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Aussie share market surges to 8-month-high

Xinhua News,SYDNEY
2020-11-09 09:52

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SYDNEY, Nov. 9 (Xinhua) -- The Australian share market surged at open on Monday with broad gains buoying the market to its highest levels since March.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 67.30 points or 1.09 percent at 6,257.50, while the broader All Ordinaries index was up 75.90 points or 1.19 percent at 6,470.90.

Overall the market was trading at its highest level since March, when the COVID-19 pandemic began to force rolling shutdowns across the country.

Communication stocks were the most improved in early trade, led by real estate advertising company REA which surged over 7 percent.

Adding the most value overall were market heavyweights, the miners, which collectively started the day 2.5 percent higher.

In the financial space, the big banks were mostly higher with Commonwealth Bank up (0.62 percent), Westpac Bank up (0.45 percent) and National Australia Bank up (0.82 percent), however, ANZ was down (1.33 percent).

Mining stocks surged with BHP up (2.45 percent), Rio Tinto up (2.33 percent), Fortescue Metals up (3.51 percent) and goldminer Newcrest up (0.91 percent).

The country's oil and gas producers varied with Oil Search down (0.71 percent), Santos up (0.21 percent) and Woodside Petroleum down (0.22 percent).

Australia's largest supermarkets soared with Coles up (1.63 percent), and Woolworths up (1.49 percent).

Meanwhile telecommunications giant Telstra bounced (1.07 percent), the national carrier Qantas lifted (0.33 percent) and biomedical firm CSL rallied (1.18 percent).
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