The Australian sharemarket surged to its highest level in three months on Tuesday, lifted by a wave of global optimism following the temporary easing of trade tensions between the United States and China.
The S&P/ASX200 closed 35.5 points or 0.4% higher at 8,269.0. Seven of the 11 major sectors ended the day higher, led by the Technology and Energy sectors.
WiseTech added 4.9%, Xero gained 1.7%, and Technology One lifted 2.2%.
Life360 soared 14% boosted by strong growth in new monthly users and revenue.
Energy stocks also gained, supported by a rebound in oil prices. Woodside gained 3.7%, Santos lifted 2.9%, and Beach Energy gained 3.6%.
Pharmaceutical companies bounced back from Monday’s decline after U.S. President Donald Trump signed an executive order to lower prescription drug prices.
Clarity Pharmaceuticals surged 15.3% while Telix rose 3.6%.
Meanwhile, defensive sectors including Consumer Staples and Utilities weakened as investors shifted away from safe-haven stocks favoured during the April market sell-off.
Coles dropped 3.4% and Woolworths slid 3.7%, while AGL Energy and Mercury NZ fell 2.4% apiece.
In corporate news, Ampol gained 2.2% after confirming the sale of its New Zealand retail electricity business to Meridian Energy and its Australian counterpart to AGL.
On the bond markets, 10-year rates added 0.2% to 4.435% while 2-year rates were 0.5% higher at 3.537%.
