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Australia shares gain on hopes of swift passage for U.S. stimulus; tech stocks slide

Published 09/03/2021, 12:11 pm
Updated 09/03/2021, 12:12 pm
© Reuters.

* Vocus shares hits highest level since Nov 2016

* NZ to buy enough Pfizer (NYSE:PFE) COVID-19 vaccines for entire population

By Aditya Munjuluru

March 9 (Reuters) - Australian shares rose on Tuesday, buoyed by hopes of a swift passage of a $1.9 trillion stimulus package by the U.S. Congress, while tech stocks slid for the sixth straight session tracking overnight correction in Wall Street peers.

The S&P/ASX 200 index .AXJO gained 0.8% to 6,791.3 by 2250 GMT. The benchmark ended 0.4% higher on Monday.

The U.S. technology-related shares were sold off overnight that pushed the Nasdaq .IXIC into a correction, falling more than 10% from its Feb. 12 record high. .N

Investors are awaiting a quick passage of President Joe Biden's coronavirus stimulus bill by the Democrat-controlled House of Representatives, as it would boost liquidity into the markets.

Australian tech stocks .AXIJ fell as much as 3.1% to a five-month low. Buy now, pay later firm Afterpay APT.AX dropped as much as 8.7%, while Xero XRO.AX lost 4.8%.

Gold stocks .AXGD fell 1.9% as higher yields pushed bullion prices to a nine-month low. Bellevue Gold BGL.AX gave up 5.2%, while Chalice Mining CHN.AX fell 3.9%.

On the other hand, financial stocks .AXFJ rose as much as 1.6%, with the "Big Four" banks gaining between 1.5% and 2.1%.

Perpetual Ltd PPT.AX advanced 3.4% and Macquarie Group MQG.AX gained 2.5% to become the top performers on the sub-index.

Fibre network owner Vocus Group VOC.AX jumped 8.6% to top the benchmark index after it agreed to a scheme implementation deed with Macquarie Infrastructure and Real Assets (MIRA) and pension fund Aware Super. was also boosted after data showed that a measure of Australian business confidence rose to decade highs in February. New Zealand, the benchmark S&P/NZX 50 index .NZ50 was up 0.1% at 12,099.46.

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New Zealand Prime Minister Jacinda Ardern on Monday said the country will buy additional COVID-19 vaccines developed by Pfizer PFE.N and Germany's BioNTech 22UAy.DE , which will be enough to vaccinate the whole country. = 1.3062 Australian dollars)

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