Aussie share market reaches all-time high despite coronavirus fears


The ASX 200 clawed to 7145.8 points, eclipsing the previous record set three weeks ago.

The deadly virus tore chunks out of that previous record as the death toll rose in China and widespread travel bans crippled supply chains.

But the beginning of the company reporting season has been a boon for the local share market following a strong showing yesterday from Commonwealth Bank and the all-conquering biotech company CSL.

“Aussie earnings have been better than expected and the result is mirroring Wall Street which hit its own all-time high overnight,” Bell Direct market analyst Jessica Amir told news.com.au.

She said the latest expectation the coronavirus will begin to subside as the Chinese workforce starts trickling back into gear had lifted negativity weighing on investor sentiment.

“We saw a Chinese disease expert and a senior government adviser say the coronavirus outbreak could be over by April, while the number of those fully recovering is now at about 6000,” Ms Amir said.

The deadly coronavirus had weighed on global share markets. Picture: Behrouz Mehri/AFPSource:AFP

The record high was short-lived, however, with he market slipping back to its starting position before noon.

The profit reporting season is in full swing, with Newcrest, Woodside, AMP and Telstra among those to release their results before the open.

Woodside was up 0.86 per cent at $34.15 at 10.30am amid a surge in oil stocks that saw Santos climb 1.6 per cent to $8.26.

A number of Aussie companies have set new share price records today, including Breville, Fisher & Paykel Healthcare, Magellan, Premier Investments and Shopping Centres Australasia.

Meanwhile, a court ruling approved the $15 billion merger of TPG and Vodafone.

The Australian Competition and Consumer Commission (ACCC) first raised concerns about a proposed deal between the two major telcos in late 2018.

About the same time, a joint venture between Vodafone and TPG called Mobile JV bought $263 million worth of spectrum at the most recent auction for the frequencies that carry your mobile data and phone calls.

A few months later, in May last year, the ACCC announced they would oppose the $15 billion merger on the grounds that it would cause further consolidation in Australia’s already “very concentrated mobile phone market”.



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