ASX 200 Gains 1.1% as Airlines, Tech Rally

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ASX 200 Gains 1.1% as Airlines, Tech Rally
Credit: © Reuters.

By Oliver Gray -  Australian shares advanced 1.1 per cent, or 77.8 points, to 7175.2 on Wednesday, retracing losses of 0.73% in the previous session, buoyed by rallying in technology stocks following a strong lead on Wall Street overnight.

Among stocks, Technology companies rose 3.55% with Block Inc (ASX: SQ2 ) surging 6.96%, Appen Ltd (ASX: APX ) up 4.78%, Xero Ltd (ASX: XRO ) adding 4.07%, Altium Ltd (ASX: ALU ) up 2.12%, Nextdc Ltd (ASX: NXT ) lifting 2.05% while Brainchip Holdings Ltd (ASX: BRN ) lost 3.13%.

Travel stocks benefited from an announcement that New Zealand will reopen its borders to Australian tourists sooner than expected. Qantas Airways Ltd (ASX: QAN ) added 2.23%, Flight Centre Ltd (ASX: FLT ) gained 1.87%, Webjet Ltd (ASX: WEB ) gained 3.28%, Helloworld Ltd (ASX: HLO ) added 3.45% and Corporate Travel Managment Ltd (ASX: CTD ) added 5.26%.

Materials were about 0.39% higher as Rio Tinto Ltd (ASX: RIO ) added 0.15%, BHP Billiton Ltd (ASX: BHP ) eased 0.42%, Fortescue Metals Group Ltd (ASX: FMG ) added 1.46%, Pilbara Minerals Ltd (ASX: PLS ) gained 1.17%, Lake Resources NL (ASX: LKE ) added 11.25% and South32 Ltd (ASX: S32 ) added 2.8%.

Financials gained 1.05% as Macquarie Group Ltd (ASX: MQG ) added 1.76%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lifted 1.8%, National Australia Bank Ltd (ASX: NAB ) gained 0.36%, Westpac Banking Corp (ASX: WBC ) added 0.85% and Commonwealth Bank Of Australia (ASX: CBA ) gained 0.94%, while Zip Co Ltd (ASX: Z1P ) added 1.42%.

Magellan Financial Group Ltd (ASX: MFG ) climbed 3.9% after announcing an on-market share buyback.

On the bond markets, Australia 10-Year yields were slightly off fresh 39-month highs at 2.487% while United States 10-Year rates were at 2.153%.

In New Zealand, the NZX 50 added 0.61% to 11,874.11.

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