At closing bell, the benchmark S&P/ASX200 index inclined 52.29 points, or 0.85%, to 6,229.38. The broader All Ordinaries added 50.53 points, or 0.79%, to 6,435.56.
Victoria, Australia's second-most populous state which was at the epicentre of the country's coronavirus outbreak, will see more freedom of movement as of Monday, with the state government eyeing a reopening of restaurants and retail stores by Nov. 1.
Global sentiment improved after U.S. House Speaker Nancy Pelosi said she was optimistic that a legislation on coronavirus relief package could be pushed through before the Nov. 3 presidential election.
The improvements were rather widespread with nearly every sector advancing. The healthcare and IT sectors enjoyed the biggest percentage increases while the heavyweight financials and materials also helped lift the broader market. The only sector in decline was real estate.
Healthcare stocks have pushed the market higher, with the biotech giant CSL Limited (CSL) being the biggest contributor to the market gains with the stock lifting 1.7%.
The big 4 banks also all advanced with Commonwealth Bank (CBA) leading the way, up 1.1%.
Fortescue Metals (FMG) was among the best of the major miners gaining 1.1%. South32 (S32) ended 4.3% higher on a September quarterly report. S32 has maintained its FY21 production guidance for all its operations.
Lynas shares were up 7.3% to A$2.87 on reports from China over the weekend that the government was imposing export restrictions on rare earths minerals, among many other products. This would leave Lynas as the only integrated producer outside China.
CURRENCY NEWS: The Australian dollar fell slightly following the release of Chinese Sept Qtr GDP growth of 4.9%, which was slightly below expectations, and is buying 70.89 US cents.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
