Tech leads Australian markets higher at noon

  • January 20, 2021 09:54 PM AEDT
  • Team Kalkine

Tech leads Australian markets higher at noon

Gold MTF non-AMP

· ASX shares rose on Wednesday after a positive run in US stocks overnight. · Janet Yellen appeared before the Senate and demanded a significant fiscal stimulus package to revitalise the US economy.

· A Deutsche Bank survey reported that the US tech stocks, and bitcoin are in bubble territory, but the tech-strong NASDAQ Composite ended 1.5% higher.

· The survey also highlighted that there are larger downside risks in Bitcoin and Tesla than upside potential. A majority of respondents said that the Federal Reserve would not tighten the policy before 2021.

· Incoming Treasury Secretary Janet Yellen appeared before the Senate Finance Committee of Tuesday. She said the benefits of a large scale stimulus package would outweigh the cost. On corporate tax rates, Yellen said the collaboration with OECD is needed to afford a higher corporate tax rate. During the election campaign, Biden had proposed to raise corporate taxes. On Domestic Cues

· Most of the S&P/ASX 200 sectors were trading higher on Wednesday. At noon, Information Technology sub-sector index was the largest gainer, followed by Industrials, Energy, Health Care, Material, Consumer Discretionary, Consumer Staples, Utilities.

· PolyNovo Limited (ASX:PNV) was the largest gainer after the company signed distribution deals in Turkey and Poland. Aussie tech stock Afterpay Limited (ASX:APT) and WiseTech Global (ASX:WTC) bagged second and third spot, respectively.

· Among the top decliners, Megaport Limited (ASX:MP1), Whitehaven Coal (ASX:WHC), Mesoblast (ASX:MSB) lead the downside, followed by Pro Medicus (ASX:PME) and Silver Lake Resources (ASX:SLR).

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK