The Australian sharemarket edged higher on Tuesday after a rally in tech stocks saw the benchmark shrug off concerns the Reserve Bank may have to hike rates again before year’s end.
The S & P/ASX200 rose 29.6 points or 0.4 per cent to reach 7056.1 points at the closing bell, while the All Ords also climbed 0.4 per cent to 7244.4 points.
Tech sector heavyweights Xero jumped 2 per cent to $116.25, Megaport rose 3.7 per cent to $11.46, and Wistech added 1 per cent to $62.64. “All this suggests that the bank will lift the cash rate again if the September quarter inflation data, due next week, are stronger than the RBA had anticipated. We think they will be,” he said.
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