Australia Stocks climb to 8th month highs

The Australian share market finished at 8th month high on Monday, 09 November 2020, as Joe Biden's win in the U.S. presidential election removing some U.S. political uncertainty and raised expectations he will implement a large fiscal stimulus package to boost the coronavirus-hit economy. Lifting risk appetite further were comments from the New South Wales state that said it would shift towards renewable energy and aimed to lure A$32 billion of private investment into the sector in the next decade.

At closing bell, the benchmark S&P/ASX200 surged 108.62 points, or 1.75%, to 6,298.80. The broader All Ordinaries advanced 120.78 points, or 1.89%, to 6,515.74. It was the highest close since March 6 and represents a near 39 per cent climb from the depths of the coronavirus crater on March 23.

The iron ore miners were among the standout performers on Monday with BHP adding 3.5 per cent to A$35.88, Fortescue Metals up 6.4 per cent to A$17.61, and Rio Tinto finishing 2.9 per cent higher at A$96.09.

Banks and financial stocks were mostly higher. Commonwealth Bank climbed 0.8 per cent to A$70.31 and NAB added 1 per cent to A$19.76, while an ex-dividend ANZ shed 1.9 per cent to A$19.22.

Healthcare stocks were also in demand. Biotech CSL climbed 1 per cent to A$304.92 and health stablemate Ansell closed 2.9 per cent higher at a new record A$42.91.

Renewable energy stocks such as Genex Power and Hazer Group ended in the positive territory.

CURRENCY NEWS: The Australian dollar changed hands at $0.7286 after last week's rise from levels below $0.711.

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