Australia: Shares end at 2-month high on tech, banking boost

[BENGALURU] Australian shares closed at their highest in more than 2 months on Wednesday (Mar 23), helped by technology and banking sectors, as markets tracked a rally in global equities after investors looked past worries of inflation's hit on the economic recovery.

The S&P/ASX 200 index ended 0.5 per cent higher at 7,377.9 points, its highest since Jan 18. The index also closed up for a second straight session.

The market "was seen to be replicating the trend seen on Wall Street last night... investors shrugged off concerns that intensifying price pressures would derail the economic recovery from the pandemic," said Kunal Sawhney, CEO of Kalkine Group.

"It (also) seems investors are relieved after receiving some clarity related to the Fed's next steps forward on monetary policy tightening." Technology stocks rose more than 3 per cent to their highest since Jan 21, in line with a rise in their US peers overnight.

"Bargain hunters are seeing an opportunity in high-quality tech stocks trading at undervalued prices," Sawhney said.

ASX-listed shares of Block and Computershare rose 7.5 per cent and 1.6 per cent, respectively.

Financials gained nearly 1 per cent, their highest since mid-November. The so-called "Big Four" banks jumped.

Miners, however, shed 0.3 per cent on weaker iron ore prices, while gold stocks fell 1.4 per cent after bullion prices slipped.

Heavyweights Rio Tinto, BHP and Fortescue Metals fell between 0.04 per cent and 0.8 per cent.

New Zealand's benchmark S&P/NZX 50 index ended 1.2 per cent lower at 12,061 points.

Fisher & Paykel Healthcare dropped as much as 7.9 per cent after the medical devices maker forecast a 14 per cent slump in its annual revenue. REUTERS