Australian shares have risen spectacularly Thursday, closing with handsome gains.
Financial tech company Afterpay had a cracker of a day, ending 9.05 per cent higher. The share price hit an all-time high of $68.45 shortly before close of trading.
The buy-now-pay-later provider started this year at $30.63 then went as low as $8.90 in March during the coronavirus crisis. Investors who stayed the course are laughing now.
What happened at lunchtime?
The Australian stock market is enjoying nice gains on Thursday, following Wall Street’s lead overnight.
Buy-now-pay-later provider Afterpay is having a field day, having gained 5.75 per cent at midday AEST. Earlier in the morning it had hit a historic high of $66.66, which is amazing considering it started the year at around $30.
Fruit and vegetable supplier Costa Group was up 5.5 per cent at around midday as well.
What happened this morning?
Australian shares started Thursday's trading session higher, following an overnight rise on Wall Street.
The Australian market on Thursday will be watching a Reserve Bank board meeting as well as payments and business data, which will provide guidance on how the economy is going.
What happened overnight?
Despite the US being engulfed in a second wave of the coronavirus, Wall St closed higher overnight due to positive testing results from a possible vaccine.
Shares for pharmaceutical company Pfizer skyrocketed 3 per cent after it revealed promising human trials of its vaccine developed in conjunction with German company BioNTech.
"Pfizer news was certainly an impetus for the market to move even higher but in general it is this very positive momentum, looking beyond this re-spreading of the virus, looking beyond that to eventual treatments, eventual vaccine and eventual safe openings of the economy," Inverness Counsel chief investment strategist Tim Ghriskey told AAP.
The S&P500 finished trading 0.5 per cent higher while the Nasdaq did even better, rising 0.95 per cent. The Dow Jones Industrial was the exception, down 0.3 per cent, with Boeing's 1.6 per cent decline dragging it down.
The optimism in the US sent Australia's SPI200 futures up 0.71 per cent at 8am AEST Thursday, forecasting the local market would open higher.
– with AAP