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Australian shares lift 0.9% to start the week, tech leads advance

Published 16/01/2023, 11:30 am
Updated 16/01/2023, 11:34 am
© Reuters

© Reuters

By Oliver Gray

Investing.com - The S&P/ASX 200 added 0.9% to 7,392.4 after the first 90 minutes of Monday’s trade, extending gains of 3.1% in the previous week and nearing 8-month highs as solid earnings results from U.S. financial giants pushed U.S. equities to a positive close on Friday, with investors looking ahead to a busy week of economic data.

ASX 200 Futures were pointing 0.4% higher.

Among stocks, Information Technology led the gains, up 2.1% collectively. Block Inc (ASX:SQ2) added 0.9%, Appen Ltd (ASX:APX) gained 1.5%, Megaport Ltd (ASX:MP1) lifted 5.4% and Novonix Ltd (ASX:NVX) gained 3.1%.

Gold miners were also trading higher amid a weakening U.S. Dollar. Gold Road Resources Ltd (ASX:GOR) rose 2.8%, Newcrest Mining Ltd (ASX:NCM) added 2.1% and Northern Star Resources Ltd (ASX:NST) lifted 1.5%.

Meanwhile, Polynovo Ltd (ASX:PNV) added 1.6% and Super Retail Group Ltd (ASX:SUL) lifted 8.3% after both companies reported record first-half sales.

Ahead in the week, investors will turn their attention to Westpac Consumer Sentiment, Employment change and Unemployment rate data.

In currency markets, the Australian dollar was trading near fresh 5-month highs.

On the bond markets, Australia 10-Year rates were at 3.617% while United States 10-Year yields were at 3.507%.

In New Zealand, the NZX 50 added 0.5% to 11,817.8.

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