Local share market and the A$ surge higher despite a weak lead from Wall Street. Gold shares slump as the bullion price drops by US$12.40 to US$1726.90 per ounce. Among the worst performers are Perseus Mining (PRU) -12.3%, Silver Lake Resources (SLR) -8.4%, Westgold Resources (WGX) -6.7% and Regis Resources (RRL) -6.6%.
S&P/ASX 200 Intraday
The Big Four banks underpin the day's rally with ANZ Banking Group (ANZ) +5.0%, National Australia Bank (NAB) +4.6%, Westpac Banking Corp (WBC) +4.4% and Commonwealth Bank (CBA) +3.3%.
The frantic demand for buy-now-pay-later stocks continues with Openpay Group (OPY) +51.8%, Zip Co (Z1P) +22.1%, Sezzle Inc (SZL) +7.3% and FlexiGroup (FXL) +6.0%. Afterpay (APT) gains 5.5% to finish at a new record high of $52.26.
ABS figures show the Australian economy contracted by 0.3% in the March quarter of 2020. Yearly growth was 1.4%. The terms of trade rose 2.9% and the household saving ratio increased from 3.5% to 5.5%. In other data, building approvals fell 1.8% in April 2020 but are still 5.7% higher than a year ago.
S&P/ASX Sector Indices (% change)
Infigen Energy (IFN) leaps 36.4% to $0.805 after receiving an all-cash takeover bid at $0.80 per share from UAC Energy Holdings, a joint venture between UPC Renewables Group and Philippines-based AC Energy.
Seven West Media (SWM) climbs 28.6% despite telling the ASX that it cannot explain the recent sharp jump in its share price and trading volumes.
Amaysim Australia (AYS) jumps 16.7% after announcing plans to buy OVO Mobile's 77,000 mobile subscribers for a maximum consideration of $15.8 million.
ASX Market Moving Stocks