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Markets

Australian shares rise on healthcare, tech boost; Challenger shines

  • The S&P/ASX 200 index climbed 0.26% to 7,280.7 by 0020 GMT and was on track for a third session of gain in four
Published July 7, 2021

Australian shares rose on Wednesday, lifted by the healthcare and technology sectors, while Challenger Ltd jumped after two US companies bought a stake in the investment manager.

The S&P/ASX 200 index climbed 0.26% to 7,280.7 by 0020 GMT and was on track for a third session of gain in four.

Challenger soared more than 13% to become the top gainer on the benchmark index, after retirement services provider Athene Holding Ltd and private equity firm Apollo Global Management acquired a 15% stake in the company.

Healthcare stocks jumped 1.9% after two straight sessions of falls and were set for their best session in nearly three weeks.

Biotech company CSL Ltd and medical device maker Resmed Inc advanced 2% and 2.1%, respectively.

Tech stocks advanced 1.6%, tracking their peers on Wall Street, and were set for their best day in about two weeks.

Buy-now-pay-later firm Afterpay advanced 1.4%, while artificial intelligence company Appen rose 2%.

Gold stocks gained more than 1% as bullion prices firmed on retreating US bond yields.

Top independent gold miner Newcrest Mining advanced more than 1%.

Meanwhile, local media reported a two-week COVID-19 lockdown in the country's largest city of Sydney would be extended by another week to July 16.

Elsewhere, Japan's Nikkei was down 1.35%, while S&P 500 E-minis futures fell 0.14%.

New Zealand's benchmark S&P/NZX 50 index fell 0.6%, weighed down by losses in healthcare and consumer stocks.

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