Australian share market buoyed by strong Wall St lead

A strong lead from Wall Street saw the S&P/ASX200 burst out of the gates, almost reaching the key 6200 point mark before pulling back to close 0.5 per cent higher.

The Australian share market has closed higher after a strong overnight lead from Wall Street where the S&P500 Index hit a record high.

Ord Minnett said US stocks rose on optimism the development of a coronavirus vaccine – aided by fast-track measures in Washington – and ongoing stimulus would spur a return to economic growth.

The S&P/ASX200 burst out of the gates - climbing one point short of the key 6200 point mark - but pulled back to close 0.52 per cent firmer at 6161.4 while the All Ordinaries Index rose 0.5 per cent to 6332.

Finance and information technology stocks were standout performers, with the big four banks all higher after losing ground in recent days.

ANZ lifted 3.24 per cent to $18.80, Commonwealth Bank put on 2.18 per cent to $70.45, National Australia Bank leapt 4.22 per cent to $18.28 and Westpac jumped 4.32 per cent to $17.85.

Buy now pay later company Afterpay continued its strong run, reaching an all-time high of $92.48 on the back of yesterday’s announcement it would expand into Europe through an acquisition.

Waste management company Bingo Industries soared after reporting a huge full year profit rise, adding more than 13 per cent to $2.44.

A big profit jump boosted shares in recycling company Bingo Industries.

Property giants Scentre and Stockland gained ground despite reporting losses, climbing 4.46 per cent to $2.11 and 6.34 per cent to $3.86, respectively.

Healthcare heavyweight CSL eased 1.77 per cent to $289.90.

Vitamins giant Blackmores said it would slash about 10 per cent of its workforce in Australia and New Zealand under a restructure, and booked a 66 per cent slide in full year net profit, sending its shares 5.64 per cent lower to $71.58.

Rio Tinto was steady at $100.90 while fellow mining giant BHP dropped 0.67 per cent to $38.31.

Gold miner Newcrest fell 2.18 per cent to $32.25

The Aussie dollar was buying 71.75 US cents, 54.77 British pence and 60.73 Euro cents in afternoon trade.