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Budget News

  • Australia Market rises on coronavirus recovery hopes
  • May 25,2020  10:48
  • The Australian share market advanced on Monday, 25 May 2020, snapping two consecutive losses, as optimistic investors focused more on the COVID-19 economic recovery after countries around the world slowly open up again and as optimism about a potential vaccine for COVID-19. Optimism about more stimulus by global central banks to ease the impact of the coronavirus pandemic helped lift stocks. However, market gains capped after the Bureau of Statistics published preliminary trade data, showing Australia's exports had dropped 12% (or A$4 billion) in April to A$31.4 billion — a sharp fall compared to March's record high. Around late afternoon, the benchmark S&P/ASX200 index surged 91.08 points, or 1.66%, to 5,588.10. The broader All Ordinaries added 93.48 points, or 1.67%, to 5,702.30.

    Market gains were supported by fresh hopes for a global economic recovery in the second half of the year as the U.S. and countries around the world slowly open up again and as optimism about a potential vaccine for COVID-19.

    Several sectors are lifting more than 2% with healthcare, consumer discretionary, energy, industrials and IT among them. Materials are underperforming with a modest rise of 0.6%.

    Travel retailers were among the biggest individual improvers as Flight Centre (FLT) rallied 15% and Webjet (WEB) gained 14%. Expectations that interstate travel could recommence in the coming months is adding optimism to travel names. Other retailers such as Lovisa (LOV) and Super Retail Group (SUL) were also experiencing strong improvements. LOV was up 7.5% with SUL was 4.5% higher

    Nine Entertainment (NEC) shares inclined by 5.8% after selling its NZ news business, Stuff Litd, to Stuff's current CEO. NEC will retain ownership of a printing plant in Wellington and lease it back to Stuff while it will also receive proceeds from the sale of Stuff Fibre (NZ broadband internet business).

    CURRENCY NEWS: The Australian dollar briefly dipped to 65.24 US cents late afternoon after trading as high as 65.48 US cents in the morning.

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