- The ASX200 closed 0.8% higher on Tuesday at 7410.60 points.
- TechnologyOne shed 2.9% on a tough trading day for tech stocks.
- Fortescue Metals up 9.81% to lead the market on the back of higher iron ore prices.
The Australian market rallied into afternoon trade, to close Tuesday?s session 0.8% higher at 7410.6 with materials and energy stocks offsetting weakness from the technology sector. The top stocks for today?s session were Fortescue soaring 9.81%, Champion Iron adding 8%, and BHP jumping 4%.
The tech sector suffered losses as rising US bond yields hit most growth stocks with WiseTech Global and EML Payments tumbling along with TechnologyOne.
Bitcoin is trading lower at US$56,511.50 as it continues to trend lower this week as of 5pm AEDT.
The Australian dollar has remained steady and is buying 72 US cents.
Shares in TechnologyOne shed 2.9% at close today despite the enterprise software company hitting the higher end of its full-year profit guidance. The company also lifted profit before tax by 19% and predicted recurring revenues will grow at a minimum of 15% by 2024.
Making headlines, iron ore miner Fortescue Metals closed up 9.81% to lead the broader market, rallying on higher iron ore prices. Fortescue Metals? shares closed trade at A$17.35 as investors and traders cheered a slight improvement in consumption of industrial metals in China.
And an Alabama engineer been inspired from his childhood to break a Guinness World Record for building the world's largest Nerf gun. The software engineer and YouTuber, earned the record by building a version of the Nerf N-Strike Elite Longshot CS-6, measuring in at 12 feet, 6 inches long, some 300% larger than the original toy.