Australian Shares Extend Gains

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Australian Shares Extend Gains
Credit: © Reuters.

By Oliver Gray

Investing.com - The S&P/ASX 200 added 37.20 points or 0.51% to 7,348.90 in Friday trade, extending gains of 0.8% in the previous session as easing long term bond yields boosted technology stocks, while investors proved optimistic on re-opening trades as New South Wales moves toward further easing of restrictions.

ASX 200 Futures were down 23 points or 0.31%.

In coronavirus news, New South Wales recorded 399 new local cases of COVID-19 as Premier Dominic Perrottet announced that hotel and home quarantine will no longer be required for vaccinated people entering NSW, including those coming from overseas, from November 1. Meantime, Victoria recorded 2179 new cases, down slightly from yesterday’s record high of 2297 cases.

Among stocks, materials traded higher, with BHP (ASX: BHP ) up 2.46% and Fortescue Metals Group Ltd (ASX: FMG ) up 1.4% with Rio Tinto Ltd (ASX: RIO ) down 0.74% after cutting its FY 2022 iron ore production guidance. Technology names also lifted, with Afterpay Touch Group Ltd (ASX: APT ) gaining 1.22%, Appen Ltd (ASX: APX ) up 1.72%, Wisetech Global Ltd (ASX: WTC ) lifting 1.75%.

Among recent data, Australia’s official unemployment rate rose to 4.6% in September, little changed from a near 13-year low of 4.5% in August, with approximately 140,000 fewer people employed during the month amid lockdowns across the country.

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