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Australia’s share market surges 2 per cent as investors pounce on ‘cheap’ stocks

Published: (Updated: ) in Australian News by .

It’s the fourth day running since the virus outbreak began that the ASX 200 has opened in the green.

Australia's share market has surged more than two per cent as investors buy up across the board after another sharp rise in US equities.

The S&P/ASX200 benchmark index was up 115.3 points or 2.25 per cent at 5228.6 at 10.15am AEDT today, with all indices in the green.

The benchmark ASX/200 at yesterday's close had risen more than 16 per cent since hitting a seven-year low on Monday.

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The All Ordinaries index rose 119 points, or 2.32 per cent, to 5254.2 after the first 15 minutes of trading today.

Woolworths has jumped more than three per cent to $37.89 after saying it was creating 20,000 new jobs to meet a surge in demand.

But the list of Australian companies slashing expenditure, shutting their doors and standing down staff continues to grow.

Overnight, US stocks rose sharply after the US Senate passed the unprecedented A$3.3 trillion emergency aid bill to shore up the world's largest economy amid the coronavirus outbreak.

The House will vote on the bill today.

IG Markets analyst Kyle Rodda says that for all the optimism, some stark realities remain about the current climate for the global economy.

"US jobless claims data came-in far worse than expected... and the COVID-19 crisis is still well out of control," he said in a note.

The Australian dollar was buying 60.50 US cents at 10.15am AEDT, up from 59.14 US cents as the market closed yesterday.

Source: 9News

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