Technology stocks in the Australian market rebounded after investors appeared to have decided that the latest US inflation data showed that prices would not continue to rise.
Tech stocks were up 1.9%, and some of the biggest tech players saw huge gains.
Artificial intelligence provider Appen rose 5.94% to $ 13.90.
Financial software provider Bravura Solutions rose 4.93% to $ 3.83.
Tech stocks were the biggest gainer in US markets following the release of May consumer price index (CPI) data.
The figures showed that inflation exceeded expectations. However, the rise in prices was mainly driven by commodities such as goods and air tickets.
According to experts, this confirmed the opinion of the US Federal Reserve System that the rise in inflation is likely to be temporary.
Tech stocks could be hit hard by rising inflation and rate concerns, as tech companies often rely on large amounts of borrowing.
ASX and stock materials helped. They rose more than one percent after iron ore prices stayed above $ 200 per tonne.
The S & P / ASX200 benchmark index was up 12.7 points, or 0.17 percent, to 7,315.2 points at 1,200 AEST.
The index is within 15 points of its record.
All Ordinaries rose 20.5 points, or 0.27 percent, to 7579.3.
The fall in financial stocks by 0.62% limited the growth of the indices.
Meanwhile, Victoria did not report the absence of local coronavirus infections after the end of a two-week quarantine for people in Melbourne.
Melbourne residents are limited to travel 25 km from home for one week.
Premier Investments raised its full-year retail profit forecast by about 90 percent following a sharp rise in sales this year.
Solomon Liu’s company, which owns Just Jeans, Peter Alexander, Smiggle and many more, has benefited from trading in Australian and New Zealand stores for most of this year, compared to the coronavirus lockdown in early 2020.
The stock rose 0.51% to $ 27.47.
The new boss of AMP Capital is the former CEO of State Street Global Advisors, Sean Johnson.
Johnson will oversee the proposed divestiture of AMP Capital’s private markets business, due to be completed later this year.
AMP, meanwhile, said that new CEO Alexis George, who will replace Francesco De Ferrari, will take office on August 2.
AMP shares rose 0.2% to $ 1.20.
Adelaide casino operator SkyCity predicts net income for the year after taxes of NZ $ 84 million to NZ $ 88 million.
Last fiscal year, the company suffered a net loss of NZ $ 66.3 million due to the coronavirus.
The shares were even at $ 3.31.
The miners had a good day.
BHP rose 0.63% to $ 48.60. Fortescue jumped 2.19% to $ 23.33. Rio Tinto shares climbed 0.56% to $ 125.62.
In banking, the big four were lower. The worst was ANZ, which lost 1.48% to $ 28.26.
Bank of Queensland shed 1.62% to $ 8.76.
The Australian dollar was buying 77.52 US cents at 1200 AEST, up from 77.40 US cents at Thursday’s close.