ASX up 0.8% near noon: S&P 500 hits a new record high

Market Reports

by Peter Milios

Australian shares opened higher, with the S&P/ASX 200 Index rising 0.7% to 7815.2, driven by a rally in blue-chip tech stocks that also pushed the S&P 500 to a new record high. On the ASX, communication services led gains, with Telstra up over 2% and REA Group up 1.1%, while tech stocks followed the Nasdaq's positive trend. Meanwhile, European markets closed lower following a parliamentary deadlock in the French election, and investors are eyeing upcoming US inflation data and the start of the US reporting season. Notably, Bapcor declined 2.6% after rejecting a buyout offer, and Resimac's CEO Scott McWilliam resigned, leading to a 2.3% drop in its shares.

At 11:40am, the S&P/ASX 200 is 0.8 per cent higher at 7,825.30.

The SPI futures are pointing to a rise of 62 points.

Best and worst performers

All sectors are in the black. The best-performing sector is Communication Services, up 1.45 per cent. The sector with the fewest gains is Utilities, up 0.31 per cent.

The best-performing large cap is BlueScope Steel (ASX:BSL), trading 2.63 per cent higher at $20.30. It is followed by shares in Telstra Group (ASX:TLS) and NEXTDC (ASX:NXT).

The worst-performing large cap is EBOS Group (ASX:EBO), trading 2.15 per cent lower at $29.55. It is followed by shares in Treasury Wine Estates (ASX:TWE) and Auckland International Airport (ASX:AIA).

Commodities and the dollar

Gold is trading at US$2371.50 an ounce.

Iron ore is 1.7 per cent lower at US$108.65 a tonne.

Iron ore futures are pointing to a 0.5 per cent fall.

One Australian dollar is buying 67.37 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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