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ASX grows 0.5%: Tech leads sectors

Australian shares extended their winning streak for a fifth consecutive day on Monday, buoyed by a strong performance from consumer discretionary stocks, particularly following an upbeat earnings report from JB Hi-Fi. The benchmark S&P/ASX 200 Index climbed 0.5% to close at 7813.7 points, mirroring a positive trend in global markets as investors digested last week’s volatility sparked by US recession fears.

The broader All Ordinaries index also gained 0.5%. Nine of the eleven sectors traded in positive territory, with consumer discretionary and information technology leading the charge. JB Hi-Fi’s shares surged 8.3% after announcing a special dividend and better-than-expected profits, lifting the broader sector. Other retailers like Harvey Norman and Super Retail Group also experienced significant gains.

The technology sector also performed strongly, driven by increases in shares of major players like WiseTech Global and Xero. However, the heavyweight materials sector finished in the red, impacted by a decline in iron ore prices. BHP Group, Fortescue Metals, and Rio Tinto all closed lower.

Among other notable movers, CAR Group saw a 4.5% increase after reporting a 41% jump in revenue, while Aurizon and Beach Energy experienced significant declines due to disappointing financial results and guidance. Guzman y Gomez, meanwhile, rose 1.6% amid speculation of its inclusion in the S&P/ASX 200 Index.

Futures

The Dow Jones futures are pointing to a fall of 35 points.

The S&P 500 futures are pointing to a fall of 1.5 points.

The Nasdaq futures are pointing to a rise of 10 points.

The SPI futures are up 36 points.

Best and worst performers

The best-performing sector was Information Technology, up 1.93 per cent. The worst-performing sector was Materials, down 0.56 per cent.

The best-performing large cap was JB Hi-Fi (ASX:JBH), closing 8.33 per cent higher at $72.98. It was followed by shares in CAR Group (ASX:CAR) and Harvey Norman Holdings (ASX:HVN).

The worst-performing large cap was Aurizon Holdings (ASX:AZJ), closing 8.84 per cent lower at $3.30. It was followed by shares in Mineral Resources (ASX:MIN) and Pilbara Minerals (ASX:PLS).

Asian markets

Japan’s Nikkei has gained 0.56 per cent.

Hong Kong’s Hang Seng has lost 0.08 per cent.

China’s Shanghai Composite has gained 0.51 per cent.

Commodities and the dollar

Gold is trading at US$2,474.20 an ounce.

Iron ore is flat at US$99.30 a tonne.

Iron ore futures are pointing to a 1.9 per cent fall.

Light crude is trading $0.41 higher at US$77.25 a barrel.

One Australian dollar is buying 65.84 US cents.