Australian Shares Up 0.4% as Tech Boosts Sentiment

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Australian Shares Up 0.4% as Tech Boosts Sentiment
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 added 26.30 points or 0.4% to 7,540.00 during Tuesday’s morning deals, extending gains of 0.3% in the previous session and trading near fresh 13-week highs as market participants tracked a tech-led rally in U.S. equities overnight, while investors look ahead to the RBA’s interest rate decision later in the day.

ASX 200 Futures were pointing 0.3% lower.

Information Technology gained 3.1% overall, as Block Inc (ASX: SQ2 ) rallied 6.2%, Appen Ltd (ASX: APX ) gained 2.2%, Megaport Ltd (ASX: MP1 ) added 1.3%, Novonix Ltd (ASX: NVX ) lifted 5.9% and Brainchip Holdings Ltd (ASX: BRN ) gained 3%.

Real estate companies traded higher with Goodman Group (ASX: GMG ) up 4%, Stockland Corporation Ltd (ASX: SGP ) gaining 0.5% and Charter Hall Group (ASX: CHC ) up 0.3%.

Among stocks, Materials were down 0.4% collectively, as Rio Tinto Ltd (ASX: RIO ) fell 0.65%, BHP Billiton Ltd (ASX: BHP ) eased 0.5%, Fortescue Metals Group Ltd (ASX: FMG ) added 0.1%, Arizona Lithium Ltd (ASX: AZL ) gained 4.2%, Lake Resources NL (ASX: LKE ) added 4.5% and Core Lithium Ltd (ASX: CXO ) gained 3.1%

Ahead in the session, investors will be closely monitoring the Reserve Bank of Australia’s interest rate decision , with analysts expecting policymakers to hold steady on the current benchmark rate.

On the bond markets, Australia 10-Year yields eased further from 45 month highs to 2.787%, while United States 10-Year rates were steady at 2.397%.

In New Zealand, the NZX 50 added 0.22% to 12,080.

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