Thursday, March 30, 2023
HomeBusinessBig gains from Tech boost ASX 0.86% higher

Big gains from Tech boost ASX 0.86% higher

The Australian stock market experienced a 0.89 per cent increase, reaching 7068.9 points, mainly due to growth in the technology industry.

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Link Administration (ASX:LNK) had the strongest stock performance, with shares rising 6 per cent to $2.13 per share.

Afterpay’s parent company, Block Inc (ASX:SQ2), saw a 3.9 per cent increase in shares, while Xero’s (ASX:XRO) accounting software experienced a 4 per cent rise to $88.47 per share.

Conversely, Imugene (ASX:IMU) had the weakest stock performance, with shares decreasing 4 per cent to 12¢ per share. BHP Group (ASX:BHP) saw an increase in shares by 1.2 per cent to $45.56 per share.

The major banks had gains in their shares, with Commonwealth Bank (ASX:CBA) up 0.1 per cent, Westpac (ASX:WBC) up 1.1 per cent, National Bank of Australia (ASX:NAB) up 0.8 per cent, and Australia and New Zealand Bank (ASX:ANZ) up 1.1 per cent.


The Dow Jones futures are pointing to a fall of 15 points.
The S&P 500 futures are pointing to a RISE of 2 points.
The Nasdaq futures are pointing to a rise of 1.75 points.
The SPI futures are pointing to a rise of 75 points when the market next opens.

Best and worst performers

The best-performing sector was Information Technology, up 2.42 per cent. The worst-performing sector was Consumer Discretionary, down 0.19 per cent.

The best-performing large cap was Xero (ASX:XRO), closing 3.96 per cent higher at $88.47. It was followed by shares in Whitehaven Coal (ASX:WHC) and Incitec Pivot (ASX:IPL).

The worst-performing large cap was Meridian Energy (ASX:MEZ), closing 4.04 per cent lower at $4.75. It was followed by shares in Evolution Mining (ASX:EVN) and Allkem (ASX:AKE).

Asian markets

Japan’s Nikkei has gained 0.12 per cent.
Hong Kong’s Hang Seng has gained 1.20 per cent.
China’s Shanghai Composite has gained 2.14 per cent.

Company news

Recharge Metals (ASX:REC) has entered into a binding agreement to acquire 100 per cent of the Express Lithium Project in the prolific James Bay Region of Canada. Commenting on the Acquisition, Recharge’s newly appointed Managing Director, Felicity Repacholi-Muir, said: “James Bay is emerging as a world-class lithium province, with the Express Lithium Project located right at the heart of it and surrounded by significant lithium resources and discoveries.” Shares last traded 31.8 per cent higher at 14.5 cents.

MGC Pharmaceuticals (ASX:MXC) has enrolled the first patient in the proprietary data collection App and machine learning algorithm, ZAM, and monitor the effects of their epilepsy treatment, CannEpil. Roby Zomer, co-founder and Managing Director of MGC Pharmaceuticals, commented: “Consolidation of data is of paramount importance in ensuring the safety and efficiency of MGC’s proprietary products.” Shares last traded 6.67 per cent higher at 0.8 cents.

Synertec Corporation (ASX:SOP) has announced that Santos has placed an order for their Powerhouse technology, which focuses on the utilisation of 100 per cent renewable energy through predictive intelligence to power industrial-scale applications in remote locations. In response, MD Michael Carroll, said: “It has been exceptionally rewarding to see Powerhouse deliver such robust operational performance, through a multitude of extreme weather events, during the commercial scale field trial.” Shares last traded 13 per cent higher at 26 cents.

Commodities and the dollar

Gold is trading at US$1,905.80 an ounce.
Iron ore is 0.55 per cent higher at US$133.00 a tonne.
Iron ore futures are pointing to a 0.1 per cent rise.
Light crude is trading $1.06 higher at US$72.39 a barrel.
One Australian dollar is buying 66.89 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology – majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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