Chorus logo

CNU - Chorus News Story

NZD6.65 0.0  0.0%

Last Trade - 6:00am

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 -

 (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
    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
    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
 ((Reuters Messaging:
((For more information on DIARIES & DATA:
 U.S. earnings diary   RESF/US   
 Wall Street Week Ahead    .N/O 
 Global Economy Week Ahead  DATA/ 
For latest top breaking news across all markets           NEWS1 ))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.