SYDNEY/WELLINGTON: Australian shares jumped on Thursday to their highest close in nearly 10 months, as projection of a faster economic recovery next year, and strong November employment data lifted sentiment.

The S&P/ASX 200 index settled 1.2% higher at 6,756.70, its highest close since Feb. 25, and marking a second straight session of gains.

Heavyweight miners and financials were the top boosts, adding 1.7% and 1%, respectively. All “Big Four” banks ended in positive territory, while mining giants BHP Group and Rio Tinto gained about 1.8% each.

Tech stocks continued their winning streak, closing at a record level. Afterpay was the biggest gainer in the index, marking a record closing level for the fourth session in a row.

In New Zealand, the benchmark S&P/NZX 50 index added 0.5% to close at 12,888.77.

Australia’s treasurer, Josh Frydenberg, said the economy would grow 4.5% in 2021, up from a previous estimate of 4.25% made just two months before, signalling a quicker recovery from the first recession in three decades.

Supporting the projection, November employment figures beat expectations, pushing the jobless rate lower in a sign that monetary and fiscal stimulus was bringing the country back on its feet after the pandemic blows.—Reuters