Australian Shares Up 0.5% to Fresh 9-Week Highs

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Australian Shares Up 0.5% to Fresh 9-Week Highs
Credit: © Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 gained 34.70 points or 0.47% to 7,375.80 during Wednesday’s deals, extending gains of 0.9% in the previous session to trade at fresh 9-week highs as market participants tracked a positive lead on Wall street overnight, while bond yields continued their move higher, reflecting expectations of more aggressive interest rate hikes by central banks both locally and abroad as policymakers attempt to ease rampant inflation pressures.

ASX 200 Futures were pointing just 0.03% lower.

Among stocks, Technology companies are outperforming, up 3.32%. Block Inc (ASX: SQ2 ) added 8.5%, Megaport Ltd (ASX: MP1 ) lifted 2.76%, Novonix Ltd (ASX: NVX ) gained 1.54%, Altium Ltd (ASX: ALU ) added 2.64% and Nextdc Ltd (ASX: NXT ) lifted 2.49%.

Financials were up 1% overall, with Macquarie Group Ltd (ASX: MQG ) adding 2.06%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lifting 1.05%, National Australia Bank Ltd (ASX: NAB ) up 1.15%, Westpac Banking Corp (ASX: WBC ) gaining 0.38% and Commonwealth Bank Of Australia (ASX: CBA ) adding 0.96%. Zip Co Ltd (ASX: Z1P ) also gained 5.23%

Meantime, Materials were 1% lower as Rio Tinto Ltd (ASX: RIO ) fell 0.54%, BHP Billiton Ltd (ASX: BHP ) lost 1.62%, Fortescue Metals Group Ltd (ASX: FMG ) fell 0.11%, Champion Iron Ltd (ASX: CIA ) dipped 2.31%, Arizona Lithium Ltd (ASX: AZL ) fell 3.23% and Lynas Rare Earths Ltd (ASX: LYC ) lost 2.55%.

On the bond markets, Australia 10-Year yields were near fresh 45-month highs of 2.781%, while United States 10-Year rates were at 34-month highs of 2.408%.

In New Zealand , the NZX 50 lost 0.95% to 12,090.

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