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Monday, January 30, 2023

Australian shares firm on tech, financials boost - Markets - Business Recorder

Last updated Friday, December 30, 2022 02:05 ET , Source: TopWireNews

Australian shares rose on Friday, with gains led by tech and financial stocks, as Wall Street rose overnight after signs of a cooling US labour market eased future rate-hike worries by the Federal Reserve.
The S&P/ASX 200 index rose 0.4% to 7,047.2 points by 2303 GMT.
The benchmark fell 0.9% on Thursday.
US unemployment data showed an increase in the number of Americans filing new claims for unemployment benefits last week, indicating a tight US jobs market amid the Fed’s efforts to raise rates to cool inflation.
Tech stocks tracked the Nasdaq index higher, adding 1.7% to the domestic bourse. ASX-listed Block Inc gained 5%, while Xero rose 3.3%.
Financial stocks climbed 0.7%, with the “Big Four” banks adding between 0.8% and 1.1%. Heavyweight mining stocks firmed 0.5% as iron ore prices jumped over demand optimism.
BHP Group, Rio Tinto, and Fortescue Metals rose 0.9%-1.4%.
Energy stocks added 1% even as oil prices fell. Oil and Gas major Woodside energy jumped 0.9% Bucking the trend, the gold index fell 0.3%.
Sector heavyweight Newcrest Mining and Northern Star Resources slid 1% and 0.8%, respectively.
In New Zealand, the benchmark S&P/NZX 50 index rose 0.5% to 11,591.19 points.



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