Oct 19 (Reuters) - Australian shares rose on Tuesday, helped
by technology and banking stocks, with sentiment aided by
stronger global markets due to gains in U.S. mega-cap technology
The S&P/ASX 200 index rose 0.27% to 7,400.9 by 0030
GMT, building on the benchmark's 0.26% jump on Monday.
Global stock markets mostly rose following strong advances
in U.S. mega-cap technology and other growth names, reversing
losses after a weak start due to disappointing Chinese economic
The Australian tech index rose 1.9%, tracking the
tech-heavy Nasdaq, which enjoyed big boosts from FAANG
stocks - Facebook, Apple, Amazon, Netflix, Alphabet, Google - as
well as Microsoft.
Software provider for logistics firms WiseTech Global Ltd
led gains on the sub-index, advancing 2.7%, followed by
heavyweight software-as-a-service firm Xero Ltd,
Among the "Big Four" banks, the country's biggest lender
Commonwealth Bank of Australia rose the most, climbing
0.5% and pushing the sub-index 0.4% higher.
Metals and miners were the only drags on the local
bourse, falling 1.3%, after benchmark iron ore futures tumbled
The country's major mining firms BHP Group, Rio
Tinto, and Fortescue Metals skidded 1.9%-2.4%.
BHP also posted a near 5% drop in first-quarter iron ore
output due to maintenance work at its Jimblebar mine and a
shortage of rail labour.
Logistics firm Brambles climbed 3.9% to mark its
best day in nearly a year after reporting a surge in quarterly
revenue and providing upbeat annual outlook.
Gaming giant Tabcorp tumbled 1.7% after reporting
that it is planning to split its businesses by mid-2022, with
one-off cash costs of between A$225 million ($166.97 million)
and A$275 million.
New Zealand's benchmark S&P/NZX 50 index rose 0.22%
to 13,026.6. Elsewhere, S&P 500 E-minis futures were up
($1 = 1.3475 Australian dollars)
(Reporting by Riya Sharma in Bengaluru; editing by Uttaresh.V)