ASX surges in fresh show of volatility

Australian shares have surged at the start of a new week despite a weak lead from virus-rattled overseas markets. 

The S&P/ASX200 benchmark index was up 82.5 points, or 1.63 per cent, to 5,150.0 at 1015 AEDT on Monday in a fresh show of coronavirus volatility. 

The All Ordinaries index was also up, rising 82.8 points, or 1.62 per cent, to 5,189.7 points after the first 15 minutes of trading.

All sectors except for utilities began the week strongly.

Energy, tech, property, consumer discretionaries and healthcare shares each climbed more than 2.0 per cent at the open while the financials gained a collective 1.53 per cent. 

The S&P/ASX200 benchmark index finished Friday down 86.8 points, or 1.68 per cent, having also been tipped to rise in early trade.

Wall Street’s main indices fell more than 1.5 per cent on Friday after US employment showed a worse-than-expected drop in jobs amid the COVID-19 pandemic.

Oil prices rose after US President Donald Trump’s on Saturday said he would put tariffs on Saudi and Russian production, potentially accelerating a meeting between the two.

One Australian dollar was buying 59.99 US cents at 1015 AEDT on Monday, down from 60.63 US cents at the close of market on Friday.

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