Australian Shares Climb 0.4% as Tech Continues Rebound

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Australian Shares Climb 0.4% as Tech Continues Rebound
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 was higher in Thursday’s mid-morning deals, adding 26.90 points or 0.37% to 7,295.20 and extending gains of 1.13% in the previous session as market participants tracked a positive lead from Wall Street overnight, with technology companies continuing to rebound ahead of a key U.S. inflation report due later in the session.

ASX 200 Futures were up 0.13%.

Among stocks, Technology companies outperformed, lifting over 3% collectively. Appen Ltd (ASX: APX ) added 1.62%, Megaport Ltd (ASX: MP1 ) surged 8.52%, Novonix Ltd (ASX: NVX ) gained 2.2%, Brainchip Holdings Ltd (ASX: BRN ) lifted 6.36%, Altium Ltd (ASX: ALU ) gained 3.58%, Computershare Ltd. (ASX: CPU ) added 3.34%, Xero Ltd (ASX: XRO ) added 3.58% and Wisetech Global Ltd (ASX: WTC ) gained 1.03%.

Meantime, Block Inc (ASX: SQ2 ) popped 9.64% and Zip Co Ltd (ASX: Z1P ) lifted 1.94%.

Financials were also 0.17% higher overall. National Australia Bank Ltd (ASX: NAB ) rose 3.73% after reporting a 9.1% rise in first-quarter cash profit thanks to growth in home and business lending. Chief executive Ross McEwan said while disruptions to supply chains and labour markets from the Omicron COVID-19 variant had created uncertainty, the bank was optimistic about the outlook for Australia and New Zealand.

Meanwhile, AMP Ltd (ASX: AMP ) added 4.46% after releasing its company results.

The Materials sector was 0.92% higher, with Rio Tinto Ltd (ASX: RIO ) up 1.95%, BHP Billiton Ltd (ASX: BHP ) adding 0.27%, Fortescue Metals Group Ltd (ASX: FMG ) climbing 4.48%, Champion Iron Ltd (ASX: CIA ) up 0.71%, Pilbara Minerals Ltd (ASX: PLS ) gaining 3.31% and Avz Minerals Ltd (ASX: AVZ ) adding 5.26%.

On the bond markets, Australia 10-Year yields were steady at 35-month highs of 2.109% while United States 10-Year rates were at 25-month highs of 1.937%.

In New Zealand, the NZX 50 added 0.47% to 12,492.

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