Australia: Shares end at over five-month high as CSL, financials gain

[BENGALURU] Australian shares closed at a more than five-month high on Wednesday, boosted by gains in drugmaker CSL and financial stocks, with lower infections of the novel coronavirus in the country aiding sentiment.

The S&P/ASX 200 index ended 0.7 per cent higher at 6,167.60, its highest close since March 6, 2020.

Shares of CSL, one of the largest listed Australian stocks, gained 6.4 per cent to close at their highest level since April 29 after the company posted a 17 per cent rise in its annual profit. The stock's jump helped the Australian healthcare index climb about 4 per cent at a near six-month closing high.

"CSL alone is adding close to 30 points on the ASX 200. So, that stock is single-handedly boosting the Aussie market," Steven Daghlian, market analyst at CommSec said.

The financial index added 1.2 per cent, buoyed by Australia and New Zealand Banking Group, up 3.4 per cent, after the lender resumed dividend payouts, having halted them early this year due to the coronavirus crisis.

The remaining three of the Big Four banks all closed around 1 per cent higher.

Meanwhile, Australia's second most-populous state recorded 12 Covid-19 deaths, down from 17 a day earlier, signalling of a further stabilisation in new cases.

"Covid-19 obviously is always at the front of buying when it comes to investment decisions at the moment," Mr Daglian said.

Limiting gains on the benchmark, the gold index fell 3.4 per cent on lower bullion prices. Resolute Mining Ltd fell 17.5 per cent and West African Resources Ltd lost 6.9 per cent.

In New Zealand, the benchmark S&P/NZX 50 index closed 0.8 per cent lower at 11,751.3.

Top percentage losers on the benchmark were A2 Milk Company, down 5.4 per cent, followed by Synlait Milk, losing 4.6 per cent.

REUTERS