it moves back above the boom-or-bust line of 50 that separates expansion from contraction after four months under water.

CURRENCY: The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 99.108 after declining from levels above 99.5 seen earlier, pressured by the latest Federal Reserve measures to ensure sufficient liquidity in the global financial system. The Australian dollar changed hands at $0.6123 after seeing an earlier low of $0.6107, due to mixed manufacturing data but better than expected building approvals.

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