Australia: NAB earnings, tech rally drive shares higher

[BENGALURU] Australian shares rose for a third straight session on Thursday, helped by financials after National Australia Bank posted a jump in quarterly profit, and as technology stocks extended a rally.

The S&P/ASX 200 index advanced 0.7 per cent to 7,315.5 by 2356 GMT, adding nearly 3 per cent in the past three sessions and putting the benchmark on course for a second straight weekly gain.

Financials gained 0.6 per cent, helped by a 4 per cent jump in National Australia Bank after the country's second-biggest lender reported a 9 per cent rise in its first-quarter profit. The other three lenders among the 'Big Four' added between 0.4 per cent and 1.2 per cent.

Wealth manager AMP jumped 4.7 per cent after saying its full-year profit rose more than a half, and that it had received"enquiries" for its fund management unit AMP Capital.

Technology stocks soared 3.6 per cent after Wall Street jumped overnight on the back of gains in megacap growth names.

Block Inc's Australia-listed shares leapt more than 10 per cent, while Computershare Ltd extended its earnings-fuelled rally to a second day, rising 3.3 per cent. Xero and WiseTech Global ticked up about 3.1 per cent each.

Power and gas retailer Origin Energy rose 2.4 per cent even after flagging a non-cash impairment charge between A$190 million and A$200 million (S$183 million and S$192.7 million) from the A$2.12 billion sale of its stake in Australia Pacific LNG.

AGL Energy gained 4 per cent after saying it had significantly progressed with plans to split into a bulk power generator and a carbon-neutral energy retailer by June 2022, and had identified 350 roles to be made redundant in the process.

New Zealand's benchmark S&P/NZX 50 index rose 0.6 per cent to 12,514.96 by 2356 GMT. REUTERS