January 23, 2023

Australian shares hit near 9-month high as energy, tech stocks boost

Members of the Chinese Youth League perform a lion dance for onlookers at Haymarket on Jan. 21, 2023 in Sydney, Australia.

Lisa Maree Williams | Getty Images News | Getty Images

Australian shares inched higher on Monday to their highest in nearly nine months, as technology stocks tracked Wall Street’s strong finish last week and firm crude oil prices lifted energy stocks.

The S&P/ASX 200 index rose 0.1% to 7,458.00 by 23:28 GMT, extending gains to a fourth session. Trading volumes were low, with some major Asian markets including key trading partner China closed for holidays. S&P E-minis futures were up 0.1%.

In Australia, energy stocks climbed 0.5% after oil prices settled higher on Friday as economic prospects brightened in China, the world’s second-biggest economy.

The sub-index hit its highest since Nov. 24 last year, with major oil and gas producers Woodside Energy and Santos gaining 1.2% and 1.5%, respectively.

Technology stocks advanced 1.1% to hit a more than one-month high. ASX-listed Block, software maker Xero and WiseTech Global rose between 0.8% and 6.3%.

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