Australia: Shares rise on tech, financials boost; Link soars over 8%
AUSTRALIAN shares rose on Thursday after a sharp sell-off in the previous session, as technology and financial stocks tracked a rally in US peers, while Link Administration soared after getting a regulatory nod for its buyout.
The S&P/ASX 200 index rose about 0.4 per cent to 6,756 points by 0045 GMT.
The benchmark ended 1.4 per cent lower on Wednesday.
Link Administration soared 8.1 per cent after Australia’s competition regulator approved Canadian firm Dye & Durham’s buyout of Link, provided it divests its local businesses.
Wall Street, meanwhile, rebounded overnight as benchmark 10-year bond yields fell, with investors shrugging off hawkish commentary from some US Federal Reserve officials.
The central bank will meet later this month for its policy decision.
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Domestic technology stocks led gains, rising 2.3 per cent, as they tracked peers on the Nasdaq Composite Index.
Accounting software provider Xero and ASX-listed shares of Block Inc jumped 2.3 per cent and 3.6 per cent, respectively.
Financials followed suit, firming about 0.5 per cent, with the “Big Four” banks climbing 0.3 per cent to 1 per cent.
Miners rose about 1.1 per cent, despite weaker iron ore prices, with index heavyweights such as Rio Tinto, BHP Group and Fortescue Metals gaining between 0.7 per cent and 1.8 per cent.
Energy stocks were the only laggards, sliding about 4.5 per cent to see their worst day in about two months as oil prices slumped. Sector majors Woodside Energy and Santos shed 7.8 per cent and 2.7 per cent, respectively.
In New Zealand, the benchmark S&P/NZX 50 index rose nearly 0.8 per cent to 11,636.2 points. REUTERS
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