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Tech and Gold drive local markets higher

PUBLISHED

2024-04-04

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The S&P/ASX 200 was trading 0.5 per cent higher as midday approached driven by Gold and interest rate sensitive sectors such as IT and Property.

The SPI futures are pointing to a rise of 39 points.

Both the Gold and IT sectors were trading up close to 1.5 per cent and A-Reits were up 1 per cent. All ASX sectors were trading in the green for the morning session.

Gold traded above the US$2300 level for the first time ever in overnight trading which pushed local Gold producers higher with Evolution trading up 2 per cent and Northern Star up 1.5 per cent in morning trading.

The interest rate sensitive IT sector recovered from yesterday’s sell off trading up 1.4 per cent during the morning session with stocks such as Xero and Wisetech up around 2 per cent.
In economic news, Building approvals surprised on the downside by falling 1.9 per cent month-on-month in February, versus the market’s expectations for a 3 per cent gain month-on-month. 

Best and worst performers

The best-performing large cap is IGO (ASX:IGO), trading 3.16 per cent higher at $7.345. It is followed by shares in South32 (ASX:S32) and Lynas Rare Earths (ASX:LYC).

The worst-performing large cap is Meridian Energy (ASX:MEZ), trading 2.87 per cent lower at $5.42. It is followed by shares in GQG Partners (ASX:GQG) and Fortescue (ASX:FMG).

Commodities and the dollar

Gold is trading at US$2318.90 an ounce.
Iron ore is 2.9 per cent lower at US$99.25 a tonne.
Iron ore futures are pointing to a 2.5 per cent fall.
One Australian dollar is buying 65.63 US cents.

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