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Australia shares closed more than 1% higher on Tuesday, as news of a third promising vaccine candidate underpinned the risk-on mood and lifted sectors such as energy, financials and industrials.
Cyclicals led the gains, with energy stocks advancing as much as 3.6% to their highest in more than five months.
British drugmaker AstraZeneca said on Monday its COVID-19 vaccine could be up to 90% effective, and cheaper and easier to distribute than rivals, giving the world's fight against the pandemic a third new weapon after Pfizer and Moderna announced promising trial results earlier this month.
The S&P/ASX 200 benchmark index closed 1.3% higher at 6644.1 points.
"The more of the pharmaceutical companies that come out and announce they've got a successful viral treatment, it inspires the market to maintain these very lofty levels," said Brad Smoling, managing director at Smoling Stockbroking.
"It's going to take a very long time to implement them, to get them through different parts of the world, so the market is trying to get inspiration out of every announcement of a vaccine, but it's going to be short-lived," Smoling said.
Heavyweights Woodside Petroleum and Santos climbed more than 2.5% each, while Beach Energy added nearly 8%.
Financials hit their highest in more than eight months, with the so-called "Big Four" banks climbing between 3.1% and 2%.
The gold index was an outlier as vaccine optimism dented bullion's safe-haven appeal.
The aviation sector got an extra boost on reports that Australia will lift more internal border restrictions as new coronavirus infections slow to a trickle.
Australia and New Zealand flag carriers Qantas Airways and Air New Zealand climbed more than 4%.
The New Zealand benchmark S&P/NZX 50 index ended 0.4% higher.
Cyclicals led the gains, with energy stocks advancing as much as 3.6% to their highest in more than five months.
British drugmaker AstraZeneca said on Monday its COVID-19 vaccine could be up to 90% effective, and cheaper and easier to distribute than rivals, giving the world's fight against the pandemic a third new weapon after Pfizer and Moderna announced promising trial results earlier this month.
The S&P/ASX 200 benchmark index closed 1.3% higher at 6644.1 points.
"The more of the pharmaceutical companies that come out and announce they've got a successful viral treatment, it inspires the market to maintain these very lofty levels," said Brad Smoling, managing director at Smoling Stockbroking.
"It's going to take a very long time to implement them, to get them through different parts of the world, so the market is trying to get inspiration out of every announcement of a vaccine, but it's going to be short-lived," Smoling said.
Heavyweights Woodside Petroleum and Santos climbed more than 2.5% each, while Beach Energy added nearly 8%.
Financials hit their highest in more than eight months, with the so-called "Big Four" banks climbing between 3.1% and 2%.
The gold index was an outlier as vaccine optimism dented bullion's safe-haven appeal.
The aviation sector got an extra boost on reports that Australia will lift more internal border restrictions as new coronavirus infections slow to a trickle.
Australia and New Zealand flag carriers Qantas Airways and Air New Zealand climbed more than 4%.
The New Zealand benchmark S&P/NZX 50 index ended 0.4% higher.
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