ASX 200 Trades Slightly Higher, Tracking Wall Street Rebound

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ASX 200 Trades Slightly Higher, Tracking Wall Street Rebound
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 traded higher on Wednesday, gaining 13.10 points or 0.18% to 7,261.50 as market participants tracked a rebound in U.S. major benchmark indices, while energy companies were buoyed as oil prices extended 7-year highs.

In coronavirus news, New South Wales recorded 594 new cases, while Victoria tallied 1420 cases as the country hit 80% single-dose vaccination rates of its eligible population.

Among stocks, technology names rebounded, with Afterpay Touch Group Ltd (ASX: APT ) up 4.35% and Appen Ltd (ASX: APX ) gaining 0.71%. Meantime, rising oil prices boosted the energy sector, with Santos Ltd (ASX: STO ) adding 2.2% and Oil Search Ltd (ASX: OSH ) up 2.03%. A2 Milk Company Ltd (ASX: A2M ) plunged 4.29% following reports of a shareholder class action yesterday.

ASX 200 Futures were 29.5 points or 0.41% lower at 7225.5.

On the bond markets, Australian 10-Year yields extended 15-week highs of 1.569% while United States 10-Year rates were at similar 14-week highs of 1.527%.

Meantime, the Australian Prudential (LON: PRU ) ) Regulation Authority said it would require banks to test whether new customers could manage their repayments at an interest rate 3 percentage points higher than the actual rate on the loan in a move to stem the growing financial risks of surging house prices.

In New Zealand, the NZX 50 added 22.75 points or 0.17% to 13222.74.

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