Chorus logo

CNU - Chorus News Story

NZD6.43 -0.1  -1.3%

Last Trade - 3:10am

Mid Cap
Market Cap £1.49bn
Enterprise Value £3.12bn
Revenue £488.9m
Position in Universe 176th / 1911

Australia shares rise as potential COVID-19 drug lifts confidence

Mon 13th July, 2020 2:59am
* Gold sub-index sole loser among major indices
    * "Big Four" banks rise between 2.6% and 3.5%
    * Sezzle hits record high after placement 

    By Arundhati Dutta
    July 13 (Reuters) - Australian shares rose on Monday after
positive trial results of an experimental COVID-19 treatment
overshadowed investor fears about a surge in infections in
Victoria, the country's second most-populous state. 
    Market sentiment improved late last week as data from a
late-stage study showed that U.S. biopharmaceutical company
Gilead Sciences Inc's  GILD.O  antiviral drug remdesivir
significantly improved clinical recovery and reduced the risk of
death in COVID-19 patients.*:nL4N2EH2TR
    Australia granted provisional approval to Gilead's
remdesivir as the first treatment option for COVID-19 in the
country, the Therapeutic Goods Administration had said on
    The S&P/ASX 200 index  .AXJO  rose 1.4% to 6,002.1 points in
early trade, rebounding from previous session's losses. 
    Meanwhile, the state of Victoria marked a week of
triple-digit increases in fresh infections on Sunday, while a
community outbreak in neighbouring New South Wales put the state
on high alert.*:nL3N2EJ020
    The energy sub-index  .AXEJ  advanced 2%, riding on Friday's
jump in oil prices. The index was led by Santos Ltd  STO.AX , up
3.3%, followed by Origin Energy Ltd  ORG.AX  gaining as much as
2.4​%.  O/R 
    Oil Search Ltd  OSH.AX  rose up to 2% in early trade, 
despite announcing an impairment of around $380 million in its
half-year results on some major exploration assets and a
gas-to-power project in Papua New Guinea.*:nL3N2EJ0KJ
    The ASX all-ordinaries index  .AORD  climbed 1.3%, led by
buy-now-pay-later firm Sezzle Inc  SZL.AX , which surged to a
record high after raising A$79.1 million ($55.05 million) from
institutional investors.*:nFWN2EI0EL 
    The gold sub-index  .AXGD  dropped 1.3% and was the sole
loser among major indices. Dacian Gold Ltd  DCN.AX , down 15.8%,
was the biggest laggard. 
    Financial stocks  .AXFJ  rose 2.7%, with the "Big Four"
banks rising between 2.6% and 3.5%. 
    In New Zealand, the benchmark S&P/NZX 50 index  .NZ50  rose
0.5% to 11,455.84 by 0116 GMT. 
    The top percentage gainers in the index were telecom
operator Chorus Ltd  CNU.NZ , up 2.8%, followed by Oceania
Healthcare Ltd  OCA.NZ  gaining 2.1%.

    ($1 = 1.4370 Australian dollars)

 (Reporting by Arundhati Dutta in Bengaluru, Editing by Sherry
((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.