Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

REFILE-Australia shares join global rally on vaccine hopes; tourism, oil stocks take off

11/09/2020 | 07:16pm EST

(Corrects to remove extraneous letters at start of first paragraph)

* Tourism, leisure stocks lead rally in Australia, NZ

* Energy stocks jump after oil prices soar over 8%

* Gold stocks plunge as investors dump safe-haven assets

Nov 10 (Reuters) - Stock markets in Australia and New Zealand jumped more than 2% on Tuesday, joining a global rally in equities overnight as investor risk appetite was boosted by promising developments toward a coronavirus vaccine.

The Australian benchmark index hit its highest level since March 5, led by gains for travel, leisure and energy firms, while gold-related stocks plunged as investors dumped the safe-haven bullion in favour of riskier assets.

Global markets rallied sharply, with Wall Street's main indexes hitting record highs, after U.S. drugmaker Pfizer and its German partner BioNTech said data from a large-scale trial of their vaccine showed it was more than 90% effective in preventing COVID-19.

"Even with widespread distribution still months away the announcement effect will provide a consumer and business sentiment boost to be sure," RBC Capital Markets analysts said in a note.

"Whether people want to call that a 'V' recovery or not is, at this point, inconsequential – it is materially faster than most anyone appreciated," they said.

Travel firms Flight Centre Travel Group, Sydney Airport Holdings and Qantas Airways Ltd soared more than 10% each on the news.

Energy stocks, which have been among the worst affected by the coronavirus-related hit to demand, climbed over 8% as crude prices surged.

Australia's top independent gas producer Woodside Petroleum Ltd gained 8% while Papua New Guinea-focused Oil Search surged 21%.

Real estate firms Scentre Group, GPT Group and Dexus gained between 8% and 15%.

Gold stocks, however, slumped more than 7% in their worst session since May 27, following a steep fall in bullion prices.

Miners Saracen Mineral Holdings Ltd, Northern Star Resources Ltd and Evolution Mining were among the top percentage losers on the benchmark.

Tech shares fell 4%, dragged lower by a 6% decline in buy-now-pay-later heavyweight Afterpay Ltd, which has soared so far this year due to increased online payment transactions during the pandemic.

Glove maker Ansell Ltd, which had benefited from a steep hike in demand this year, was on track for its worst day since March 31.

In New Zealand, the benchmark S&P/NZX 50 index rose as much as 2.2% to hit a fresh peak.

Vista Group International, which develops software for the film industry, soared 20%, while carrier Air New Zealand jumped 15%. (Reporting by Shruti Sonal in Bengaluru; editing by Richard Pullin)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED 10.04% 133.15 End-of-day quote.12.84%
AIR NEW ZEALAND LIMITED -1.44% 1.71 End-of-day quote.-5.00%
ANSELL LIMITED -0.66% 34.57 End-of-day quote.-0.60%
DEXUS -0.44% 8.99 End-of-day quote.-4.36%
EVOLUTION MINING LIMITED -1.07% 4.61 End-of-day quote.-7.62%
FLIGHT CENTRE TRAVEL GROUP LIMITED -0.33% 15.28 End-of-day quote.-3.60%
GPT GROUP 0.92% 4.39 End-of-day quote.-2.44%
NORTHERN STAR RESOURCES LIMITED -0.93% 12.72 End-of-day quote.0.24%
OIL SEARCH LIMITED 0.23% 4.41 End-of-day quote.18.87%
QANTAS AIRWAYS LIMITED 1.67% 4.88 End-of-day quote.0.62%
SARACEN MINERAL HOLDINGS LIMITED -0.21% 4.81 End-of-day quote.1.26%
SCENTRE GROUP 5.04% 2.92 End-of-day quote.5.04%
SYDNEY AIRPORT LIMITED -0.49% 6.12 End-of-day quote.-4.52%
VISTA GROUP INTERNATIONAL LIMITED -0.65% 1.53 End-of-day quote.-8.93%
WOODSIDE PETROLEUM LTD 0.56% 26.76 End-of-day quote.17.68%
Latest news "Economy & Forex"
04:43aEXCLUSIVE : Trump admin slams China's Huawei, halting shipments from Intel, others - sources
04:42aStellantis Shares Rise After Market Debut
04:32aAmazon to open two new hubs in Italy this year
04:31aSpeculators' net long position on sterling jumps to 10-month high
04:30aStellantis shares rise on debut in Milan and Paris
04:21aMalaysia to roll out additional $3.7 billion stimulus measures
04:20aWorld shares sink as virus fears offset recovery hopes
04:20aRussia's rouble leads EMEA FX losses on weak oil, political woes
04:08aTAKE FIVE : No.46 enters the White House
03:59aEXCLUSIVE : BOJ to consider scaling back ETF buying, market control in March review - sources
Latest news "Economy & Forex"