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Sector
Telecoms
Size
Mid Cap
Market Cap £1.53bn
Enterprise Value £3.17bn
Revenue £492.3m
Position in Universe 168th / 1907

Australia, NZ end firmer on optimism around COVID-19 treatment, U.S. earnings

Mon 13th July, 2020 7:33am
* Miners gain on higher iron ore, copper prices
    * Healthcare index weighed down by CSL
    * U.S. banks' trading revenues will outperform in Q2 -
analyst

 (Updates to close)
    By Nikhil Subba
    July 13 (Reuters) - Australian and New Zealand shares
finished higher on Monday, as risk appetite was buoyant on
encouraging results from a COVID-19 treatment trial and on hopes
that the U.S. earnings season would see most companies beat
forecasts.
    The S&P/ASX 200 index  .AXJO  rose 0.98% to 5,977.5 points.
​  The benchmark, which fell 0.61% on Friday, is off 16.9% from
its lifetime high on Feb. 20. 
    New Zealand's benchmark S&P/NZX 50 index  .NZ50  rose 0.4%
to 11,434.79.
    A late-stage study showed that U.S. biopharmaceutical
company Gilead Sciences Inc's  GILD.O  antiviral drug remdesivir
significantly reduced COVID-19 mortality rate. 
    The promising data "sparked a wave of peak-virus optimism in
stock markets," Jeffrey Halley, senior market analyst, Asia
Pacific, OANDA, said in a note.
    "Earnings season for Q2 in the U.S. kicks off this week,
with the largest banks reporting across the week. I expect that
trading revenues will outperform once again as market volatility
continues," Halley wrote.
    Top gainer, the ASX 300 metals and mining index  .AXMM  rose
1.77% led by Galaxy Resources Ltd  GXY.AX , up 6.06%, followed
by IGO Ltd  IGO.AX , gaining 4.54​%.
    Chinese iron ore futures  DCIOcv1  on the Dalian Commodity
Exchange rose 1.5%, on expectation of seasonal tight supplies
from big miners in Australia. IRONORE/ 
    Meanwhile, copper prices increased due to supply worries
from top producer Chile as workers called for a potential strike
at a mine.  MET/L 
    Financial stocks  .AXFJ  rose 1.63% led by Platinum Asset
Management  PTM.AX , up 6.76%, and Virgin Money UK PLC  VUK.AX ,
gaining 5.44%.
    Healthcare stocks  .AXHJ  shed 0.7%, weighed down by
industry behemoth CSL Ltd  CSL.AX .
    Brokerage Jefferies says CSL's product revenues in the
medium-term is under threat as U.S. source plasma collection
centres in the second quarter fell due to the coronavirus
outbreak.  urn:newsml:reuters.com:*:nL3N2EJ08F
    In New Zealand, the top percentage gainer on the  .NZ50 
benchmark was Port of Tauranga Ltd  POT.NZ , up 4.04%, followed
by Chorus Ltd  CNU.NZ , gaining 2.83%

 (Reporting by Nikhil Subba in Bengaluru; Editing by Shailesh
Kuber)
 ((Reuters Messaging:
Nikhil.Subba.thomsonreuters.com@reuters.net))
 
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 Wall Street Week Ahead    .N/O 
 Global Economy Week Ahead  DATA/ 
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