Advertisement

ASX up 2.3%, banks and energy outperform

Summary

  • The ASX200 surges 2.3% to 5927 points in morning trade. NSW is on a public holiday and Chinese markets are closed
  • The S&P500 fell 1% and the tech-heavy Nasdaq index dropped 2.2% after news of President Trump's positive coronavirus test broke on Friday. The ASX 200 finished 1.4% lower
  • Victoria has recorded a fatality-free day, and just nine new coronavirus cases
  • CIMIC Group jumps 6.9%, Oil Search up 6.3% in morning trade. Viva Energy falls 11.6%. 

Search ASX quotes

Pinned post from

ASX jumps 2.1% at the open; Banks surge

By Alex Druce

The Australian sharemarket surged into a new week even as the health of US President Donald Trump casts more uncertainty over an already volatile investment landscape. NSW is on a public holiday and Chinese markets are closed.

The ASX200 jumped by as much as 2.1 per cent to 5912.9 in the opening exchanges, more than repairing Friday's decline and adding $37 billion to the market capitalisation.

The index was still 2 per cent higher at 5904.8 after 20 minutes, with all sectors ahead. The heavyweight stocks were soaring, with the global miners and banking giants well ahead.

BHP rose 2 per cent, Rio Tinto 1.7 per cent, and Fortescue Metals 2.1 per cent. Commonwealth Bank was up 2.7 per cent, Westpac, 3.9 per cent, NAB 4.4 per cent, and ANZ 3.8 per cent.

Biotech CSL rose 0.9 per cent.

The ASX plunged late on Friday following President Trump's positive coronavirus diagnosis to finish down 1.4 per cent for the session and finish its worst week since mid-April.

In the US the S&P500 fell 1 per cent and the tech-heavy Nasdaq index dropped 2.2 per cent after news of the positive test broke.

The added uncertainty appeared to boost fears over the US election, and evidence that the global recovery is stalling. A recent batch of weak economic data, including US Non-Farm Payrolls, further weighed on sentiment.

Latest updates

Advertisement
Advertisement

Most Viewed in Business

Loading