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ASX flew Thursday despite Victoria's record number of Covid-19 cases

Tony Yoo
·2-min read
A young female toddler tossed into the air.
The ASX was flying in early trade Thursday. (Image: Instagram/dreamy.wanderer)

Australian shares had a strong day as the market closed on Thursday.

The All Ordinaries finished 0.81 per cent up at the end of the trading day to hit 6,177.50. The ASX200 index ended 0.74 per cent higher to rest at 6,051.10 points.

Macquarie Group revealed that its June quarter results were slightly below compared to the year before. This didn’t dampen market enthusiasm as the investment bank’s stocks went up 1.06 per cent.

Software firm Wisetech also had a good Thursday, finishing 5.59 per cent higher.

What happened at lunchtime?

The Australian stock market is well up at lunchtime Thursday, even as Victoria reported a record number of daily coronavirus cases and deaths.

The All Ordinaries was 0.84 per cent higher at 12:57pm AEST to reach 6,179.20.

The ASX200 index was up 0.79 per cent to hit 6,053.90 points at the same time.

Technology company Wisetech was the big winner this morning, with its shares up 6.3 per cent at 12:39pm, to hit $21.09.

What happened this morning?

Australian shares were up in early trade Thursday, after the US market rallied overnight.

The ASX200 index headed up 0.71 per cent in the first 12 minutes of trade to hit 6,049.00 points, while the All Ordinaries was 0.72 per cent higher at the same time to reach 6,172.30.

Local investors will be looking later Thursday morning at new building approvals data to give an indication of how Covid-19 is impacting investment confidence.

What happened overnight?

All three major Wall Street indices surged higher overnight, aroused by the US Federal Reserve's promise to support the economy.

It admitted nothing is certain with the coronavirus pandemic, but committed to keep rates at historic lows for a while.

"Investors can feel certain that monetary stimulus is going to remain accommodative for the foreseeable future," Citi Personal Wealth Management head of investment strategy Shawn Snyder told AAP.

The Dow Jones Industrial added 0.61 per cent, the S&P500 headed up 1.24 per cent, and the NASDAQ gained 1.35 per cent.

The ascent of US stocks saw Australia's SPI200 futures heading up 0.9 per cent at 8am AEST Thursday.

with AAP

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