Market Close 29 Apr 20: ASX advances as investors forgive the big banks

Local shares have managed to lift after a rather uninspired open from weak lead on Wall Street. The ASX 200 has ended Wednesday’s session 80 points or 1.5% higher at 5,393. US futures are also pointing higher ahead of the US Federal Reserve meeting to conclude during the upcoming US session. At the end of the day, gains were across the majority of the market with more defensively oriented stocks underperforming. Banks and energy stocks contributed most to the broader market moves. The big four banks all rallied by a minimum of 4.2%. National Bank (NAB) was the standout with a 6.3% lift.

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