By Oliver Gray
Investing.com - The S&P/ASX 200 added 69.2 points or 1% to 7,251.9 after the first hour of Monday’s trade following gains of 0.5% in the previous week and tracking U.S. equities higher amid a strong relief rally during Friday’s session.
ASX 200 Futures were pointing 0.2% lower.
Among stocks,Information Technology led the gains, up 3.3% as Block Inc (ASX:SQ2) added 7.5%, Megaport Ltd (ASX:MP1) lifted 3.9%, Novonix Ltd (ASX:NVX) gained 9.1%, Brainchip Holdings Ltd (ASX:BRN) lifted 2.3% and Altium Ltd (ASX:ALU) gained 3%.
Materials also lifted 1.5% as Iron ore and Copper prices moved higher. Rio Tinto Ltd (ASX:RIO) added 0.9%, BHP Billiton Ltd (ASX:BHP) lifted 2.2%, Fortescue Metals Group Ltd (ASX:FMG) gained 1%, Champion Iron Ltd (ASX:CIA) added 1.2% and Lake Resources NL (ASX:LKE) lifted 7.7%.
Energy stocks were 0.2% higher overall amid rising crude oil prices. Woodside Energy Ltd (ASX:WDS) was down 0.3% and Santos Ltd (ASX:STO) added 0.9% while Beach Energy Ltd (ASX:BPT) and Viva Energy Group Ltd (ASX:VEA) fell 0.8% and 1.5% respectively.
Ahead in the week, market participants will be looking toward fresh GDP and retail sales data.
On the bond markets, Australia 10-Year rates were at 3.255% while United States 10-Year rates were at 2.743%.
In New Zealand, the NZX 50 added 0.8% to 11,152.