Australia’s share market was higher after US markets rallied from investors buying the technology stocks they had sold during the previous three sessions.
The S&P/ASX200 benchmark index was up 42.9 points, or 0.72 per cent, to 5921.5 points at 1200 AEST on Thursday.
The index reached a session high of 5955.7 in the first 15 minutes of trade, and has slowly tapered off since.
The All Ordinaries index was up 48.3 points, or 0.79 per cent, to 6107.2.
Key to the ASX positivity was the materials sector, which rose 1.19 per cent.
Financials was one of the weaker sectors, inching 0.05 per cent higher.
The information technology sector gained 2.78 per cent.
The IT sector result mirrored momentum from the US, where the slide for big technology stocks came to a halt.
Apple, Amazon and other tech companies that suddenly lost momentum late last week on worries their stocks soared too high all regained some ground.
They helped the S&P 500 rally 67.12, or two per cent, to 3,398.96. It was the best day in three months for the index, which recovered a little more than a quarter of its losses from the prior three days.
The Dow Jones Industrial Average climbed 439.58 points, or 1.6 per cent, to 27,940.47.
The Nasdaq composite, which includes many tech stocks, rose 293.87 points, or 2.7 per cent, to 11,141.56. It had dropped 10 per cent over the previous three days.
The US lead has helped Aussie miners. BHP gained 0.51 per cent to $36.97, Rio Tinto rose 1.95 per cent to $101.02 and Fortescue gained 0.61 per cent to $18.11.
The big four banks were all down by less than one per cent.
In tech, the best performing sector, Afterpay gained 4.69 per cent to $77.53.
Myer has reported a full-year loss of $172.4 million after sales fell more than 15 per cent from store closures due to the coronavirus pandemic.
Myer closed its 60 stores for most of April and May, and the retailer had fewer customers for most of the second half of the financial year.
The virus impact was greatest at its CBD stores, Myer says, which are generally larger and have higher rents. Total sales dropped to $2,519.4 million.
Shares were down 14.7 per cent to 21 cents.
AMP has hired inclusion and diversity consultancy Symmetra for a workplace conduct review after the financial services provider was hit by a corporate scandal.
AMP demoted the head of its fund management unit, Boe Pahari, in August due to comments he made to a female colleague in 2017 which breached the company’s code of conduct. Chairman David Murray resigned in the fallout
Symmetra’s review would assess conduct at the workplace, and make recommendations on policies, leadership, governance and behaviours, AMP said in a statement.
AMP shares were up 2.63 per cent to $1.56.
The Aussie dollar was buying 72.70 US cents at 1200 AEST, higher from 72.12 US cents at the close on Wednesday.