Australia Market surges to 3-month highs

The Australian share market finished higher six straight sessions on Tuesday, 09 June 2020, as investor sentiment continues to remain elevated on following the U.S. market's big advance in last two sessions after a surprise increase in U.S. employment and an easing of coronavirus lockdown measures.

At closing bell, the benchmark S&P/ASX200 index surged 146.23 points, or 2.44%, to 6,144.95, the highest close since 6 March 2020. The broader All Ordinaries added 146.44 points, or 2.39%, to 6,262.91. The Australian share market was closed on Monday for the Queen's Birthday national holiday.

The financial sector rose, as shares of the country's so-called Big Four banks soared. Commonwealth Bank of Australia was up 5.1%, Westpac jumped 5.8%, Australia and New Zealand Banking Group added 6.2% and National Australia Bank gained 5.1%.

 

Shares of energy players climbed up, on tracking surge in crude oil prices on hopes of a rapid recovery in demand as restrictions are eased. Woodside Petroleum and Santos climbed 5.5% and 7.3%, respectively.

Shares of global miners BHP Group and Rio Tinto were the top gainers on the metals and mining sub-index, propped up by a recent surge in iron ore prices.

CURRENCY NEWS: The Australian dollar changed hands at $0.6958, following an earlier high of $0.7042.

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