By Oliver Gray
Investing.com - The S&P/ASX 200 lifted 30.4 points or 0.41% on Tuesday, closing at 2-week highs of 7534.9 after extending gains of 0.16% in the previous session, with market participants tracking solid gains in U.S. technology stocks overnight as easing fears of imminent tapering at the Federal Reserve boosted risk appetite.
On the coronavirus front, New South Wales reported a near record 1164 new cases as Premier Gladys Berejiklian noted that October would be the worst month of this outbreak for NSW despite the fact the state is expected to reach 70% double doses the same month. Meantime, Victoria reported 76 new cases, as Premier Daniel Andrews is set to reveal tomorrow which restrictions will be eased in Victoria when case numbers reach particular thresholds.
Among stocks, stem cell treatments producer Mesoblast Ltd (ASX:MSB) plunged 14.9% after the company reported losses of $US98.8 million for the half earlier in the session, while Pointsbet Holdings Ltd (ASX:PBH) closed 1.76% higher after earnings. Harvey Norman Holdings Ltd (ASX:HVN) also lost 3.24%, announcing a repayment of A$6 million in JobKeeper subsidies after reporting record profits. Meantime, technology stocks gained, with Afterpay Touch Group Ltd (ASX:APT) adding 1.59% and Wisetech Global Ltd (ASX:WTC) surging 6.43%.
Investors will also be looking ahead to Australia’s GDP print tomorrow amid market expectations of a 0.5% quarterly rise, easing significantly from the previous period’s 1.8% expansion.
In New Zealand, the NZX 50 moved 36.28 points or 0.28% higher to 13220.45, closing at 7-month highs.