ASX opens higher as tech sector bounces

The Australian share market has opened higher, shrugging off falls on Wall Street.

The benchmark S&P/ASX200 index was up 34.2 points, or 0.51 per cent, to 6,711.8 points at 1030 AEST on Friday, while the broader All Ordinaries was up 34.7 points, or 0.51 per cent, to 6,820.3 points.

Tech shares led gains in the first half hour of trade, adding 1.45 per cent.

Appen was up 3.2 per cent, Afterpay rose 1.69 per cent and Bravura Solutions increased by 1.94 per cent.

Every sector of the ASX started the day in positive territory, with materials’ 0.09 per cent advance the smallest.

Mining giant BHP was up 0.49 per cent to $36.68, Rio Tinto was up 0.13 per cent to $91.25, and Fortescue Metals was up 0.87 per cent to $8.695.

The big four banks were higher, with ANZ up 0.74 per cent to $28.61, Commonwealth up 0.59 per cent to $81.66, NAB down 0.33 per cent to $29.97, and Westpac up 0.40 per cent to $29.98.

Bendigo and Adelaide Bank was up 0.48 per cent, Bank of Queensland was up 0.96 per cent, and Macquarie Group was down 0.05 per cent.

Among the telcos, Telstra was up 0.72 per cent, TPG gained 1.46 per cent, and Amaysim dropped 4.11 per cent.

Yowie was flat at 7.8 cents after the chocolate maker was forced into a $741,000 impairment.

City Chic was up 5.31 per cent to $2.58 as the women’s clothing brand said it had been nominated as the opening bidder for bankrupt US-based retailer Avenue’s e-commerce assets.

Wall Street retreated overnight amid political uncertainties stemming from an impeachment inquiry into US President Donald Trump and reports the US Justice Department will open an antitrust investigation of Facebook, prompting the social media giant’s shares to drop 1.5 per cent.

The Dow Jones Industrial Average finished down 0.30 per cent, the S&P 500 was down 0.24 and the tech-heavy Nasdaq Composite was down 0.58 per cent.

The Aussie dollar is buying 67.47 US cents from 67.52 US cents on Thursday.


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