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Monday, January 30, 2023

Tech stocks help Australia shares notch up fourth day of gains - Business Recorder

Last updated Monday, January 23, 2023 02:05 ET , Source: TopWireNews

Australian shares closed marginally higher on Monday, with tech stocks leading the advance after a strong Wall Street rally at the end of last week, while miners snapped two days of gains.
The S&P/ASX 200 index ended 0.1% higher at 7,457.3, extending gains to the fourth session and touching its highest since April 22 last year - nearly two weeks before the central bank began its most aggressive tightening cycle in decades.
Trading volume was low as some major Asian markets including key trading partner China were closed for holidays. Technology stocks emerged as the top gainers on the bourse, rising 1.3%. ASX-listed shares of Block Inc soared 6.1%, while Xero Ltd and Computershare Ltd rose 1.4% and 1.2%, respectively.
The Nasdaq’s Friday jump gave Australian tech stocks this strong start, said Josh Gilbert, a market analyst at eToro.
Energy stocks rose 0.9% as traders continued to focus on brightening economic prospects in key crude oil buyer China.
Woodside Energy Group gained 1.7%, while Santos Ltd inched higher.
Capping the benchmark index’s gains, mining stocks eased 0.1%. Iron ore giant BHP Group fell about 1.1%, while Rio Tinto and Fortescue Metals Group slipped 0.6% and 1%, respectively.
“Iron ore miners have had a great start to the year… So, it’s not unusual to see both stocks (BHP and Rio) having a breather,” Gilbert said.
Meanwhile, lithium stocks continued to put up a good show, with Pilbara Mineral hitting a seven-week peak, while Mineral Resources closed...



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