Australian share market soars to 11-year high, led by tech and health stocks | Australia news

The Australian share market has surged to an 11-year high, with tech and health stocks in the ascendancy after the S&P 500 and the Nasdaq hit record closes overnight.

The benchmark S&P/ASX200 index was up 67.6 points, or 1.07%, to 6,387.0 points at 1200 AEST on Wednesday, while the broader All Ordinaries rose 63.2 points, or 0.99%, to 6,474.3.

The ASX200 last reached such heights in January 2008 before the global financial crisis wiped about 50% of the value off the Australian share market.

Weaker than expected inflation data pushed the Australian dollar to a more than six-week low against the US dollar, whose strength had already helped lift healthcare stocks.

Health was the second best performing sector after tech, which gained 2.22% after the tech-heavy Nasdaq index posted its record close.

Healthcare was 2.18% higher, with pharma giant CSL, hearing implant maker Cochlear and ultrasound probe disinfector Nanosonics among those up by 2% or more. CSL had pulled back slightly but was still up 2.3% at $194.68.

Energy had been the star performer on Tuesday as the ASX200 surged through the 6,300-point barrier but, after gaining early Wednesday after a further lift in oil prices, was 0.14% lower at midday.

The only other sector not to show gains was materials, also dropping 0.14% following a fall in copper prices.

The big four banks all gained momentum through the morning and were 1.4% or more higher, with Westpac’s 1.66% gain making it the best of the quartet.

The Australian dollar was already slipping against the strengthening US dollar and, after data showed inflation evaporated during the March quarter, was worth 70.36 cents, from 71.19 on Tuesday.

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