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Afternoon (PM) Market Report

The Australian share market has rallied to its highest level since March 6, with gains across nearly every sector on a wave of optimism about Australia's economic prospects.


Wednesday, 3rd June, 2020

The ASX200 benchmark index finished Wednesday close to the highs of the day, up 106.5 points, or 1.83 percent, at 5,941.6 points, while the All Ordinaries index gained 104.8 points, or 1.76 percent, at 6,064.9.

Every sector was up except health care, which edged 0.07 percent lower as CSL declined 0.4 percent to $283.55. Goldminers also suffered during the strong risk-on session, with the five worst-performing ASX200 components all extractors of the precious yellow metal. Diversified miners performed better, with South32 gaining 6.9 percent to $2.16, Rio Tinto adding 0.5 percent to $97.42 and BHP advancing 2.6 percent to $36.34.

Elsewhere, the banks all had a strong day, with Commonwealth up 3.3 percent to $66.11, ANZ up 5.0 percent to $18.92, NAB gaining 4.6 percent to $18.70, and Westpac adding 4.4 percent to $17.95. Shares in energy provider Infigen surged by 36.4 percent to 80.5 cents after a $777 million takeover bid from Australian investment group UAC Energy Holdings. Telecommunications provider Amaysim had its shares spring by 16.7 percent to 42 cents after declaring it would buy OVO Mobile.

Meanwhile the Australian dollar hit a five-month high of 69.84 US cents after the Australian Bureau of Statistics announced the country's economy contracted just 0.3 percent in the March quarter despite the lockdowns and the bushfires. Later it pulled back from that level and at 1718 AEDT, one Australian dollar was buying 69.37 US cents, up from 68.02 US cents at the close of trade on Tuesday.

Equities / Fixed Interest Close Change % Change 
All Ordinaries 6065 105 1.76
S&P/ASX 200 5942 107 1.83
Currency Close Pts Change % Change 
$A vs $US 0.6923 0.0009 0.13
$A vs GBP 0.5505

0.0010

0.18
$A vs EUR

0.6176

-0.0004 -0.06
$A vs YEN 75.29 0.06 0.09
$A vs $NZ

1.0802

-0.0026

-0.24