Australia: Shares rise most in over six weeks as virus curbs ease

[BENGALURU] Australian shares posted their biggest jump in more than six weeks on Thursday, as easing restrictions for vaccinated citizens in the country's largest state lifted sentiment.

The S&P/ASX 200 index rose 0.58 per cent to close at 7,460.2, with energy stocks leading the gains. The benchmark index ended down 0.27 per cent on Wednesday.

The New South Wales government eased restrictions in the country's largest state for vaccinated citizens, ending a night curfew in Sydney, while officials said some curbs on travel and outdoor exercise in Melbourne would be eased when the state of Victoria hits 70 per cent first-dose coverage targets on Friday.

The benchmark briefly see-sawed after data from the Australian Bureau of Statistics showed employment fell by 146,000 in August, compared to median forecasts of a drop of 90,000, but quickly recovered thanks to the modest easing of coronavirus restrictions in the country.

"The unemployment rate dropped to 4.5 per cent from 4.6 per cent in July despite the coronavirus lockdowns, so it's not that bad a situation and the easing of restrictions just helped investors look past the disappointing job numbers," Steven Daghlian, market analyst at CommSec said.

Energy stocks rose 1.32 per cent tracking strong gains in oil prices, after a larger-than-expected drawdown in crude oil stocks in the United States, the world's largest oil consumer.

Heavyweights Viva Energy Group and Whitehaven Coal led gains on the sub-index, advancing up to 4.4 per cent and 5.3 per cent, respectively.

Travel and tourism stocks rose, after restrictions were eased in various parts of the country and as states passed their vaccination milestone.

Flight operator Qantas advanced 1.1 per cent to a five-month high, while Flight Centre Corporate Travel Management jumped 1.1 per cent and 3.8 per cent, respectively.

New Zealand's benchmark S&P/NZX 50 index traded down 0.25 per cent to finish the session at 13,099.3.

REUTERS