Australian Shares Lift 0.5% to Fresh 2-Month Highs

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Australian Shares Lift 0.5% to Fresh 2-Month Highs
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 added 50.20 points or 0.67% to 7,514.50 during Wednesday’s trade, rallying for the 7th consecutive session and closing at 2-month highs as technology stocks were buoyed while bond yields cooled from recent multi-year highs.

Among stocks, info tech was up 3.84% as Block Inc (ASX: SQ2 ) gained 6.12%, Megaport Ltd (ASX: MP1 ) lifted 6.97%, Novonix Ltd (ASX: NVX ) jumped 5.81%, Brainchip Holdings Ltd (ASX: BRN ) added 3.76%, Xero Ltd (ASX: XRO ) gained 5.28% and Technology One Ltd (ASX: TNE ) added 1.48%.

Health Care stocks also gained 1.4% overall with CSL Ltd (ASX: CSL ) up 1.8%, Fisher & Paykel Healthcare Ltd (ASX: FPH ) adding 3.7%, Resmed Inc (ASX: RMD ) up 0.74%, Pro Medicus Ltd (ASX: PME ) adding 2.9%, Cochlear Ltd (ASX: COH ) gaining 1.3% and Clinuvel Pharmaceuticals Ltd (ASX: CUV ) up 0.8%.

Consumer Discretionary gained 1.2% overall with Wesfarmers Ltd (ASX: WES ) up 1.1%, JB Hi-Fi Ltd (ASX: JBH ) adding 1.3%, Crown Ltd (ASX: CWN ) up 0.3%, Domino's Pizza Enterprises Ltd (ASX: DMP ) adding 5.7% and Aristocrat Leisure Ltd (ASX: ALL ) up 1.2%.

Telstra Corporation Ltd. (ASX: TLS ) finished 0.76% lower after reports that Andy Penn will retire after more than seven years running the company.

The Energy sector fell 0.84% as Woodside Petroleum Ltd (ASX: WPL ) dipped 0.8%, Santos Ltd (ASX: STO ) lost 0.6% and Beach Energy Ltd (ASX: BPT ) shed 0.93% amid easing Crude Oil prices. 88 Energy Ltd (ASX: 88E ) also plunged 48.5% after revealing disappointing drilling results at its Alaskan tenements.

On the bond markets, Australia 10-Year rates eased from 46-month highs to 2.793% while United States 10-Year rates were at 2.36%.

In New Zealand, the NZX 50 gained 1.5% to 11,997.

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