Australian Shares Snap 5 Sessions of Decline, Tech Sinks Further

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Australian Shares Snap 5 Sessions of Decline, Tech Sinks Further
Credit: © Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 was higher in Friday’s mid-morning deals, adding 38.40 points or 0.56% to 6,876.70, posting its first positive performance in five consecutive sessions and lifting from 9-month lows amid broad-based gains as investor seek to buy up discounted stocks.

ASX 200 Futures were pointing 0.68% lower.

Among stocks, the Materials sector was 0.4% higher as Rio Tinto Ltd (ASX: RIO ) added 2.11%, BHP Billiton Ltd (ASX: BHP ) gained 2.23%, Fortescue Metals Group Ltd (ASX: FMG ) lifted 1.69%, Champion Iron Ltd (ASX: CIA ) gained 6.86% and Magnis Resources Ltd (ASX: MNS ) added 2.15%. However, Pilbara Minerals Ltd (ASX: PLS ) lost 2.22%, Arizona Lithium Ltd (ASX: AZL ) fell 2.2%, Lake Resources NL (ASX: LKE ) dipped 1.16% and Lynas Rare Earths Ltd (ASX: LYC ) lost 5%.

Gold miners were lower, with Newcrest Mining Ltd (ASX: NCM ) losing 6.4% after it posted its quarterly production report, while Evolution Mining Ltd (ASX: EVN ) fell 2.4%, Northern Star Resources Ltd (ASX: NST ) lost 2.7% and Gold Road Resources Ltd (ASX: GOR ) fell 5.9%.

Financials were mixed, with Macquarie Group Ltd (ASX: MQG ) up 0.73%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) losing 0.15%, Commonwealth Bank Of Australia (ASX: CBA ) down 0.17%, National Australia Bank Ltd (ASX: NAB ) falling 0.88% and Westpac Banking Corp (ASX: WBC ) losing 0.79%.

Technology was the main drag on the bourse, down 0.8% as Megaport Ltd (ASX: MP1 ) lost 10.3%, Link Administration Holdings Ltd (ASX: LNK ) dropped 1.39%, Block Inc (ASX: SQ2 ) fell 0.8%, Novonix Ltd (ASX: NVX ) lost 2.45%, Brainchip Holdings Ltd (ASX: BRN ) shed 1.1%, Xero Ltd (ASX: XRO ) lost 3.32% and Computershare Ltd. (ASX: CPU ) fell 2.22%.

Meantime, software giant Atlassian Corp Plc (NASDAQ: TEAM ) popped 9.94% in after hours trade in the U.S. after a stronger than expected earnings report.

Among currencies, the Aussie was little changed at 7-week lows of 0.70316, while the US Dollar Index lifted 0.7% to 8-month highs of 97.204.

On the bond markets, Australia 10-Year rates were at 1.958% while United States 10-Year yields held near 2-year highs of 1.816%.

In New Zealand, the NZX 50 lost 0.62% to 11,976.

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