By Oliver Gray
Investing.com - The S&P/ASX 200 finished Wednesday’s session higher, adding 48.80 points or 0.66% to 7,438.90 and snapping two consecutive sessions of decline as an overnight rally in U.S. tech stocks boosted the local sector, while higher Crude Oil and Nickel prices lifted energy and mining companies.
The technology sector rallied 2.04% with Appen Ltd (ASX:APX) surging 5.32%, Megaport Ltd (ASX:MP1) up 3.64%, Novonix Ltd (ASX:NVX) adding 0.95%, Brainchip Holdings Ltd (ASX:BRN) lifting 10.19%, Xero Ltd (ASX:XRO) gaining 1.21% and Wisetech Global Ltd (ASX:WTC) up 1.33%.
BNPL names were sharply higher as Zip Co Ltd (ASX:Z1P) advanced 2.04% and Afterpay jumped 4.8% on news that the Bank of Spain has approved Block’s takeover of the buy now, pay later giant.
Meantime, energy stocks lifted 2.99% with Santos Ltd (ASX:STO) lifting 3.56%, Woodside Petroleum Ltd (ASX:WPL) up 4.1% and Beach Energy Ltd (ASX:BPT) surging 5.34%.
Nickel Mines Ltd (ASX:NIC) posted gains of 6.53% following a surge in nickel prices overnight which took the commodity to a seven-year high.
Mining heavyweights finished mostly higher as Rio Tinto Ltd (ASX:RIO) added 0.85%, BHP Billiton Ltd (ASX:BHP) gained 1.05%, while Fortescue Metals Group Ltd (ASX:FMG) dipped 1.14% after Citigroup Inc (NYSE:C) downgraded it to a “sell” rating.
Rare earth miners lifted with Pilbara Minerals Ltd (ASX:PLS) adding 1.7%, Magnis Resources Ltd (ASX:MNS) up 1.87%, Avz Minerals Ltd (ASX:AVZ) surging 10.8% and Lynas Rare Earths Ltd (ASX:LYC) gaining 1.27%.
On the bond markets, Australia 10-Year yields were at 1.839% while United States 10-Year rates were at 1.732%.
In New Zealand, the NZX 50 dipped 0.21% to 12,804.