Aussie share market closes firmly higher as energy surges

Xinhua News,SYDNEY
2020-04-01 14:15

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The Australian share market closed firmly higher on Wednesday with energy stocks leading gains throughout the day.

At the market close the benchmark S&P/ASX 200 index was up 181.80 points or 3.58 percent at 5,258.60, while the broader All Ordinaries index was up 180.10 points or 3.52 percent at 5,290.70.

Energy stocks surged by 7.4 percent after being the worst performing sector last month, communication services were also solidly improved, lifting over 5 percent.

Despite the day's improvements, overall the market remained firmly lower after suffering a horror past month.

"Local stocks remain near four-year lows however, with the ASX 200 slumping by 21 percent in March and 24 percent between January and March," Commsec market analyst Steven Daghlian said.

"It was the worst month since October 1987 for Aussie shares and the worst quarter since December 1987."

On the day, Australia's big banks rallied with the Commonwealth Bank up (2.99 percent), ANZ up (0.53 percent), National Australia Bank up (1.62 percent) and Westpac Bank up (1.21 percent).

Mining stocks lifted with Rio Tinto up (4.53 percent), BHP up (4.31 percent), goldminer

Newcrest up (1.52 percent) and Fortescue Metals up (3.50 percent).

The country's oil and gas producers surged with Oil Search up (12.61 percent), Santos up (9.65 percent) and Woodside Petroleum up (7.85 percent).

Australia's largest supermarkets lifted with Coles up (4.42 percent), and Woolworths up (2.59 percent).

Meanwhile telecommunications giant Telstra lifted (4.24 percent), the national carrier Qantas lifted (4.64 percent) and biomedical firm CSL bounced (3.48 percent).
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