Australia Stocks climb to fifth straight session

The Australian share market climbed higher for a fifth straight session on Wednesday, 11 November 2020. The US election outcome, which seems set to result in a divided Congress and Pfizer's positive coronavirus vaccine trial results yesterday, have helped push the market higher. Around late afternoon, the benchmark S&P/ASX200 surged 109.37 points, or 1.72%, to 6,449.90. The broader All Ordinaries advanced 107.28 points, or 1.64%, to 6,651.30.

Market gains were broadbased, with financials and energy stocks being notable gainers, meanwhile travel-related stocks and airlines extended gains on a swifter-than-expected economic recovery hopes.

Australia's top independent gas producer Woodside Petroleum rose after it reaffirmed that its Scarborough and Pluto Train 2 liquefied natural gas project is on track for a final investment decision in the second half of 2021.

 

The big banks were up by an average of 1.5-2 per cent, with the exception of Westpac (WBC) which was down 0.1 per cent as it trades ex-dividend. WBC will pay eligible investors a 31 cent dividend on 18 December.

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

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