ASX finishes week higher as tech stocks rally
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The news: The Australian sharemarket finished the week with a gain as tech stocks rallied, tracking Wall Street gains on the back of Nvidia's stellar results.
The numbers: The benchmark ASX 200 finished 0.43% up to 7,643.6, with nine out of 11 sectors finishing in green.
The top performing sector was IT, up 1.52%, followed by consumer discretionary (1.49%), and financials (0.72%). Block was the standout performer, adding 16.56% after reporting a surprise fourth-quarter profit and outlining March quarter earnings above market estimates.
Large tech companies finished higher, tracking Wall Street’s tech rally, including Wisetech (1.22%), Xero (2.77%), Altium (0.17%) and NextDC (1.95%).
The worst-performing sector was utilities, down 0.64%, followed by AREITs (0.1%). A number of large utility companies finished lower including Origin (-0.71%), APA Group (-1.09%), and AGL Energy (-0.48%).
The stock that lost the most was Lifestyle Communities, down 12.18%, following its $275 million entitlement offer and weak earnings.
Newmont Corporation was also a poor performer, down 7.76% after posting a loss on the back of hefty impairments.
The Australian dollar is higher buying US65.69 cents.
The context: Next week will see Australia’s monthly consumer price index published. US preliminary quarterly GDP figures will also be released.
Earnings season continues with Endeavour Group, NIB, Suncorp, TPG, Altium, Appen, Coles, Woodside, Flight Centre, Worley, Atlas Arteria and Perpetual posting results.
