Australian Shares Gain for 6th Consecutive Session

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Australian Shares Gain for 6th Consecutive Session
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 added 51.90 points or 0.70% to 7,464.30 during Tuesday’s deals, gaining for the 6th straight session and closing at fresh 10-week highs as investors remained optimistic ahead of Treasurer Josh Frydenberg’s delivery of the Federal Budget later tonight, which expected to provide temporary and targeted measures to relieve cost-of-living pressures.

Among stocks, technology companies finished 3.29% higher overall, as Block Inc (ASX: SQ2 ) rallied 6.82%, Appen Ltd (ASX: APX ) added 6.69%, Megaport Ltd (ASX: MP1 ) lifted 4.27%, Novonix Ltd (ASX: NVX ) added 1.52%, Altium Ltd (ASX: ALU ) gained 1.85%, Xero Ltd (ASX: XRO ) lifted 3.26% and Wisetech Global Ltd (ASX: WTC ) added 3.69%. Zip Co Ltd (ASX: Z1P ) also gained 4.76%.

Consumer Discretionary also gained 2.12% as JB Hi-Fi Ltd (ASX: JBH ) gained 2.34%, Crown Ltd (ASX: CWN ) added 0.87%, Domino's Pizza Enterprises Ltd (ASX: DMP ) lifted 3.01%, Tabcorp Holdings Ltd (ASX: TAH ) added 3.17% and Wesfarmers Ltd (ASX: WES ) gained 1.83%

Materials were 0.18% lower collectively, as Rio Tinto Ltd (ASX: RIO ) lost 1.38%, BHP Billiton Ltd (ASX: BHP ) fell 0.59% while Fortescue Metals Group Ltd (ASX: FMG ) added 0.36%.

Financials gained 0.57%, as Macquarie Group Ltd (ASX: MQG ) added 1.37%, National Australia Bank Ltd (ASX: NAB ) lifted 0.6%, Westpac Banking Corp (ASX: WBC ) gained 1.08% and Commonwealth Bank Of Australia (ASX: CBA ) increased 0.22%.

On the bond markets, Australia 10-Year rates were at 2.893% while United States 10-Year yields were around 2.47%.

In New Zealand, the NZX 50 added 0.07% to 11,920.

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