Australian shares up on further easing in coronavirus restrictions
Reuters
Published Jun 01, 2020 12:14
June 1 (Reuters) - Australian shares rose on Monday as optimism around further easing of pandemic-induced curbs and gains in miners thanks to stronger commodity prices overcame initial losses.
Several Australian states eased social distancing restrictions further, allowing restaurants to host more people and public attractions to reopen, as the country moves to revive its ailing economy. S&P/ASX 200 index .AXJO rose 0.6% to 5,790.3 points by 0208 GMT, after losing some ground at the open as global market sentiment was tempered by fears of a resurgence of the coronavirus in the United States amid riots across many cities there. benchmark, which fell 1.6% on Friday, was supported by miners.
ASX 300 metals and mining index .AXMM rose 1.71% with global miners BHP Group Ltd BHP.AX and Rio Tinto (LON:RIO) Ltd RIO.AX rising 2.6% and 2.8%, respectively.
China's most-active Dalian iron ore contract DCIOcv1 rose as much as 3.3% in early trade. IRONORE/
Gold stocks .AXGD were also up 0.33% in tandem with higher spot prices XAU= , with Bellevue Gold Ltd BGL.AX , up 7.06%, and Alacer Gold Corp AQG.AX , gaining 5.56%
Financial stocks .AXFJ rose 0.59% led by Bendigo and Adelaide Bank Ltd BEN.AX , up 2.44%, followed by AMP Ltd AMP.AX , gaining 2.15%
Shares of top lender Commonwealth Bank of Australia CBA.AX dropped as much as 2.3%.
Energy stocks .AXEJ rose 0.32%, snapping two sessions of losses despite a fall in global oil prices with New Hope Corp Ltd NHC.AX , up 1.85%, and Santos Ltd STO.AX , gaining 1.49%.
Advancing stocks on the ASX were 817 while 609 declined.
The top percentage gainers on the .AXJO were Adbri Ltd ABC.AX , up 8.46%, followed by Flight Centre Travel Group Ltd FLT.AX , gaining 6.88% and Austal Ltd ASB.AX , up 6.59%.
New Zealand stock markets were closed for a holiday.
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Written By: Reuters
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