The Last Trade || ASX Ends 1.1% Higher; Here’s Why Stock Market Defied COVID-19 Concerns

The last streaming segment of the day talks about the market closing scenario, along with giving a glimpse into the performance of the Asian markets. Watch The Last Trade on Kalkine TV and stay updated.

• Australian shares closed higher for the second straight session on Thursday, led by strong rally in blue-chip mining, energy and banking stocks. The equity market witnessed surge in buying despite rise in COVID-19 cases as investors seemed to set aside virus jitters for now and shifted focus to corporate earnings.

• The market sentiment was also lifted by stronger-than-expected trade data. As per the data released by the Australian Bureau of Statistics, the merchandise trade surplus hit AU$13.3 billion in June, driven by strong demand for iron ore.

• Among the individual stocks, mineral exploration firm Orocobre was the top percentage gainer on the ASX, rising 9.8 per cent. Some of the other notable gainers were miner Pilbara Minerals, resource company Lynas Rare Earths and multinational contractor CIMIC Group.

• Let’s see how the sectoral indices performed today. Well the market breadth, indicating the overall strength of the market, was strong with ten of the 11 sectoral indices ending in green. The energy and material sectors were the best performers with over 2 per cent gains.

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