ASX edges up as tech and industrials gain
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The news: The Australian sharemarket edged higher at close on Thursday after a session that saw tech rally on the back of Wall Street’s gains.
The numbers: The benchmark ASX 200 finished up 0.39% to 7,763.7, with nine out of 11 sectors finishing in green.
The best performing sector was industrials, up 1.33%, followed by IT (1.03%), and consumer staples (0.78%). Most of the large industrial companies gained, including Transurban (0.81%) and Brambles (2.35%).
WiseTech was up 1.12%, as well as other large tech companies including Xero (0.09%), NextDC (3.01%), and Altium (0.14%).
Energy was the worst-performing sector, down 1.15%, followed by materials (-0.02%). Woodside was one of the benchmark’s worst performers after falling 2.72%.
BHP Group and Rio Tinto fell 1.17% and 2.44% respectively as they went ex-dividend today.
The Australian dollar is higher, buying US65.82 cents.
The context: Tech stocks followed Wall Street’s tech rally after the US Federal Reserve chair Jerome Powell reaffirmed expectations that the central bank would cut interest rates this year during the first day of his two-day congressional testimony.
The second day of the congressional testimony will commence overnight while the European Central Bank announces its latest monetary policy decision.
Tomorrow is also International Women’s Day.
