Australia: Shares rise on financials, tech boost

AUSTRALIAN shares rose on Friday (Jul 1) after sharp declines in the last 2 sessions, with financials and technology stocks leading gains, although subdued mining and energy stocks due to weaker commodity prices capped gains.

The S&P/ASX 200 index climbed as much as 0.8 per cent to 6623.9 by 12.40 am GMT. The benchmark slipped 2 per cent on Thursday.

Australian bourse, up 0.5 per cent for the week so far, is also set to post a second straight weekly gain.

Financials led gains among sectors, advancing as much as 1.4 per cent, with the country's "Big Four" banks adding between 0.5 per cent and 2 per cent.

Technology stocks followed suit to rise as much as 2 per cent, snapping a 3-session losing streak. The sub-index, however, has lost more than 1 per cent this week.

Shares of buy now pay later (BNPL) firm Zip and accounting software producer Xero gained as much as 10.2 per cent and 2.7 per cent, respectively.

Shares of Australian BNPL firm Openpay soared 20.8 per cent after the company said it will "indefinitely" pause its US operations and "materially" reduce its workforce.

However, domestic miners gave up 1.2 per cent after iron ore prices tumbled on top-steel producer China's demand constraints.

The sub-index is on track to end in red for a fourth straight week, losing 0.9 per cent so far.

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Mining trio BHP Group, Rio Tinto and Fortescue lost between 1 per cent and 2 per cent.

Energy stocks also skidded 1 per cent on falling oil prices, with sector heavyweights Woodside Energy and Santos dropping 1.4 per cent and 1.6 per cent, respectively.

The sub-index, however, is on track to post its first weekly gain in 3, up 2.8 per cent so far.

New Zealand's benchmark S&P/NZX 50 index added 0.2 per cent at 10893.7, after falling for 2 sessions. The benchmark has gained 0.5 per cent this week. REUTERS