Australia ASX200 closes above 6K level on Covid-19 vaccine optimism

The Australian share market finished higher for straight second session on Tuesday, 08 September 2020, with stocks rising across the board, as positive developments regarding COVID-19 vaccine development along with a rise in China's export performance in August kept investor sentiment high.

At closing bell, the benchmark S&P/ASX200 index advanced 62.99 points, or 1.06%, to 6,007.80. The broader All Ordinaries added 60.28 points, or 0.98%, to 6,190.20.

Prime Minister Scott Morrison said on Monday that Australia will buy about 85 million doses of two potential Covid-19 vaccines if trials prove successful, with the first batches of the doses expected to be received by early next year. The agreement between Australia and biotech firm CSL to manufacture two potential vaccines came on Monday.

 

Shares of miners were the top boosts to the benchmark index, on rising iron ore futures and improvement in exports to China, Australia's largest trading partner. Global miners BHP Group and Rio Tinto gained up to 1.4% each.

Heavyweight financials were also higher, with top lenders Commonwealth Bank of Australia and Westpac Banking Corp rising 1% each.

CURRENCY NEWS: The Australian dollar changed hands at $0.7298 after seeing a momentary fall below $0.726 late last week.

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