Tech, real estate sectors lead Australian shares higher - triSearch

Tech, real estate sectors lead Australian shares higher

By Derek Rose

The ASX200 has finished up 0.8 per cent, with every sector rising on the back of a tech-led rally on Wall Street.

The Australian share market has finished higher, with tech and real estate climbing the most after a tech-led rally in the United States.

The benchmark S&P/ASX200 index on Monday rose 61.5 points, or 0.81 per cent, to 7,637.4, while the broader All Ordinaries gained 69.2 points, or 0.88 per cent, to 7,906.6. analyst Kyle Rodda said Australian and Asian stocks followed Wall Street’s strong tech-led lead from Friday, which was caused by blowout earnings results from Google parent company Alphabet and Microsoft.

“Once again, we’re seeing US tech stocks salvage an otherwise underwhelming US earnings season,” Mr Rodda wrote.

The ASX’s tech sector rose 1.7 per cent on Monday, with Wisetech Global climbing 1.9 per cent, Nextdc adding 2.4 per cent and Technology One finishing 3.7 per cent higher.

Real estate rose 1.6 per cent, with Charter Hall adding 2.9 per cent and Stockland rising 2.3 per cent after the developer maintained its 2023/24 payout guidance. 

In the energy sector, Boss Energy rose 9.1 per cent to a one-week high of $4.78 after announced that its newly commissioned Honeymoon uranium mine in SA was already exceeding feasibility study forecasts.

Perpetual rose 3.1 per cent to a one-week high of $24.02 after the financial services giant confirmed it had entered into exclusive talks with Kohlberg Kravis Roberts & Co in relation to the potential acquisition of Perpetual’s corporate trust and wealth management business.

Elsewhere in the financial sector, the big retail banks finished higher. CBA climbed 0.8 per cent to $113.84, while NAB, ANZ and Westpac each rose 0.3 per cent, to $33.62, $28.07 and $25.76, respectively.

In the heavyweight materials sector, Liontown Resources climbed 8.0 per cent to $1.21 after the lithium developer said its Kathleen Valley lithium project in WA was 85 per cent complete as of the end of March, with 900 workers on site. 

It was on budget and on schedule for first production by mid-2024, Liontown said.

BHP dipped 0.4 per cent to $42.97 as the market waited for the next step regarding the Big Australian’s potential takeover of Anglo American after BHP’s initial $60 billion overture was rejected.

Elsewhere in the mining sector, Rio Tinto edged 0.1 per cent higher at $130.98, Fortescue climbed 0.3 per cent to $25.67 and South32 rose 4.2 per cent to $3.51.

In the consumer discretionary sector, Star Entertainment rose 6.4 per cent to 41.5c after the beleaguered casino operator replaced chairman David Foster with Anne Ward, days after Mr Foster made a disastrous appearance before the NSW Independent Casino Commission.

Mr Foster admitted sending a text message in January saying the casino regulator was “prepping for war … and we’d better do the same”, explaining that his words were poorly chosen and sent in the heat of the moment.

The Australian dollar was at a three-week high against its US counterpart, buying 65.62 US cents, from 65.39 US cents at Friday’s ASX close.


  • The benchmark S&P/ASX200 index finished Monday up 61.5 points, or 0.81 per cent, at 7,637.4.
  • The broader All Ordinaries rose 69.2 points, or 0.88 per cent, to 7,906.6.


One Australian dollar buys:

  • 65.62 US cents, from 65.39 US cents at Friday’s ASX close
  • 102.92 Japanese yen, from 102.05 Japanese yen
  • 61.16 Euro cents, from 60.94 Euro cents
  • 52.34 British pence, from 52.29 pence
  • 109.95 NZ cents, from 109.65 NZ cents.
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