Tech Rally Pushes Australian Stocks Up.
Sydney, Monday, 30 May 2022
On Monday, the S&P/ASX 200 Index rose 1% to about 7,260, its highest level in almost three weeks, boosted by a surge in technology sectors after a solid lead from Wall Street.
Strong retail earnings and a lowering inflation rate improved optimism last week, giving US equities a break from a brutal selloff.
Xero (2.8%), Block Inc (7.5%), Brainchip Holdings (2.8%), Codan (4.1%), and NextDC (4.1%) topped the gains in the Australian technology sector (2.6 percent ). BHP Group (2.2 percent), Fortescue Metals (1.3 percent), Rio Tinto (1.1 percent), Pilbara Minerals (5.2 percent), and South32 all rose in response to higher metals prices (2 percent ).
Meanwhile, coal miners were lagging behind the market after India stated that it will revive old mines and raise output by 100 million tonnes.
Bubs Australia, on the other hand, increased by 50% after landing an agreement to ship more than a million tins of infant formula to the United States to assist alleviate a statewide shortage.
(Written and edited by: The Decision Maker - Australia Finance editors)