Australian Shares Gain 0.3% to Close Near Record High

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Australian Shares Gain 0.3% to Close Near Record High

By Oliver Gray - The S&P/ASX 200 added 23.60 points or 0.31% to 7,592.80 during Thursday’s trade, closing near fresh all-time high valuations as market participants tracked a fresh batch of quarterly updates prior to the opening bell.

Among stocks, Industrials and Real Estate companies led the gains, with Brambles Ltd (ASX: BXB ) finishing 8% higher as investors cheered a rosy outlook for profits in an update before markets opened. Goodman Group (ASX: GMG ) gained 2%, Stockland Corporation Ltd (ASX: SGP ) added 2.4% and Scentre Group Ltd (ASX: SCG ) lifted 2%.

Tech shares struggled as bond yields remained near multi-year peaks. Megaport Ltd (ASX: MP1 ) tanked 21.6% after issuing a trading update that underwhelmed investors despite moderate revenue growth. Block Inc (ASX: SQ2 ) dropped 6.9%, Novonix Ltd (ASX: NVX ) fell 2.3% and Wisetech Global Ltd (ASX: WTC ) dipped 0.4%

Financials finished 1.1% higher with Australia and New Zealand Banking Group Ltd (ASX: ANZ ) up 0.3%, National Australia Bank Ltd (ASX: NAB ) adding 1%, Westpac Banking Corp (ASX: WBC ) up 0.6% and Commonwealth Bank Of Australia (ASX: CBA ) adding 1%. Challenger Ltd (ASX: CGF ) also surged 9.8% after the company said financial-year profits would come in towards the higher end of prior forecasts.

On the bond markets, Australia 10-Year yields were at 3.081% while United States 10-Year rates were at 2.875%.

In New Zealand, the NZX 50 ended 0.1% lower at 11,954.

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