SYDNEY, AAP – Australian shares continued to behave like a yo-yo and investors had recovered all their losses from a day earlier.
The market was higher by about 0.70 per cent on Thursday after a good lead from the US.
ASX technology shares were the standouts. There were gains of about three per cent for Afterpay, Appen and Altium.
Property, healthcare and telecommunications were next best. Market giant CSL was up 0.65 per cent to $288.06 at 1200 AEST.
Energy shares were the only ones lower. Santos shed 1.88 per cent to $7.29.
The benchmark S&P/ASX200 index was higher by 49.9 points, or 0.69 per cent, to 7256.4.
The All Ordinaries was up 51.6 points, or 0.68 per cent, to 7547.8.
In the US, investors grew more optimistic that politicians could reach a deal to avert a government debt default.
US Senate Republican Mitch McConnell said his party would support extending the federal debt ceiling into December. The move would prevent a historic default and heavy economic toll.
A strong showing of private jobs in September increased the odds of the US Federal Reserve reining in monetary stimulus soon.
In ASX company news, Wesfarmers has bolstered its chances of taking over Australian Pharmaceutical Industries after buying a 19.3 per cent stake.
The retail giant took its first stake in the Priceline and Soul Pattinson chemist operator and is competing with rival suitor and pharmacy operator Sigma.
Wesfarmers’ move helps its bid as the company would not vote in favour of Sigma’s offer.
Wesfarmers shares were up 0.73 per cent to $54.47.
API shares were up 1.66 per cent to $1.52.
Collins Foods will run the KFC business in the Netherlands after a deal with KFC Europe.
Collins Foods will open up to 130 KFC outlets in the nation in the next 10 years.
Shares were higher by 5.92 per cent to $12.68.
The banks were all higher. Bank of Queensland and NAB were the best performers and rose by about 1.3 per cent each.
There were mixed fortunes in mining. BHP was down 0.38 per cent to $36.51. Fortescue lost 1.33 per cent to $13.99. Rio Tinto was up 0.29 per cent to $96.83.
Lithium miner Pilbara Minerals jumped more than four per cent after the company started setting up a plant in Western Australia.
The first ore has been fed into the Ngungaju Plant in the Pilbara region.
The Australian dollar was buying 72.84 US cents at 1200 AEDT, higher from 72.63 US cents at Wednesday’s close.