Tech tailwinds 💨

It was a powerhouse for the contrarian trade with the froth blown off the resources sector and the goldies, while tech caught a tailwind. A late contender for the top of the ladder was Uniti, closing up nearly 11% on a Macquarie consortium bid at the 11th hour. Up until then, med-tech Imugene was comfortably in the lead after announcing a green light for a trial, closing up nearly 10%. With a somewhat irrational trust in the Fed, growth stocks soared, led by poster-children Block and Zip, both closing up over 7%. A profit downgrade and nasty supply side costs saw Fisher and Paykel Health lose nearly 8% and was pretty lonely amongst the losers. In contrast to yesterday’s blue chip rally, today was about small caps jumping by 1.1%, as overall the S&P/ASX200 closed up 37 points or 0.5%.

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