After a volatile start, the Australian share market has regained some momentum despite an increase in coronavirus cases.
By 11.25am AEDT, the ASX 200 index had jumped 1.6 per cent to 4919 points, after briefly falling into negative territory.
Healthcare and consumer staples are the best-performing sectors, driven by Ansell (+18.2pc), Pro Medicus (+6.9pc), Cochlear (+6.6pc) and Mayne Pharma Group (+5.8pc).
Meanwhile, the worst-performing sectors are materials and energy, dragged down by Santos (-5.3pc), BHP (-2.7pc) and Origin Energy (-1.8pc).
The Australian dollar has lifted to 61.75 US cents.
More than 660,000 people have been infected by the novel coronavirus across the world, and more than 30,000 have died.
Australia now has more than 4000 cases of COVID-19.
Despite the worsening health crisis, global stock markets rebounded last week after governments and central banks pumped trillions of dollars worth of stimulus into their economies to cushion the blow of the coronavirus pandemic.
“If you’ve spent any time ocean fishing, you’re probably aware of the term ‘sucker hole’,” AxiCorp’s chief market strategist Stephen Innes said.
“[It is] a colloquial term referring to a short spate of good weather that “suckers” sailor into leaving port just in time for a storm to resume at full force.
“Well, that’s what last week’s market felt like as now we are about to enter a vortex of bad earnings, bad economic data, and bankruptcies.
“Indeed, last week’s animal spirits will be severely tested.”
More to come.
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