Australia: Shares inch higher on tech, banking boost

[BENGALURU] Australian shares rose on Tuesday, helped by technology and banking stocks, with sentiment aided by stronger global markets due to gains in U.S. mega-cap technology companies.

The S&P/ASX 200 index rose 0.27 per cent to 7,400.9 by 0030 GMT, building on the benchmark's 0.26 per cent jump on Monday.

Global stock markets mostly rose following strong advances in US mega-cap technology and other growth names, reversing losses after a weak start due to disappointing Chinese economic data.

The Australian tech index rose 1.9 per cent, tracking the tech-heavy Nasdaq, which enjoyed big boosts from FAANG stocks - Facebook, Apple, Amazon, Netflix, Alphabet, Google - as well as Microsoft.

Software provider for logistics firms WiseTech Global led gains on the sub-index, advancing 2.7 per cent, followed by heavyweight software-as-a-service firm Xero, gaining 2.6 per cent.

Among the "Big Four" banks, the country's biggest lender Commonwealth Bank of Australia rose the most, climbing 0.5 per cent and pushing the sub-index 0.4 per cent higher.

Metals and miners were the only drags on the local bourse, falling 1.3 per cent, after benchmark iron ore futures tumbled 2.3 per cent overnight.

The country's major mining firms BHP Group, Rio Tinto and Fortescue Metals skidded 1.9 per cent to 2.4 per cent.

BHP also posted a near 5 per cent drop in first-quarter iron ore output due to maintenance work at its Jimblebar mine and a shortage of rail labour.

Logistics firm Brambles climbed 3.9 per cent to mark its best day in nearly a year after reporting a surge in quarterly revenue and providing upbeat annual outlook.

Gaming giant Tabcorp tumbled 1.7 per cent after reporting that it is planning to split its businesses by mid-2022, with one-off cash costs of between A$225 million (S$225 million) and A$275 million.

New Zealand's benchmark S&P/NZX 50 index rose 0.22 per cent to 13,026.6. Elsewhere, S&P 500 E-minis futures were up 0.06 per cent.

REUTERS