The tech sector surged 4.6 per cent on Monday as risk assets rallied on hope the US’s rate of inflation has peaked. Brent crude oil topped US$116 a barrel.
The tech sector led a broad relief rally for shares on Monday after data showed US inflation rose just 0.2 per cent in April forP/ASX 200 Index closed up 1.45 per cent, or 103.9 points, with the broader SThe tech sector soared 4.6 per cent as investors took the inflation data to mean central banks may deliver a less aggressive round of rate hikes to bring inflation’s breakneck pace under control.During the trading day the yield on benchmark US 10-year treasuries traded flat at 2.
The risk on rally spilled over into cryptocurrency bitcoin, which added 4.8 per cent to $US30,422 at the closing bell. The Australian dollar lifted 0.4 per cent to buy US71.9¢. Shares in energy retailer and coal-fired power station operator AGL Energy closed down 1.7 per cent to $8.72 after it scrapped longstanding plans to demerge its coal and electricity retailing businesses.
In response to the developments, AGL announced that chairman Peter Botten will resign from the board upon appointment of a replacement independent chairperson. Graeme Hunt will also step down as chief executive and managing director.Shares in ANZ Bank closed up 0.2 per cent after it acknowledged the commencement of civil proceedings by regulator
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