The Australian share market finished session higher on Thursday, 23 July 2020, as investors sentiments boosted up on potential coronavirus vaccines, though concern about an escalation of Sino-U.S. tensions capped gains.

At closing bell, the benchmark S&P/ASX200 index rose 19.44 points, or 0.32%, to 6,094.50. The broader All Ordinaries added 21.26 points, or 0.34%, to 6,213.90. There were 126 companies higher, 64 lower, and 10 flat on Thursday

Progress on combating the virus's impact contributed to sentiment. The US government agreed to pay the drugmaker Pfizer and partner BioNTech $1.95 billion to secure produce 600 million doses of their experimental Covid-19 vaccine if it proves to be safe and effective.

Australia recorded 501 new coronavirus infections on Wednesday, its highest since the epidemic took hold in March, with Victoria state accounting for 97% of the fresh cases. The surging cases prompted ities to make masks mandatory in Melbourne, Victoria's capital and Australia's second most populous city, and flag a hit to third-quarter economic output.

The property stocks outperformed with Charter Hall Group up 4.4%, while Goodman rose 1.6%, Dexus added 1.3%, Scentre Group climbed 3.8%, and Vicinity finished 2.9% higher.

Energy stocks also joined the party, following an overnight oil price rise. Santos, the country's second-largest independent gas producer, finished 3.5% higher after it reported a record 18.6% rise in quarterly production.

The big financials were mixed, with Commonwealth Bank down 0.5%. ANZ was flat while Westpac and National Australia Bank added 0.4% and 0.6% respectively.