Australia: Shares extend rally as business sentiment improves
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[SYDNEY] Australian shares closed higher for a sixth straight session on Tuesday, lifted by data showing an improvement in business sentiment in the country and tracking an overnight rally on Wall Street.
The S&P/ASX 200 index rose 0.2 per cent to 6,687.7, adding about 3 per cent in the past six sessions.
A measure of Australian business confidence and conditions surged in November to "above average" as the country's second-largest state of Victoria emerged from a lengthy lockdown and multiple states opened their borders to each other.
Ratings agency Moody's said business conditions and confidence were improving for Australia's infrastructure sector, driven by continued demand for infrastructure services and stable regulatory frameworks.
Among sectors, gold miners outperformed others as bullion prices hit a two-week high on hopes of further US stimulus measures amid a surge in coronavirus cases.
Tech stocks climbed to their highest in nearly two weeks, tracking strong gains in their US peers overnight.
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New Zealand's benchmark S&P/NZX 50 index gained 0.5 per cent to finish the session at 12,656.02.
REUTERS
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