Australian shares rise on broad gains; Firmus shelving IPO boosts tech stocks
EWA•The S&P/ASX 200 rose 0.6% to 8,716.6 on Friday, its second consecutive weekly gain, after Firmus shelved plans for a $5 billion IPO. Technology stocks gained as much as 3.1%.
1. Shares extend weekly gains
The S&P/ASX 200 climbed 0.6% to 8,716.6 points after falling for the previous two sessions, and added 0.4% for the week, its second consecutive weekly gain. Investors were looking ahead to September-quarter inflation figures due later this month and the Reserve Bank of Australia’s final two policy meetings of the year in November and December.
2. Technology stocks advance
Technology stocks gained as much as 3.1% after NVIDIA-backed data centre operator Firmus shelved its $5 billion IPO following lukewarm demand. WiseTech Global rose 4.2%, Xero gained 3.5% and Life360 added 4.1%; Maas Group, which holds a 3.2% stake in Firmus, fell as much as 10.7% after resuming trading.
3. Other sectors mixed
Gold miners rose 1.9%, while the broader mining gauge slipped 0.2%. Financials advanced 0.5% and energy stocks gained 0.2%; the New Zealand S&P/NZX 50 finished 0.4% higher at 13,749.35.
