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  • Australia Market rises on upbeat offshore lead
  • August 04,2020  14:38
  • The Australian share market finished session higher on Tuesday, 04 August 2020, as investor sentiment was lifted by following Wall Street's upbeat lead after upbeat U.S. manufacturing data and as the Reserve Bank signalled it would resume bond purchases.

    At closing bell, the benchmark S&P/ASX200 index surged 111.46 points, or 1.88%, to 6,037.55. The broader All Ordinaries was up 112.54 points, or 1.86%, to 6,166.49.

    Overnight, the three major U.S. indexes gained between 0.7% and 1.5% as signs of a rebound in multibillion-dollar deals bolstered risk sentiment. Adding to investor confidence, an industry gauge indicated U.S. manufacturing activity expanded in July at the fastest pace in more than a year. The strong data from the U.S. following positive Chinese data earlier on Monday reaffirmed that the global economic recovery was still in place.

    Meanwhile, the Reserve Bank of Australia left its cash rate at a record low of 0.25% and RBA board members announced it would maintain an accommodative approach on expectation that the economic recovery from the pandemic would be uneven and bumpy. The central bank also announced it would resume bond purchases in order to keep a lid on the 3-year yield.

    All sectors finished higher, with tech shares and financials led the pack for most of the session. Commonwealth Bank set the pace for the big four with a 2.3% rise to A$71.50.

    Materials stocks were buoyed by a 5% increase in iron or prices to $US116 a tonne, with Fortescue Metals setting another new record close of $18.16. Rio Tinto and BHP added 2% and 1.5% respectively.

    CURRENCY NEWS: The Australian dollar was at $0.7141 after falling below $0.71 yesterday.

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