ASX 200 up 1% as Tech Stocks Lead Rebound

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ASX 200 up 1% as Tech Stocks Lead Rebound

By Oliver Gray - The S&P/ASX 200 added 59.4 points or 0.8% to 7,123.9 after the first hour of Friday’s trade, partially recouping losses of 1.6% in the previous session as technology companies rebounded while energy stocks struggled amid falling oil prices.

ASX 200 Futures were pointing 1% higher.

Among stocks, Information Technology was the most improved with a 3.1% gain as Block Inc (ASX: SQ2 ) added 7.8%, Appen Ltd (ASX: APX ) lifted 2.3% Novonix Ltd (ASX: NVX ) gained 11.1%, Brainchip Holdings Ltd (ASX: BRN ) added 2.7% and Xero Ltd (ASX: XRO ) increased 3.2%. Zip Co Ltd (ASX: ZIP ) also lifted 2.9%.

Materials were up 1.3% collectively as Rio Tinto Ltd (ASX: RIO ) added 2.2%, BHP Billiton Ltd (ASX: BHP ) lifted 1.8%, Fortescue Metals Group Ltd (ASX: FMG ) gained 2.1% and Champion Iron Ltd (ASX: CIA ) lifted 2.2%.

Financials were ahead by 0.6% overall with Macquarie Group Ltd (ASX: MQG ) up 1.6%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) adding 0.5%, Westpac Banking Corp (ASX: WBC ) up 0.3% and Commonwealth Bank Of Australia (ASX: CBA ) up 0.7%.

Energy fell 1.1%, with Woodside Petroleum Ltd (ASX: WPL ) down 2.7%, Santos Ltd (ASX: STO ) falling 1.5% and Beach Energy Ltd (ASX: BPT ) dipping 2.1%.

On the bond markets, Australia 10-Year rates were at 3.287% while United States 10-Year yields were at 2.855%.

In New Zealand, the NZX 50 added 0.7% to 11,285.6.

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