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ASX200 climbs; Zip Co, Sezzle & Afterpay rally despite treasurer update; Oil Search rallies on shareholder vote on Santos merger.

  • The ASX200 is trading 1.12% higher today at 7395.80 after lunchtime.
  • BNPL shares rally amid broad tech surge despite update to Payment Systems Act 1998.
  • Oil Search rallies 3% after a 95% vote in favour to accept Santos buyout deal.

The Australian market is following Wall Street?s surge from overnight, to trade 1.12% higher today at 7395.80 after lunchtime, driven by a surge in energy and communications services stocks.

The tech sector took a strong lead from the Nasdaq surging 3% on Wall St overnight, as tech stocks rally on the local market today with Tyro Payments jumping 4.26%, Codan adding 3.83% and Wisetech Global trading 3.61% higher.

Bitcoin is trading relatively steady this afternoon, just 0.11% lower over the last 24-hours at US$50,622.61 at 1:15pm AEDT.

BNPL players like Afterpay, Zip Co and Sezzle are rallying today amid a broad tech surge, however investors may reassess their support of such stocks after Australian Treasurer, Josh Frydenberg announced the broadening of the Payment Systems Act 1998. The update will bring all payment services including BNPL providers into one level playing field, to operate under the same rules which gives more power to regulators.

Making headlines, Oil Search shares are rallying today after shareholders of the PNG based mining and exploration giant had a 95% vote in favour of the deal to merge with Santos. The Santos buyout of Oil Search deal is still subject to a number of stipulations including final approval in a second PNG court hearing on Thursday. If successful, the last day of trading for Oil Search shares will be on Friday 10th December and trading of new Santos shares will begin on Monday 13th December on a deferred settlement basis.

And TikTok is joining the ?Social Shopping? trend by producing its first live shopping and entertainment event in the UK where users can buy products directly from the platform.