The Australian share market has followed its worst month since 1987 with its best month since 1988, finishing April with a bang.
The benchmark S&P/ASX200 index rallied Thursday for its best day in three weeks, closing up 129 points, or 2.39 per cent to close at 5,522.4 points and its best level since March 13.
The broader All Ordinaries index gained 133.9 points, or 2.45 per cent, at 5,597.7 points, finishing April up 9.5 per cent for its best month since a 13.2 per cent gain in March 1988.
"A cracker day for Aussie shares," said Bell Direct market analyst Jessica Amir.
The ASX200 is still down 23.3 per cent from its February 20 peak but is now up 25.4 per cent from its March 23 nadir.
"We're back in bull market territory - and almost out of a bear market as well," Ms Amir said.
"It's a really interesting, pivotal time for the market right now. There's a lot of downward pressure.
"What's interesting is the markets are rallying even though there's a lot of shocking economic data," Ms Amir said, noting the announcement overnight that the US economy suffered its biggest quarterly contraction since the 2008 financial crisis.
Ms Amir attributed today’s rally to the US Federal Reserve's announcement that it would keep interest rates near zero, as well as new positive clinical data on Gilead Science's experimental COVID-19 treatment, remdesivir.
The energy sector led the way, gaining 8.2 per cent as Brent crude prices jumped by nearly six per cent to around $US24 a barrel on the Gilead news and less-than-expected crude inventories.
Woodside jumped 6.9 per cent, Santos gained 9.3 per cent, Oil Search climbed 10.5 per cent and Beach Energy rose 10.1 per cent.
Tech stocks were the second-biggest gainers, collectively advancing 4.9 per cent as Afterpay jumped 10.8 per cent to $31.20 and Nearmap gained 18.2 per cent to $1.525.
The property sector had a strong day as talk of lifting Australia's lockdowns gained steam.
Shopping centre owner Vicinity Centres gained 7.2 per cent, Westfield owner Scentre Group lifted 6.4 per cent, Stockland gained 5.9 per cent and Mirvac rose 6.7 per cent.
Car dealership chain AP Eagers had the best gains among ASX200 components, soaring 25.7 per cent to $5.14 after confirming it had laid off 1,200 workers in March to save $6 million a month.
All the big banks were higher, with CBA up 2.7 per cent to $62.69, NAB up 4.1 per cent to $16.96 and Westpac gaining 3.8 per cent to $16.28.
ANZ rose 1.4 per cent to $16.90 despite announcing it would hold off paying an interim dividend after its first-half cash profit plunged 62 per cent.
Wesfarmers gained 0.5 per cent to $37.69 after reporting a slump in sales at Target and Kmart had offset increased shopping at Bunnings.
Woolworths fell 0.8 per cent to $35.75 after reporting a 10 per cent rise in food sales for the third quarter, less than the 13.1 per cent sales growth rival Coles experienced amid the lockdowns and restaurant closures.
In the mining sector, BHP gained 4.0 per cent to $32.35, Rio Tinto rose 2.3 per cent to $87.51 and Fortescue Metals climbed 1.9 per cent to $11.96 after reporting iron ore shipments rose 10 per cent in the March quarter.
Goldminers were down even as the price of the precious metal climbed to around $1,720 an ounce, with Evolution falling 2.5 per cent and Northern Star dipping 1.5 per cent.
Newcrest went into a trading halt as Australia's biggest goldminer sought to raise $1.1 billion to fund it taking a further stake in a goldmine in southeast Ecuador.
The Australian dollar meanwhile was at its highest level since March 10 against its sinking US counterpart.
One Aussie dollar was buying 65.43 US cents, up from 65.36 US cents at Wednesday's close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished today up 129 points, or 2.39 per cent, at 5,522.4 points
* The All Ordinaries closed up 133.9 points, or 2.45 per cent, at 5,597.7 points
* At 1744 AEST, the SPI200 futures index was down 20 points, or 0.36 per cent, at 5,520 points
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.43 US cents, from 65.36 US cents on Wednesday
* 69.76 Japanese yen, from 69.64 yen
* 60.13 euro cents, from 60.20 cents
* 52.52 British pence, from 52.43 pence
* 106.77 NZ cents, from 107.17 cents.
By AAP
