Australia Market extends gain to seventh day

30 Mar 2022 , 05:59 PM

The Australian share market finished higher for seventh straight session on Wednesday, 30 March 2022, as the government unveiled a stimulatory budget ahead of this years federal election.

Meanwhile, buying sentiments underpinned amid optimism around a peaceful resolution of the Ukraine war after Russia on Tuesday promised to scale down military operations around Ukraines capital Kyiv, while Ukraine proposed adopting a neutral status in face-to-face negotiations.

At closing bell, the benchmark S&P/ASX200 advanced by 50.26 points, or 0.67%, to 7,514.52. The broader All Ordinaries index added 52.98 points, or 0.68%, to 7,799.94.

The gains on the Sydney market were driven by the resumption of peace talks between Russia and Ukraine. Ukrainian and Russian negotiators met in Turkey on Tuesday for the first face-to-face talks in nearly three weeks. Ukraine and the United States hold little hope of an immediate breakthrough.

Shares of technology companies advanced on announcement of an extra deduction for information technology services. Shares of Block Inc soared 6.1%, while accounting software provider Xero gained 5.3%. Data centre Megaport gained 7 per cent and Next DC gained 3.6 per cent.Tech tracking group Life360 closed 9.6 per cent higher after a positive outlook in its annual report.

Financials advanced on hopes of a possible end to the Russia-Ukraine conflict. Westpac added close to 1%, and both National Australia Bank and Commonwealth Bank of Australia climbed 0.8% and 0.7%, respectively.

Retails enjoyed gains across the spectrum, with JB Hi-Fi closing at an all-time high of $55.85. On the All Ords, Adairs, Kogan.com, Michael Hill Jeweller, and Universal Stores all made strong gains.

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