Australia: Tech companies help shares end at record high

[SYDNEY] Technology companies helped Australian stocks scale an all-time high on Tuesday, as Commonwealth Bank rose ahead of its earnings, although worries over the spread of Covid-19 infections in the country capped gains on the main index.

The S&P/ASX 200 index closed 0.3 per cent higher at a record 7,562.6 points. The benchmark has closed at a record high in five of the seven sessions this month.

The market is being hit by the New South Wales coronavirus case numbers, said Henry Jennings, senior analyst at the Marcustoday Financial Newsletter.

New South Wales state reported 356 locally acquired cases of Covid-19, its biggest daily rise in the pandemic, as officials scramble to contain the virus that has now spread to the northern parts of the state.

Investor focus is now on companies' results as the earnings season kicked off this week.

Commonwealth Bank of Australia rose 1.5 per cent, extending a four-day winning streak, ahead of its annual results on Wednesday, when it is expected to announce a large share buyback.

Its peer Westpac Banking Corp also gained nearly 1 per cent.

The world's largest fibre cement maker, James Hardie Industries, rose 5.8 per cent to hit a record high after raising its annual profit forecast range, supported by a booming US housing market.

Tech stocks were among the top gainers, with buy now, pay later pioneer Afterpay leading gains and ending the session with a 3.2 per cent rise.

Gold stocks were the biggest drags on the index, falling 1.5 per cent, after the precious metal slumped to a more than four-month low overnight.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 0.5 per cent to 12,764.2 points.

REUTERS