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Australia: Financials, tech stocks drive market higher

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[SYDNEY] Australian shares settled higher on Tuesday for the seventh straight session, as financials jumped on some economic optimism and dividend hopes, and technology stocks tracked Wall Street higher. Read more at The Business Times.

[SYDNEY] Australian shares settled higher on Tuesday for the seventh straight session, as financials jumped on some economic optimism and dividend hopes, and technology stocks tracked Wall Street higher.

The S&P/ASX 200 index rose 1 per cent to 6,195.70, adding about 7 per cent during the seven sessions of gains through Tuesday. Financials closed 1.7 per cent higher, after having hit their highest level since Aug 12 earlier in the session, with the"Big Four" banks adding between 1.7 per cent and 3.3 per cent.

"There are some signs that there is a bit of optimism for the economy moving forward, and that's helping banks have a pretty good run," said James Tao, a market analyst at CommSec. Last week, the Australian government pledged billions in tax cuts and measures to boost jobs, which was quite accommodative for the economy.

 

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