SYDNEY/WELLINGTON: Australian shares closed higher on Monday after the country’s drug regulator approved the Pfizer-BioNTech COVID-19 vaccine for use, while expectations of a $1.9 trillion fiscal stimulus plan to kick-start the U.S economy lifted broader sentiment.
The S&P/ASX 200 index closed 0.4% firmer at its highest since Feb. 25, 2020, after ending 0.3% lower on Friday. Trading volumes remained at just little over half of the 30-day average. The country’s medical regulator was one of the first in the world to complete a comprehensive approval of the Pfizer-BioNTech vaccine, while Australian Health Minister Greg Hunt told reporters that vaccination of priority groups is expected to begin by February-end, at 80,000 doses per week. Markets will be closed on Tuesday on account of Australia Day. Miners rose nearly 1.1%, and were the biggest boosts to the index with mining giant Rio Tinto gaining 2.1%, while rival BHP rose nearly 0.89%.
New Zealand’s benchmark S&P/NZX 50 index rose 0.5% to finish the session at 13,399.1 points.
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