AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.51 Decreased By ▼ -2.41 (-3.05%)
BOP 5.23 Decreased By ▼ -0.05 (-0.95%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.25 Decreased By ▼ -0.35 (-0.43%)
EPCL 50.15 Decreased By ▼ -0.76 (-1.49%)
FCCL 13.17 Decreased By ▼ -0.21 (-1.57%)
FFL 5.72 No Change ▼ 0.00 (0%)
FLYNG 7.05 Decreased By ▼ -0.10 (-1.4%)
FNEL 4.81 Decreased By ▼ -0.01 (-0.21%)
GGGL 8.78 Decreased By ▼ -0.12 (-1.35%)
GGL 14.57 Decreased By ▼ -1.31 (-8.25%)
HUMNL 5.70 Decreased By ▼ -0.07 (-1.21%)
KEL 2.61 Decreased By ▼ -0.05 (-1.88%)
LOTCHEM 28.72 Decreased By ▼ -0.33 (-1.14%)
MLCF 24.50 Decreased By ▼ -0.60 (-2.39%)
OGDC 72.17 Decreased By ▼ -0.28 (-0.39%)
PAEL 15.13 Decreased By ▼ -0.22 (-1.43%)
PIBTL 4.97 Decreased By ▼ -0.08 (-1.58%)
PRL 15.99 Decreased By ▼ -0.30 (-1.84%)
SILK 1.07 Decreased By ▼ -0.02 (-1.83%)
TELE 9.21 Decreased By ▼ -0.16 (-1.71%)
TPL 7.19 Decreased By ▼ -0.14 (-1.91%)
TPLP 18.50 Decreased By ▼ -0.45 (-2.37%)
TREET 21.62 Decreased By ▼ -0.38 (-1.73%)
TRG 132.85 Decreased By ▼ -8.30 (-5.88%)
UNITY 16.75 Decreased By ▼ -0.27 (-1.59%)
WAVES 9.84 Decreased By ▼ -0.06 (-0.61%)
WTL 1.38 Decreased By ▼ -0.03 (-2.13%)
BR100 4,213 Decreased By -41.9 (-0.98%)
BR30 15,391 Decreased By -341.3 (-2.17%)
KSE100 42,066 Decreased By -327.3 (-0.77%)
KSE30 15,546 Decreased By -117.6 (-0.75%)
Markets

Australian shares jump most in over two weeks on US stimulus hopes

  • "If the coal issue with China is resolved early in the new year, it would relax the market in relation to other commodities that are exported to China," Smoling added.
Published December 16, 2020
Follow us

Australian shares rose the most in more than two weeks on Wednesday, tracking overnight Wall Street gains buoyed by a potential US coronavirus stimulus package.

The S&P/ASX 200 index rose 0.7% to end at 6,679.2, posting its biggest intraday jump since Dec. 1.

All three major US indexes gained overnight, with Nasdaq closing at a record level, on hopes of the US lawmakers reaching a quick relief deal to soften the pandemic's economic blow.

Investors will also be eyeing the US Federal Reserve meeting outcome later on Wednesday, where it is likely to keep its key overnight interest rate at near zero for the foreseeable future.

"Market in general is buoyant, taking direction from the US on hopes for a good commentary from the FOMC meeting and a stimulus from the US lawmakers," said Brad Smoling, managing director at Smoling Stockbroking.

In Australia, miners and financials were the top boosts, advancing 1.9% and 0.7%, respectively.

Commonwealth Bank of Australia rose 1%, after it announced a merger of its domestic home loans business with online loan platform Lendi.

Escalating trade tensions with China, however, continued to weigh on sentiment, with Australia planning to appeal to the World Trade Organization over Beijing's decision to impose hefty tariffs on Canberra's barley imports.

"If the coal issue with China is resolved early in the new year, it would relax the market in relation to other commodities that are exported to China," Smoling added.

Tech stocks ended at a record high, with buy-now-pay-later firm Afterpay extending gains into the fourth straight day and hitting a third straight closing peak.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.5% to end at 12,828.99.

The country's September quarter GDP is expected to bounce to a 10.5% growth from its sharpest contraction on record in the second quarter.

Comments

Comments are closed.

Australian shares jump most in over two weeks on US stimulus hopes

Intra-day update: rupee maintains positive momentum against US dollar

US brands South Asian Al-Qaeda, TTP militants as global terrorists

Imran Khan says Senator Azam Swati treated in 'vengeful manner'

Deemed income on capital assets: Taxpayers required to file new form separately

Oil prices mixed on easing COVID curbs in China, firm dollar

OMCs take a hit as petroleum sales drop in Pakistan

Under-pressure Pakistan 17-0 at lunch after England’s mammoth 657

Jul-Nov trade deficit shrinks 30.14pc to $14.406bn YoY

PRL barred from shutting down this month

UN launches record $51.5bn funding appeal