Media contributions
1Media contributions
Title COVID hope triggers 'big switch' frenzy Degree of recognition National Media name/outlet Sydney Morning Herald Media type Web Country/Territory Australia Date 11/11/20 Description GSFM investment consultant Stephen Miller said Pfizer's vaccine was "certainly very, very positive news", but also warned against investors getting too carried away.
"There are a lot of unknown unknowns... a lot of bits and pieces going forward that have the potential to temper the market's enthusiasm," he said.
Meanwhile, Macquarie Business School's Lurion De Mello said the vaccine news had pushed oil prices up on the prospect of fuel demand picking up once people are allowed to travel freely again. West Texas Intermediate gained 8.5 per cent to a three-week high of $US40.29, while Brent crude jumped 7.5 per cent.
However, he noted there were several vaccine contenders and none had passed Phase 3 testing.
"It could be a vaccine-led bubble," Mr De Mello warned.
Local banking stocks jumped to eight month highs as the financial sector gained 3.9 per cent. National Australia Bank surged 7.6 per cent to an eight-month high of $21.26, Westpac gained 5.2 per cent to $18.68, ANZ gained 5.1 per cent to $20.19, Commonwealth Bank gained 3 per cent to $72.40.Producer/Author Sydney Morning Herald Persons Lurion De Mello