ASX 200 Adds 1.5% as Technology Rallies

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ASX 200 Adds 1.5% as Technology Rallies

By Oliver Gray - The S&P/ASX 200 added 103.90 points or 1.45% to 7,286.60 during Monday’s trading session, extending gains of 0.5% in the previous week as investors tracked a technology led rally on Wall Street last week, while materials also lifted amid stronger commodity prices.

Among stocks, Information Technology led the gains, up 4.6% as Block Inc (ASX: SQ2 ) surged 10.9%, Megaport Ltd (ASX: MP1 ) added 8.6%, Link Administration Holdings Ltd (ASX: LNK ) gained 0.4%, Novonix Ltd (ASX: NVX ) lifted 11%, Brainchip Holdings Ltd (ASX: BRN ) gained 4.2%, Altium Ltd (ASX: ALU ) added 4% and Xero Ltd (ASX: XRO ) lifted 5.2%.

Materials added 2.2% with Rio Tinto Ltd (ASX: RIO ) up 0.4%, BHP Billiton Ltd (ASX: BHP ) gaining 2.8%, Fortescue Metals Group Ltd (ASX: FMG ) adding 1.3%, Champion Iron Ltd (ASX: CIA ) down 0.4%, Pilbara Minerals Ltd (ASX: PLS ) lifting 2.4% and Lake Resources NL (ASX: LKE ) up 4.6%.

Liontown Resources Ltd (ASX: LTR ) added 5.3% after agreeing with Tesla (NASDAQ: TSLA ) to extend the termination date for its binding offtake term sheet.

Health Care gained 1.9% as CSL Ltd (ASX: CSL ) added 1.9%, Sonic Healthcare Ltd (ASX: SHL ) lifted 1.7%, Fisher & Paykel Healthcare Ltd (ASX: FPH ) gained 2.8% and Resmed Inc DRC (ASX: RMD ) lifted 2.5%.

Bubs Australia Ltd (ASX: BUB ) surged 40.2% after it securing a deal to send more than a million tins of baby formula to the US to ease a nationwide shortage. A2 Milk also rallied 10.4%.

Meantime, Elders Ltd (ASX: ELD ) fell 2.7% as the company traded ex-dividend.

On the bond markets, Australia 10-Year rates were at 3.247% while United States 10-Year rates were at 2.743%.

In New Zealand, the NZX 50 added 0.7% to 11,145.5.

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