SYDNEY: Australian shares posted their biggest jump in more than six weeks on Thursday, as easing restrictions for vaccinated citizens in the country’s largest state lifted sentiment.
The S&P/ASX 200 index rose 0.58% to close at 7,460.2, with energy stocks leading the gains. The benchmark index ended down 0.27% on Wednesday.
The New South Wales government eased restrictions in the country’s largest state for vaccinated citizens, ending a night curfew in Sydney, while officials said some curbs on travel and outdoor exercise in Melbourne would be eased when the state of Victoria hits 70% first-dose coverage targets on Friday.
The benchmark briefly see-sawed after data from the Australian Bureau of Statistics (ABS) showed employment fell by 146,000 in August, compared to median forecasts of a drop of 90,000, but quickly recovered thanks to the modest easing of coronavirus restrictions in the country.
Energy stocks rose 1.32% tracking strong gains in oil prices, after a larger-than-expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer.
Heavyweights Viva Energy Group Ltd and Whitehaven Coal Ltd led gains on the sub-index, advancing up to 4.4% and 5.3%, respectively.
Travel and tourism stocks rose, after restrictions were eased in various parts of the country and as states passed their vaccination milestone.
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