Australian Shares Lift 1%, Buoyed by Materials and Tech

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Australian Shares Lift 1%, Buoyed by Materials and Tech
Credit: © Reuters.

By Oliver Gray 

Investing.com - the S&P/ASX 200 added 69.6 points or 1% to 7,245.5 after the first hour of Friday’s trade, buoyed by strong gains in the Materials and Technology sectors.

ASX 200 Futures were pointing 0.2% lower.

Among stocks, rising Iron ore prices overnight boosted miners, with Rio Tinto Ltd (ASX: RIO ) up 3%, BHP Billiton Ltd (ASX: BHP ) gaining 2.4%, Fortescue Metals Group Ltd (ASX: FMG ) up 3.4% and Champion Iron Ltd (ASX: CIA ) adding 6.9%. Lithium miners also recovered from losses earlier in the week, with Liontown Resources Ltd (ASX: LTR ) adding 5%, Pilbara Minerals Ltd (ASX: PLS ) up 3.7% and Magnis Resources Ltd (ASX: MNS ) gaining 4%.

Information Technology gained 2.6%, tracking a strong session on Wall Street, with Block Inc (ASX: SQ2 ) adding 4.7%, Appen Ltd (ASX: APX ) up 1.8%, Megaport Ltd (ASX: MP1 ) gaining 2.9%, Novonix Ltd (ASX: NVX ) lifting 4.6%, Brainchip Holdings Ltd (ASX: BRN ) gaining 2.4% and Altium Ltd (ASX: ALU ) up 3.3%.

Real estate stocks lifted 0.5%, with Goodman Group (ASX: GMG ) up 1.2%, Charter Hall Group (ASX: CHC ) lifting 1.5%, Mirvac Group (ASX: MGR ) up 0.5%, Stockland Corporation Ltd (ASX: SGP ) adding 0.8% and Scentre Group Ltd (ASX: SCG ) lifting 0.4%.

Financials were up 0.2%, with Australia and New Zealand Banking Group Ltd (ASX: ANZ ) up 0.6%, Commonwealth Bank Of Australia (ASX: CBA ) gaining 0.3%, Westpac Banking Corp (ASX: WBC ) adding 0.6% and National Australia Bank Ltd (ASX: NAB ) 0.3%.

Meantime, Healius Ltd (ASX: HLS ) dropped 4.5% after reporting “more difficult market conditions” in the second half of the financial year.

On the bond markets, Australia 10-Year yields were near fresh 8-year highs of 3.524% while United States 10-Year rates were at 2.913%.

In New Zealand, the NZX 50 added 0.5% to 11,406.1.

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