ASX edges up early after vaccine hope

Shares on the Australian market have risen about 0.5 per cent after US markets closed higher on news of a possible COVID-19 vaccine.

The S&P/ASX200 benchmark index was higher by 28.2 points, or 0.48 per cent, at 5962.6 points after the first 15 minutes of trade on Thursday.

The All Ordinaries index was 31.3 points, or 0.52 per cent higher, at 6072.3.

Information technology led the sectors, higher by 2.42 per cent.

Property was next best, up by 1.74 per cent.

Financials were lower by 0.02 per cent, and materials dropped 0.22 per cent.

In the US, the S&P 500 and Nasdaq indices closed higher after drug maker Pfizer said a vaccine being developed with German firm BioNTech showed promise and was found to be tolerated in early-stage human trials.

The report came as the US Centers for Disease Control and Prevention reported an increase of 43,644 new cases of the coronavirus. The high rate of infection is hampering economic recovery.

However, investors were encouraged by upbeat economic data as coronavirus-induced lockdowns have eased. A report on Wednesday showed a slump in global manufacturing had ebbed in June, with US figures hitting their highest level in more than a year.

The Australian dollar was buying 69.13 US cents at 1015 AEST, higher from 68.98 US cents at the close of trade on Wednesday.News Value: 3Words: 226Source: AAPMetadataSLUGLINEMarkets Aust | OpenCATEGORYfinancial marketsCONTENT TYPEArticlePrevious versions08:17Markets Aust | update02/07/2020 // 307 words//1773characters

ASX to rise early after vaccine hope

07:06Markets Aust02/07/2020 // 256 words//1496characters

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