Australia: Shares end higher for sixth day as tech, financials rally

[BENGALURU] Australian shares closed higher for a sixth straight day on Tuesday (Mar 29), lifted by technology and banking stocks, although the gains were capped by miners and energy sectors after China's moves to combat a Covid-19 outbreak dragged commodity prices.

The S&P/ASX 200 index ended 0.7 per cent higher at 7,464.3 - their highest since Jan 13.

"The local market moves were driven by global macro trade on selling bonds and buying equities," said Mathan Somasundaram, CEO and founder Deep Data Analytics.

Domestic technology stocks snapped a 3-day losing streak to jump more than 3 per cent, as they tracked overnight gains in their Wall Street peers.

Australia-listed shares of Block soared 6.8 per cent, while accounting software provider Xero gained 3.3 per cent.

Financials added 0.6 per cent, hitting their highest since mid-November 2021, with the "Big Four" banks climbing between 0.2 per cent and 1.1 per cent.

Miners and mining stocks, however, lost 0.2 per cent to fall after 3 consecutive days of gains after China enforced a Covid-19-led lockdown in Shanghai, raising concerns over commodity demand.

Sector majors Rio Tinto and BHP Group lost 1.4 per cent and 0.6 per cent, respectively.

Energy stocks shed 0.6 per cent and gold stocks lost 0.3 per cent on prospects of a peace talks between Russia and Ukraine and worries about fuel demand in China. Russia and Ukraine are set to meet in Istanbul on Tuesday for their first peace talks in over 2 weeks.

Oil majors Santos and Woodside Petroleum lost between 0.3 per cent and 1.1 per cent. Australia's largest gold miner Newcrest Mining fell 0.3 per cent.

New Zealand's benchmark S&P/NZX 50 index ended 0.08 per cent higher at 11,919.67. REUTERS