Australian stock market jumps 3.5 per cent as investors pin hopes on major banks

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Australia's share market has closed up almost 4 per cent, driven by large gains by energy and financial stocks. 9News

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The indicator board at the Australian Securities Exchange is seen in Sydney, Tuesday, July 30, 2019. The Australian share market has opened higher, with every sector joining an early rally, as the ASX200 broke through its intra-day all-time high set in November 2007, just before the global financial crisis. NO ARCHIVING

Energy companies had been smashed throughout March due to the coronavirus pandemic and the eruption of an oil price war between Russia and Saudi Arabia. The Australian dollar was buying 61.22 US cents, down from 61.90 US cents as the market closed on Tuesday.

 

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Look at the oil companies and real estate champions buoying us up. Why do we demonise the guys who lovingly lift us up? Smart people who work hard!

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