Finance

Pfizer COVID-19 vaccine news causes ASX 200 shares to surge

Australia’s local market has started strong on Tuesday after positive news from drug giant Pfizer regarding a late-stage COVID-19 vaccine trial.

The ASX 200 was up 90 points to 6,390 on Tuesday morning after US drugmaker Pfizer and German partner BioNTech said a large-scale trial of their vaccine found it more than 90 per cent effective in preventing the virus.

A week ago, the market was languishing below 6000 points.

The companies that are doing the best are those that will benefit from a fresh burst of economic activity.

This includes the major banks, long-suffering travel companies, such as Qantas, WebJet, HelloWorld, Flight Centre, and shopping centre operators.

The surge in the local market comes was reflected overseas as the S&P 500 ended higher but closed just shy of a record as investors bet a full economic reopening was finally in sight following news of the vaccine trial.

The indicator board is seen at the Australian Stock Exchange. File Image Credit: AAP

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