Upbeat virus treatment view, oil jump lift Australian shares [Reuters]
FORTESCUE METAL GRP S/ADR (FSUGY)
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Source: Reuters
Upbeat virus treatment view, oil jump lift Australian shares * All but one sectors on Australia index rise * Fortescue climbs to highest since Jan. 24 By Shashwat Awasthi April 30 (Reuters) - Australian shares gained on Thursday as risk appetite improved after encouraging trial results of an experimental COVID-19 treatment, a rally in crude oil prices and assurances of support from the U.S. Federal Reserve to help the battered economy. The S&P/ASX 200 index rose 1.1% to 5,451.5 by 0015 GMT. In New Zealand, the main S&P/NZX 50 bourse was roughly flat. A top U.S. health official said Gilead Sciences Inc’s antiviral drug remdesivir was likely to become the standard of care for COVID-19 after early results from a trial showed it helped certain patients recover more quickly. Investor sentiment was further bolstered after Fed Chair Jerome Powell said the central bank would continue to support recovery from the economic shock of the coronavirus, after leaving key interest rates near zero. Po
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