Tue, Oct 13, 2020 – 3:54 PM
[SYDNEY] Australian shares settled greater on Tuesday for the seventh straight session, as financials jumped on some financial optimism and dividend hopes, and expertise shares tracked Wall Avenue greater.
The S&P/ASX 200 index rose 1 per cent to six,195.70, including about 7 per cent through the seven periods of positive factors via Tuesday.
Financials closed 1.7 per cent greater, after having hit their highest stage since Aug 12 earlier within the session, with the “Huge 4” banks including between 1.7 per cent and three.3 per cent.
“There are some indicators that there’s a little bit of optimism for the economic system shifting ahead, and that is serving to banks have a reasonably good run,” mentioned James Tao, a market analyst at CommSec.
Final week, the Australian authorities pledged billions in tax cuts and measures to spice up jobs, which was fairly accommodative for the economic system.
Moreover, eased lending requirements for banks have additionally brightened progress prospects for the economic system, which slid into recession for the primary time in practically 30 years as a result of Covid-19 pandemic.
“Banks are nonetheless tempting for punters who imagine dividends will come again,” mentioned Brad Smoling, managing director at Smoling Stockbroking.
Expertise shares tracked a rally of their US friends, notably in Apple I and Amazon , and rose 1.6 per cent to a file.
In New Zealand, the benchmark S&P/NZX 50 index gained 0.79 per cent to a file shut of 12,453.9.