Australian shares extend gains on bank, tech boost

  • 12/24/2021
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Dec 24 (Reuters) - Australian shares rose on Friday, led by banking and tech stocks following a Wall Street rally overnight as concerns eased about the Omicron variant"s economic impact, while AMP Ltd surged after announcing the sale of its infrastructure debt platform. The S&P/ASX 200 index (.AXJO) rose 0.6% to 7,430.7 by 2339 GMT and was headed for a fourth straight session of gain. The benchmark index was on track for its best week since the week ended Nov. 5. Australia and New Zealand markets will close early on Friday and will remain shut on Monday and Tuesday for Christmas and Boxing Day holidays. Financials (.AXFJ) were up 0.8%, with the big four banks gaining between 0.5% and 0.7%. AMP Ltd (AMP.AX) led gains on the benchmark, climbing 5.3% after the wealth manager said it would sell its infrastructure debt platform to Ares Management (ARES.N) as part of a strategy to simplify its private markets business ahead of a spin-off next year. read more AMP, which also led gains on the financial sub-index, was eyeing its best week in 10 months. Tech stocks (.AXIJ) tracked the Nasdaq (.IXIC) higher, rising 0.8%. Wisetech Global (WTC.AX) rose 2.8%, followed by sector heavyweight Afterpay (APT.AX), which was up 1.4%. Meanwhile, Australia reintroduced COVID-19 curbs such as mandated mask wearing indoors and capacity limits as daily infections hit a record high, fuelled by the highly infectious Omicron variant. read more Miners (.AXMM) advanced 0.4%, with Rio Tinto (RIO.AX), BHP Group (BHP.AX) and Fortescue (FMG.AX) gaining between 0.3% and 1.2%. Across the Tasman sea, New Zealand"s benchmark stock index (.NZ50) rose 0.2%, with healthcare and consumer stocks leading the gains.

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