Australian shares rose to a near nine-month high on Monday, as the country's two most populous states reopened borders after more than four months, bolstering hopes of a speedy revival from the coronavirus-induced economic fallout.[BENGALURU] Australian shares rose to a near nine-month high on Monday, as the country's two most populous states reopened borders after more than four months, bolstering hopes of a speedy revival from the coronavirus-induced economic fallout.
New South Wales and Victoria reopened their borders at midnight after closing them off in early July. The borders were last shut in 1919 during the Spanish flu pandemic. Reopening of the borders is likely to jump-start air traffic between Melbourne and Sydney, one of the busiest routes in the world before the outbreak.
The S&P/ASX 200 index rose 0.7 per cent at 6,582.6 at 0022 GMT, set for its biggest percentage gain in a week. The benchmark index hit its highest since Feb 28. Travel-related stocks raked in significant gains, with Qantas Airways climbing as much as 3 per cent after the flag carrier said domestic capacity would rise as a result of the states reopening borders.
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