Tech stocks sail ahead on US tailwind: Aus shares trading 0.6% higher at noon

Market Reports

by Michael Luu

The Australian sharemarket soared in opening trade, buoyed by a strong stateside rally overnight. Financials, Materials and IT were energising the broader market, as all sectors were in positive waters at noon.

Aussie IT stocks took advantage of the tailwind from gains by US counterparts to sail ahead, as Afterpay (ASX:APT), WiseTech Global (ASX:WTC) and TechnologyOne (ASX:TNE) all were all tracking higher by lunchtime.

Mining stocks defied the decline in iron prices to mount a comeback today, as bargain hunters gained an appetite for risk and entered the buying game. Shares BHP (ASX:BHP) and Rio Tinto (ASX:RIO) were tracking over 1 per cent higher by midday.

At noon, the S&P/ASX 200 is 0.63 per cent or 44.10 points higher at 7090.00.

The SPI futures are pointing to a rise of 47 points.

Best and worst performers

The best-performing sector is Real Estate Investment Trusts, up 0.93 per cent. The sector with the fewest gains is Utilities, up 0.01 per cent.

The best-performing stock in the S&P/ASX 200 is HUB24 (ASX:HUB), trading 6.81 per cent higher at $24.63. It is followed by shares in Kogan.Com (ASX:KGN) and Seek (ASX:SEK).

The worst-performing stock in the S&P/ASX 200 is Resolute Mining (ASX:RSG), trading 7.48 per cent lower at $0.59. It is followed by shares in Gold Road Resources (ASX:GOR) and Nuix (ASX:NXL).

Commodities and the dollar

Gold is trading at US$1873.68 an ounce.
Iron ore is 4.10 per cent lower at US$192.42 a ton.
Iron ore futures are pointing to a fall of 0.40 per cent.
One Australian dollar is buying 77.53 US cents.