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Aussie share market rallies as big banks surge

Xinhua News,SYDNEY
2020-10-13 08:29

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SYDNEY, Oct. 13 (Xinhua) -- The Australian share market rallied at open on Tuesday, with all sectors except resources trending higher and banks leading gains.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 58 points or 0.95 percent at 6,190.00, while the broader All Ordinaries index was up 53.90 points or 0.85 percent at 6,397.00.

Financials led gains and were up over 2 percent in early trade, joined by tech, communications services and utilities which were all also firmly higher.

Offsetting them were resource stocks, which kept the market from a more impressive start to the day on the back of a drop in commodity prices.

"Crude oil tumbled and industrial metals fell, but these moves had no impact on the stock markets mania for growth companies," CMC Markets chief market strategist Michael McCarthy said.

In the financial space, the big banks surged with Commonwealth Bank up (2.80 percent), Westpac Bank up (2.48 percent), ANZ up (3.95 percent) and National Australia Bank up (3.32 percent).

Mining stocks sank with BHP down (0.33 percent), Rio Tinto down (0.33 percent), Fortescue Metals down (1.25 percent) and goldminer Newcrest down (1.07 percent).

The country's oil and gas producers slumped with Oil Search down (0.70 percent), Santos down (0.79 percent) and Woodside Petroleum down (0.16 percent).

Australia's largest supermarkets lifted with Coles up (0.63 percent), and Woolworths up (0.82 percent).

Meanwhile telecommunications giant Telstra surged (2.70 percent), the national carrier Qantas took off (1.40 percent) and biomedical firm CSL lifted (0.60 percent).
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