Australia Stocks extend gains

The Australian share market finished higher for fourth straight session on Wednesday, 24 June 2020, thanks to buying induced by the U.S. market's advance overnight. However, market gains capped on concerns about increasing number of COVID-19 cases in Melbourne.

At closing bell, the benchmark S&P/ASX200 index rose 11.34 points, or 0.19%, to 5,965.75. The broader All Ordinaries added 12.27 points, or 0.2%, to 6,081.55.

The utilities sector enjoyed the biggest sectoral gains, followed by the healthcare and information technology sectors. Avita Medical shares increased 1,766% to $8.40 thanks to a 20 to 1 stock consolidation. Sonic Healthcare increased 4.7% to $30.33 following a positive trading update.

Gold miners improved following the price of the precious metal hitting 7-year highs. The likes of Evolution Mining (EVN) and Northern Star (NST) saw some of the biggest moves, lifting 6.6% and 4.9% each.

Industrial stocks declined, as toll giant Transurban dropped 3.3% to $14.30 after a ratings downgrade by UBS following Monday's warning its toll road traffic may never return to pre-COVID-19 levels.

The heavyweight financial sector fell by 0.3% as ANZ Bank dropped 0.8%, NAB fell 0.6%, and Westpac declined 0.4%. Commonwealth Bank increased by 0.3% to $69.24.

CURRENCY NEWS: The Australian dollar changed hands at $0.6913 after seeing an earlier low of $0.6899.

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