ASX inches up early amid vaccine hope

Shares have inched higher after trading began on the Australian market, following promising COVID-19 vaccine results which lifted US markets.

The S&P/ASX200 benchmark index was higher by 13.1 points, or 0.22 per cent, at 6066.0 points after the first 15 minutes of trade on Thursday.

The All Ordinaries index was 14.6 points, or 0.24 per cent higher, at 6175.0.

The industrials sector was the best performing sector with a 1.11 per cent rise.

Financials was next best, up 0.63 per cent, taking a cue from gains on Wall Street where US bank Goldman Sachs produced a strong quarterly report overnight.

The health sector was down 0.46 per cent.

US markets closed higher overnight after biotech group Moderna said a small-scale study showed its experimental COVID-19 vaccine produced high levels of virus-killing antibodies.

Investor enthusiasm was also boosted by a Federal Reserve survey showing an uptick in US business activity in early July as states eased restrictions to contain the virus, helping all three major US indices closed between 0.6 and 0.9 per cent higher.

The Australian dollar was trading at 69.99 US cents at 1015 AEST, barely changed from 70.02 US cents at Wednesday’s close.

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.