Most of ASX sectors finished higher, with strong gains were seen in technology counter amid robust demand outlook for chips used in AI products offered by chipmaker Nvidia.
At closing bell, the benchmark S&P/ASX200 index was up 32.34 points, or 0.42%, to 7,643.59. The broader All Ordinaries index added 33.88 points, or 0.43%, to 7,899.18.
The top performing stocks in S&P/ASX200 index were BLOCK INC. and WEEBIT NANO LTD, up 16.51% and 7.71% respectively. The bottom performing stocks in S&P/ASX200 index were LIFESTYLE and SAYONA MINING, down 12.98% and 8.69% respectively.
Total 9 of 11 sectors ended higher along with the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining +1.51%, followed by consumer discretionary (up 1.5%), financial (up 0.72%), and healthcare (up 0.45%) sectors. The outlier was utilities sector, which slipped 0.64%
Information technology and consumer discretionary stocks lead market gains. Mega-cap tech stock Wisetech (up 1.2%), Xero (up 2.8%) and NEXTDC (up 1.9%) were all higher amid global enthusiasm for artificial intelligence products. Wesfarmers (up 2.1%) and Aristocrat Leisure (up 2.3%) also helped buoy the bourse.
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Utilities sector closed in the red, dragged down by Origin (down 0.6%), APA Group (down 1%), Mercury NZ (down 4.1%) and AGL (down 0.2%).
ECONOMIC NEWS: The Judo Bank Australia Composite PMI improved to 51.8 in February 2024 from 49 in the previous month. This marked the first month of expansion of the Australian private sector in five months and the fastest growth since April 2023.The growth in new business bolstered expansions in both output and employment.
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