• ASX 200 on 7-day consecutive winning streak
  • Tech sector surges
  • Telstra boss quits

 

The post-Budget day saw ASX 200 finishing higher for the seventh consecutive day, narrowing its loss for the year to only 1%.

The benchmark index closed 0.67% higher, with all sectors except for Energy and Miners rallying.

Tech stocks surged strongly, up by more than 3%, following the surge in US stocks overnight. For the year, the  S&P/ASX 200 Info Tech [XIJ] index has trimmed down its losses to around 15%, after collapsing by over 30% in February.

The recent Tech rally has surprised market analysts given the expectations of a rising rate cycle.

In corporate news, Tesltra (ASX:TLS) CEO Andy Penn announced his resignation today. CFO Vicki Brady will succeed him in the top job from September 1. The TLS share price was down 0.7% on the news.

Meanwhile, there is a glimmer of hope in the Ukraine Russia conflict after the latest meeting between the two countries concluded overnight.

Russia promised to ‘radically’ reduce military activities in certain cities including the capital Kyiv. But the oil market was unbudged by the news, with Brent maintaining its US$111 a barrel level at the time of writing.

 

BIG CAP WINNERS

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Mobile app company Life360 (ASX:360) was the best performer today, up by 10%, after releasing its annual reports.

National Australia Bank (ASX:NAB) has been rising and is at a fresh 4-year high at $32.34 since announcing a further $2.5bn share buy-back a week ago.

Firefinch (ASX:FFX) is up 7% and continues to add to its bounty around the Morila gold mine in Mali after securing a mining licence for its Finkola permit.

The conversion of the exploration licence will pave the way for mining to begin at the Beledjo-Koting deposit, the fourth satellite ore source for Firefinch to feed the Morila mill.

Fintechs like Block Inc (ASX:SQ2) and Xero (ASX:XRO) bounced back around 5% after falling yesterday.

BIG CAP LOSERS

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South32 (ASX:S32) was down 3% after confirming a delay to its acquisition of rights in the Mozal Aluminium in Mozambique. The acquisition is now expected to e completed in mid CY22 (previously March 2022 quarter).