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NZD6.43 -0.1  -1.3%

Last Trade - 3:10am

Sector
Telecoms
Size
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.  urn:newsml:reuters.com:*: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
Friday.  urn:newsml:reuters.com:*:nL4N2EH2RF 
    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.  urn:newsml:reuters.com:*: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.  urn:newsml:reuters.com:*: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.  urn:newsml:reuters.com:*: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
Jacob-Phillips)
 ((Arundhati.dutta@thomsonreuters.com))
 
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