At closing bell, the benchmark S&P/ASX200 advanced 27.27 points, or 0.36%, to 7,538.42. The broader All Ordinaries increased 26.88 points, or 0.35%, to 7,806.48.
Total 8 of 11 S&P/ASX 200 Index sectors advanced, with information technology, industrials, energy, healthcare, and financial stocks being notable gainers, while materials and utilities stocks were notable losers.
Merger and acquisition activity was a significant factor, namely Square's impending acquisition of buy now, pay later firm Afterpay. The company added another 5.5% to its share price to close at A$132.15
News Corp's shares rose 7.9% to a record high A$35.20 on the back of stellar full-year results.
Materials stocks declined, with BHP down 2% as its board approved $544 million in capital expenditure to execute the Shenzi North oil project in the U.S. Gulf of Mexico. Fortescue Metals Group, Mineral Resources and Rio Tinto fell between 1% and 1.6% as iron ore prices plunged over fears of further output restrictions at steel mills in China.
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