You are here: Home » News-CM » International » Market Report
Business Standard

Australia Market gains on COVID-19 vaccine progress

Capital Market 

The Australian share market finished session higher on Tuesday, 17 November 2020, as investor sentiments boosted on tracking record finish of Wall Street overnight after more upbeat news on the coronavirus vaccine front, with Moderna reporting positive results from a trial of its vaccine candidate.

At closing bell, the benchmark S&P/ASX200 added 13.88 points, or 0.21%, to 6,498.21. The broader All Ordinaries rose 10.83 points, or 0.16%, to 6,697.84.

Shares of the financials and energy sectors advanced the most while materials also provided solid support. Energy stocks were supported by a 3% lift in global oil prices as the vaccine progress continued to add to demand expectations. Oil Search (OSH) was 4.5% higher with Beach Energy (BPT) adding 6.5%. Woodside (WPL) gained 3.4% as did Santos (STO).

Shares of the big banks and miners also contributed to broader market improvements.

Among the big four lenders, ANZ Bank (ANZ) and Westpac (WBC) were leading with gains of 2.4% and 2.3%. National Bank (NAB) was 1.6% higher while Commonwealth Bank (CBA) lifted 1.2%. Meanwhile BHP Group (BHP) advanced 2.5%.

In economic news, members of the Reserve Bank of Australia's monetary policy board felt that the country's economic recovery from the COVID-19 pandemic was well underway, but would be protracted, minutes from the central bank's November 3 meeting revealed on Tuesday. To that end, the members agreed that fiscal and monetary support would likely be required for some time. At the meeting, the RBA decided to lower its key cash rate by 15 basis points to a record low of 0.10 percent. It also decided to cut the target for the yield on the 3-year Australian Government bond to around 0.1 percent and to purchase A$100 billion government bonds of maturities of around 5 to 10 years over the next six months.

CURRENCY NEWS: The Australian dollar was at 0.7323 against the dollar, strengthening from the 0.72 mark yesterday.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 17 2020. 14:18 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU