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It’s ‘risk on’ as Australian investors bid up COVID-infected shares

The Australian sharemarket moved deep into “risk on” territory on Monday. It wasn’t so much about the sharemarket index rising more than 1.4 per cent, it was the stocks that were being bid up – the most COVID-affected companies on the market.

The list of the biggest share price winners on Monday reads like a who’s who of the companies most battered by the pandemic. In tourism and travel, Flight Centre, Qantas and Sydney Airports were star performers with Webjet topping the charts with a gain of more than 20 per cent.

Investors are pricing in an early recovery.

Investors are pricing in an early recovery.Credit:Peter Braig

In retail property, Vicinity and Scentre Group surged ahead, while in the beaten-up media space, Southern Cross Media, Nine Entertainment, News Corp, Seven West Media and oOh!Media wildly outperformed the broader market despite a slump in advertising – the beginnings of which predated COVID.

Even the troubled department store group Myer saw its shares spike around 6 per cent. Buy now, pay later operator Flexigroup, which is something of a proxy for retail sales, leapt 5.6 per cent.

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