Australia’s share market has risen more than 1.5 per cent from a near eight-year low even as the coronavirus pandemic continues to spread and profit warnings flood in.
The benchmark S&P/ASX200 was up 79 points, or 1.74 per cent, to 4,625 at 1015 AEDT on Tuesday on a surge of buying.
The All Ordinaries index climbed 78.2 points, or 1.71 per cent, to 4642.3 with all sectors in the green except consumer staples.
The small rise doesn’t counter falls of more than 5.5 per cent on Monday, which left the local bourse at its lowest level since December 6, 2012, and down 36.8 per cent since February 20.
There was a fresh wave of panic selling on Tuesday as investors were rattled by businesses and state and territory borders closing amid stricter measures to control the pandemic.
US markets were also lower even after the Federal Reserve’s second wave of rescue actions that included bond buying to ensure liquidity.
“More could be done in the US though, with congress again failing to pass a stimulus deal, just as the World Health Organisation warms that the global infection rate is escalating, NAB’s morning call note says.
The Australian dollar was buying 58.47 US cents at 1015 AEDT, up 58.01 from at Monday’s close.
AAP
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