ASX closes higher as tech gains
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The news: The Australian sharemarket closed higher in a mixed session after the US Federal Reserve kept interest rates steady but did not give any indication when it will begin cutting rates.
The numbers: The benchmark ASX 200 finished up 0.23% to 7,587, with six out of 11 sectors finishing in green.
The best performing sector was IT, up 0.96%, followed by financials (0.72%) and industrials (0.46%). Wisetech led gains within the IT sector finishing up 2.97%.
PEXA was the best performer across the ASX 200, gaining 10.78%, after it announced that its strategic partnership with UK lender NatWest would deliver 48-hour remortgage transactions to its customers.
Qube was the second-best performer, up 6.71%, after the logistics provider upgraded its full-year guidance after market close on Wednesday.
The big four banks all gained with NAB leading the pack, up 1.66%, after it reported a statutory net profit rise for the first half, and unveiled a $1.5 billion increase to its on-market buyback.
Elsewhere, Namoi Cotton surged 12.5% after Singapore-based agribusiness Olam Agri improved its off-market takeover offer for the company and its biggest shareholder announced its support for the new bid.
The worst performing sector was consumer staples, down 2.46%, followed by telecommunication services (-0.84%) and utilities (-0.71%). Woolworths led losses for the consumer staples sectors, losing 4.29%, after posting weak earnings.
Bapcor (-24.05%) was the worst performer across the ASX 200 as the auto parts supplier flagged a profit hit and likely asset impairments for the second half of the fiscal year.
Meanwhile, Afterpay parent Block fell 5.61% on reports of a US probe on alleged compliance breaches. Separately, Cash App’s general manager Brian Grassadonia sold USD7.6 million ($11.64 million) worth of Block shares on Wednesday and over the past three months has sold additional stakes collectively worth around USD27 million.
The Australian dollar is higher buying 65.44 US cents.
The context: Locally, Macquarie will report its latest earnings on Friday as will Apple, Block, and Coinbase offshore.
The US Bureau of Labor Statistics will also post the latest unemployment rate on Friday evening.
