SYDNEY, AAP – Technology and property stocks have had the biggest gains as the Australian market rebounded from steep losses a day earlier.
Technology stocks were up 3.3 per cent despite flat trade on the US Nasdaq earlier.
EML Payments had a 9.28 per cent jump to $3.06.
The vendor dropped 45 per cent on Wednesday due to Ireland’s central bank having concerns about EML’s Irish subsidiary’s anti-money laundering controls.
Electronic design systems provider Altium on Thursday rose 6.34 per cent to $26.13.
Afterpay, Appen and Xero all gained more than four per cent.
Property stocks were higher by 1.8 per cent and financial shares were better by 1.44 per cent.
Energy and materials shares were losers for a second consecutive day. They dropped almost one per cent.
The benchmark S&P/ASX200 index was up by 61.2 points, or 0.88 per cent, to 6992.9 at 1230 AEST.
The All Ordinaries was higher by 59.7 points, or 0.83 per cent, to 7225.4 points.
The ASX defied a mostly weaker Wall Street.
The Dow Jones and S&P 500 lost less than half a per cent after Federal Reserve meeting minutes showed participants agreed the US economy remained far from the central bank’s goals.
Some canvassed later tapering the bond buying program. This has helped keep rates low and aided economy recovery from the pandemic.
In Australia, the unemployment rate has fallen for a sixth consecutive month to 5.5 per cent.
It was the first jobs report since the JobKeeper wage subsidy ended in March.
However, the ABS figures show that overall employment fell by 30,600 in the month, largely as result in a sharp drop in part-time workers.
Qantas boss Alan Joyce says Australia’s vaccine rollout feels like it’s moving slower than it should and higher rates of take up may allow borders to open by the end of the year.
Mr Joyce called for extra effort to encourage COVID-19 jabs while discussing news of voluntary redundancies for Qantas international cabin crew and a two-year wage freeze for employees.
In better news, the airline is using domestic earnings to start repaying debt it took on to help it through the pandemic.
Shares were up 3.76 per cent to $4.69.
The big miners were down. BHP dropped 1.66 per cent to $47.98. Fortescue shed 0.39 per cent to $22.74. Rio Tinto declined by 1.13 per cent to $122.48.
Energy shares were having a poor time after European diplomats said efforts to restore the 2015 Iran nuclear deal were progressing.
If Iran curbs its nuclear program, the US may lift economic sanctions on oil supply.
Oil Search was down 2.9 per cent to $3.68.
In banking, the Commonwealth was best of the big four after being the biggest loser a day earlier.
Shares were higher by 2.44 per cent to $97.65.
The Australian dollar was buying 77.32 US cents at 1230 AEST, lower from 77.89 US cents at Wednesday’s close.