Australia Stocks rebound on stimulus hopes

The Australian share market finished session higher on Thursday, 09 July 2020, recovering parts of yesterday's losses, as investors chased for value buying on following gains in the Wall Street overnight and hopes for further stimulus measures to counter the effects of the latest coronavirus-led restrictions. However, market gains capped as concerns over the virus remained after Melbourne went back into lockdown, forcing five million Australians to stay home for all but essential business for the next six weeks. The renewed lockdown follows the closure of Australia's busiest state border, between Victoria and the most populous state New South Wales, on Tuesday night.

At closing bell, the benchmark S&P/ASX200 index inclined 35.15 points, or 0.59%, to 5,955.46. The broader All Ordinaries added 40.63 points, or 0.67%, to 6,074.94.

 

Afterpay was the star of the session, surging 11.4% on the back of broker upgrades. Sezzle added 42% before halting trade ahead of a "material" capital raising.

Miners and banks had a strong session. Rio Tinto added 3.3% after saying it would shut down its loss making Tiwai Point smelter in New Zealand. BHP gained 2%.

Gold miners rallied as the price of the precious metal rallied above $US1800 an ounce. Newcrest added 1.7% and Evolution rallied 4.3% to a record high of A$6.32.

CURRENCY NEWS: The Australian dollar was at $0.6991 after rising from levels below $0.696 yesterday.

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