Australian shares jump in early trade, as markets ignore a spike in COVID-19 infections and, instead, focus their hopes on a drug to combat the virus.
Australian shares have jumped in early trade, as markets ignored a spike in COVID-19 infections and, instead, focused their hopes on a drug to combat the virus.The Australian dollar was steady at 69.5 US cents.
Some of the best performing stocks were Sezzle , Collins Foods , Credit Corp and Nine Entertainment . Many of today's worst performers were gold stocks like Dacian Gold , De Grey Mining , Gold Road Resources and Evolution Mining . Global sentiment was boosted by US pharmaceuticals company Gilead saying, last week, that its antiviral drug Remdesivir could help reduce the risk of death in severely ill coronavirus patients.Nevertheless, that was enough to boost Wall Street's main indices on Friday — the Dow Jones , S&P 500 and Nasdaq .over the weekend by Australia's Therapeutic Goods Administration.
But Deputy Chief Medical Officer Nick Coatsworth warned it was not a "silver bullet" against the virus.More to come.
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