Australian Shares End Three-Day Losing Streak on IT, Healthcare Boost

MT Newswires Live07-23

Australian shares ended their three-day losing streak, tracking the gains of their Wall Street peers, with the information technology and healthcare sectors leading the charge.

The S&P/ASX 200 Index rose 39.40 points, or 0.5%, to 7,971.10.

Wall Street's positive sentiment flowed through to local IT stocks, according to IG. The IT sector posted gains of 1.5% in Tuesday's session on the Australian bourse.

The healthcare sector also notched big gains of 1.5% as domestic stocks rode the "Trump Trade" tailwinds. "Despite US President Biden withdrawing from the US Presidential election race over the weekend, the most likely outcome remains a Republican sweep of Congress under Donald Trump, a scenario expected to be supportive of the US healthcare sector," IG added.

In company news, Talius Group (ASX:TAL) shares surged 11% as the technology services provider reported positive operating cash flow for the June quarter. Cash receipts from customers stood at AU$2.1 million from the sale of assistive technology to enterprise customers.

Locality Planning Energy (ASX:LPE) reported cash and cash equivalents at the end of June of AU$3.5 million. The embedded electricity provider reaffirmed its fiscal 2024 net profit guidance of between AU$1.95 million and AU$2 million. It also expected a significant increase in profitability for fiscal 2025. Shares of the company rose 5%.

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