June 9, 2020 / 1:28 AM / 25 days ago

Australian shares ride economic revival momentum, soar 3%

* Aussie stocks join global equities rally

* Financials lead gains on ASX 200

* Iron ore major Fortescue Metals hits record high

By Pranav A K

June 9 (Reuters) - Australian shares jumped more than 3% on Tuesday, with gains propped up by miners and financial stocks, as investors continued to bet on a swift economic rebound from the damage wrought by the coronavirus pandemic.

Returning from a holiday-extended weekend, the S&P/ASX 200 rose 2.6% to 6,153.7 by 0037 GMT, up for a sixth straight session. Earlier in the session, the index jumped 3.3% to its highest since March 9.

The benchmark caught up with a global rally that followed an unexpected jump in U.S. employment last month.

In the United States, Nasdaq closed at a record high overnight, confirming a bull market for the index.

The upbeat sentiment pushed heavyweight Australian financial stocks up nearly 5% to their highest in nearly three months. The “Big Four” banks advanced between 4.5% and 6.5%.

The mining index touched its highest level since Jan. 28 following a surge in Chinese iron ore futures over supply concerns after Brazil shut down a Vale complex.

Shares of BHP Group and Rio Tinto rose as much as 4.4% and 4.7%, respectively, while Fortescue Metals Group hit an all-time high.

Wesfarmers gained 2.2% after the retail conglomerate posted an 89% surge in online sales so far this calendar year.

An index of energy stocks rose 4.69% led by Worley Ltd, up 11.29%, followed by Santos Ltd, gaining 6.96​%.

The number of issues on the ASX that advanced were 1,056, while 268 declined as a 3.9-to-1 ratio favoured advancers.

New Zealand’s benchmark S&P/NZX 50 pared early gains to trade 0.7% lower at 11,437.42, a day after declaring that the country had eliminated the coronavirus.

New Zealand this week joined a handful of countries that have re-emerged from the crisis, lifting all coronavirus-led restrictions from Tuesday except for border controls. (Reporting by A K Pranav in Bengaluru, Editing by Sherry Jacob-Phillips)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below