The Australian stock market has finished up the first day of the financial year on a good note, losing some of the positive momentum from the early afternoon but still wrapping up in the green.
What happened at noon?
The ASX200 has lifted higher in midday trade, up 0.64 per cent to 5,935.70 points at 12:19pm AEST on Wednesday.
The broader All Ordinaries also extended its gains, up 0.72 per cent to 6,044.40 points.
Tech stocks helped fuel the surge as Afterpay notched a record high. It was up 3.30 per cent at 12:03pm.
What happened this morning?
The ASX200 had a nauseating start to the financial year, bouncing rapidly in opening trade to hit 5,917.10 points at 10:37am AEST, an increase of 0.33 per cent.
The All Ordinaries tracked a similar trajectory, up 0.45 per cent to 6,028.60 points.
It comes after a strong session on Wall Street overnight which saw the US share market cap off one of its best quarters ever.
Today marks the first day of the new financial year and the roll out of Open Banking, which is set to disrupt Australia’s banking sector.
What happened overnight?
US shares lifted higher on Tuesday to secure its largest quarterly percentage gain in more than 20 years thanks to more positive economic news.
The S&P rallied more than 19.95 per cent to make its biggest quarterly gain since 1998 off the back of huge stimulus programs and easing restrictions.
The Dow Jones Industrial Average rose 217.08 points, or 0.85 per cent, to 25,812.88 on Tuesday, the S&P 500 gained 47.05 points, or 1.54 per cent, to 3,100.29 and the Nasdaq Composite added 184.61 points, or 1.87 per cent, to 10,058.77.
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