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ASX 200 closes higher: Tech stocks surge, mining giants decline

EditorOliver Gray
Published 08/11/2023, 04:32 pm
© Reuters
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Investing.com - The Australian share market experienced an upswing in late afternoon trading, propelled by notable gains from technology stocks, which counterbalanced a sell-off from leading mining companies.

The S&P/ASX 200, the benchmark index, finished 18.3 points or 0.3% higher at 6,995.4. This upward movement mirrored the gains on Wall Street, which was spurred by a rally in the so-called 'Magnificent Seven' technology stocks. Similarly, the All Ordinaries index increased by 0.1%.

Locally, tech companies such as Wisetech Global Ltd (ASX:WTC), Xero Ltd (ASX:XRO), and Altium Ltd (ASX:ALU) saw gains, with their shares rising by 1.8%, 1.5%, and 1.9%, respectively.

However, the commodities sector took a hit overnight due to weaker-than-anticipated Chinese trade data, leading to renewed apprehensions about China's economy. Major mining firms such as BHP (ASX:BHP), Fortescue Metals (ASX:FMG), and Rio Tinto (ASX:RIO) witnessed a decline in their shares by 2.5%, 1.7%, and 2.2%, respectively.

In the commodities market, Brent crude hovered around $US81 per barrel, Singapore iron ore futures dropped to $US122.55 per tonne, and gold prices decreased by 0.5%.

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