The Australian share market finished session higher on Thursday, 07 January 2021, as market players took heart in Democratic victories in the U.S. Senate runoff elections in the state of Georgia, which raised hopes for a substantial economic package in the United States. Investors' sentiments further strengthened after Australian Prime Minister Scott Morrison statement that the country is on course to begin administering the first COVID-19 vaccines next month.

At closing bell, the benchmark S&P/ASX200 surged 104.90 points, or 1.59%, to 6,700.95. The broader All Ordinaries added 99.11 points, or 1.44%, to 6,980.51.

Investor sentiment was bolstered by reports of Democratic victories in the U.S. Senate runoff elections in the state of Georgia, which raised hopes for a substantial economic package in the United States. The victories ensured a “blue wave” of full Democratic control of the U.S. government and Congress that investors hope will lead to larger stimulus spending.

Miners were the standout performers, climbing nearly 5% to hit their highest since June 2008, following a jump in iron ore, copper and nickel prices. Industry heavyweights Rio Tinto, BHP Group and Fortescue Metals Group all hit record highs. players took heart in Democratic victories in the U.S. Senate runoff elections in the state of Georgia,

ECONOMIC NEWS: Australia Posts A$5.022 Billion Trade Surplus In November- Australia had a merchandise trade surplus of A$5.022 billion in November, the Australian Bureau of Statistics said on Thursday, down from the downwardly revised A$6.583 billion in October. Imports were up 10% on month after gaining an upwardly revised 2% in the previous month. Exports rose 3% on month, slowing from the downwardly revised 4.4% gain a month earlier.

CURRENCY NEWS: The Australian dollar changed hands at $0.7776, having risen from levels below $0.77 this week.

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