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ASX rallies 0.8%; tech stocks lead gains
Australian shares rose 0.8% on Friday, led by technology stocks, while falling bond yields and reduced US rate hike bets supported risk appetite.
The Australian sharemarket finished higher on Friday as renewed risk appetite emerged following a temporary reversal in the global bond sell-off and a sharp decline in expectations for further United States interest rate rises.
The S&P/ASX 200 Index rose 67.7 points or 0.8% to 8,682.1, with nine of the 11 sectors closing higher.
For the week, the index added 0.2%.
Among sector performance, the Information Technology sector led the gains, with Megaport surging 10.3%, Data#3 lifting 7.8%, Life360 rising 7%, and WiseTech Global adding 6.7%.
The Energy sector also advanced following a fresh surge in crude oil prices overnight. Ampol gained 1.6%, Santos lifted 1.8%, Woodside Energy added 1.1%, and Beach Energy gained 3%.
Among individual movers, defense technology manufacturer Elsight led gains on the index, surging 13%, while DroneShield added 6.4%.
On the bond markets, Australian 10-year and two-year government bond yields were both down 0.8% at 5.327% and 4.912%, respectively.
Original on Media.com
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