[BENGALURU] Australian shares started the financial year on a positive note as investors pinned hopes on fresh stimulus measures, though concerns about further lockdown restrictions in the country's second-most populous state capped gains on Wednesday.
The S&P/ASX 200 index was up 0.6 per cent to 5,934.40 at the close of trade, helped by a burst of late-buying after the bell. The benchmark ended 1.4 per cent firmer on Tuesday after a senior central bank official said the economy would need"considerable" support for some time. However, adding pressure on the index were reports that Melbourne would return to restrictions as it locks down around 300,000 people for a month in an attempt to stop a spike in Covid-19 infections.
Steven Daghlian, market analyst at CommSec said people in the market were not expecting to go back to the same sort of retightening of restrictions again. "The financial and economic impact of having people stay home for longer has ramifications for business, tourism and so on and that is the underlying concern."
Source: News Formal (newsformal.com)
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