Australia Market finishes higher on easing virus toll

The Australian share market finished session higher on Thursday, 27 August 2020, as sentiment was lifted by better-than-expected business investment data and future spending plans. Also helping mood was a fall in new Covid-19 cases in the country's virus hot spot state, Victoria.

At closing bell, the benchmark S&P/ASX200 index added 9.87 points, or 0.16%, to 6,126.23. The broader All Ordinaries rose 16.15 points, or 0.26%, to 6,310.63.

Victoria, the hotbed of a second wave of Covid-19 infections in the country, on Wednesday reported 23 deaths from the new coronavirus in the last 24 hours and 113 new cases, its lowest daily rise in nearly two months, aided by strict lockdown measures.

 

Shares of miners clocked gains on the back of stronger iron ore prices, with BHP Group adding 1.1% and Fortescue Metals Group climbing 3.1% to a record.

Financials ended lower, with lenders Commonwealth Bank of Australia and National Australia Bank being the biggest drags.

Shares of Woolworths Group rose 2.9% after the country's biggest supermarket chain reported a rise in annual supermarket sales on coronavirus-led stockpiling.

ECONOMIC NEWS: Australia Private Capex Slides In Q2- Australia's private sector capital expenditure declined in the second quarter, data from the Australian Bureau of Statistics revealed Thursday. Total new capital expenditure decreased 5.9% in the second quarter from the previous three months, when it was down by revised 2.1%. Investment on building and structures decreased 4.4% and equipment, plant and machinery investment slid 7.6% in the June quarter. Year-on-year, private capital expenditure plunged 11.5% in the second quarter.

CURRENCY NEWS: The Australian dollar changed hands at $0.7247 after rising yesterday from levels around $0.72.

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