Pinnacle Investments lost ground after missing analysts’ forecasts, but the tech sector helped the benchmark eke out a gain as investors bet on rates topping out.
Tech stocks rallied on the Australian sharemarket on Thursday as investors lifted bets the US Federal Reserve is near the end of its interest rate increase cycle and Facebook-owner Meta topped Wall Street’s revenue expectations.
The sentiment swing sparked a buying frenzy among Australia’s tech leaders, with cloud accounting business Xero surging 7.5 per cent, software logistics player Wise Tech up 6.8 per cent, internet connectivity group Megaport firming 11.1 per cent, and jobs board Seek jumping 5.4 per cent. Shares in $146.8 billion blood products and flu vaccine giant CSL also hit a 52-week high of $304.98 to help the healthcare sector add 1 per cent.
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