Australia: Shares hit 5.5-month high on coronavirus treatment bets

[BENGALURU] Australian shares rose for a second straight session on Tuesday, with financials and tech stocks leading gains as investors cheered potential medical advances to combat the coronavirus pandemic even as local daily cases crept higher.

The S&P/ASX 200 index climbed as much as 1.1 per cent to its highest since March 9 before paring some gains to trade 0.5 per cent higher at 6,160 by 1.18am GMT. The benchmark rose 0.3 per cent on Monday.

Risk sentiment was boosted by the US Food and Drug Administration's authorisation of the use of blood plasma from recovered Covid-19 patients as a treatment option, and reports that the US government was considering fast-tracking an experimental coronavirus vaccine.

Victoria, the Australian state at the centre of the country's coronavirus second wave, reported 148 fresh coronavirus cases on Tuesday, more than the previous day but well down from peak levels, and eight deaths.

Financial stocks advanced 2.6 per cent, with the "Big Four" banks rising between 2.7 per cent and 3.9 per cent.

Technology stocks rose 3.8 per cent to an all-time high after the tech-heavy Nasdaq Composite's record close overnight.

Medical and industrial glove maker Ansell climbed 3.7 per cent to an all-time high on higher annual profit and strong earnings forecast.

Oil Search rose 2.7 per cent, in line with other oil and gas producers on higher oil prices overnight, despite posting an 85 per cent plunge in half-year profit.

New Zealand's benchmark S&P/NZX 50 index tacked on 0.4 per cent to 11,963.7 and was on track for a third straight session of gains.

Tourism Holdings was the top percentage gainer on the index with a 5.8 per cent jump, followed by local shares of Westpac Banking, up 3.8 per cent.

REUTERS