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Aussie share market rallies with broad gains

Xinhua News,SYDNEY
2020-10-19 09:05

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SYDNEY, Oct. 19 (Xinhua) -- The Australian share market opened firmly higher on Monday with all sectors trending higher and tech leading the charge.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 48.70 points or 0.79 percent at 6,225.50, while the broader All Ordinaries index was up 48.90 points or 0.77 percent at 6,433.90.

The positive mood preceded key data expected out of China, which has been a global leader in terms of recovery from the COVID-19 pandemic.

"Asia Pacific markets are looking at growth positive moves today ahead of the release of key Chinese data mid-session," CMC Markets chief market strategist Michael McCarthy said.

Locally, healthcare and tech lead gains in early trade, both over 1.5 percent higher, while financials and materials also surged, up over 1 percent.

In the financial space, the big banks lifted with Commonwealth Bank up (0.87 percent), Westpac Bank up (0.59 percent) and National Australia Bank up (0.52 percent) and ANZ up (0.70 percent).

Mining stocks were rallied with BHP up (0.83 percent), Rio Tinto up (0.67 percent), Fortescue Metals up (2.11 percent) and goldminer Newcrest up (1.11 percent).

The country's oil and gas producers varied with Oil Search up (1.23 percent), Santos down (0.20 percent) and Woodside Petroleum up (0.49 percent).

Australia's largest supermarkets lifted with Coles up (0.68 percent), and Woolworths up (0.69 percent).

Meanwhile telecommunications giant Telstra rallied (0.18 percent), the national carrier Qantas took off (0.83 percent) and biomedical firm CSL bounced (1.13 percent).
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