S&P/ASX 200 rises above flat line as technology stocks continue to outperform

Brent futures rose 0.4% to US$72.52 a barrel, its highest closes since May 2019 on optimism for strong economic demand after new U.S. unemployment claims fell to their lowest since the country’s first wave of COVID-19 last year.

CV Check Ltd - S&P/ASX 200
Gold prices traded near the key US$1,900 per ounce level on Friday, helped by a weaker dollar and U.S. bond yields.

S&P/ASX 200 (INDEXASX:XJO) started the day in the red with the index falling as much as 0.36% in the morning but has since recovered to lift 0.17% to 7,315 points by about 1 pm.

Technology stocks continued to outperform with Appen (ASX:APX) rising 6.48%, Afterpay (ASX:APT) gaining 4.8% and Zip Co (ASX:Z1P) up 5.46%.

Gold miners and the iron ore giants were also higher as gold prices gained following the release of US inflation data.

Local stocks followed a strong lead from the US where investors brushed off the sharp rise in US inflation over May with the S&P 500 index hitting a new record high.

70% lift in sales for Premier Investments

Premier Investments Ltd (ASX:PMV), the company behind brands such as Smiggle, Portmans, Peter Alexander and Jay Jays, reported a 70% lift in sales globally for the first 18 weeks of 2H21 compared to a year ago.

The company has upgraded its FY21 earnings before interest & taxes (EBIT) to be in the range of $340 million and $360 million.

Top gainers

Today’s top gainers on the ASX include CV Check Ltd (ASX:CV1) (+8.33%), Golden State Mining Ltd (ASX:GSM) (+12.50%), GTI Resources Ltd (ASX:GTR) (+8.70%), Horizon Minerals Ltd (ASX:HRZ) (+8.00%), Imugene Limited (ASX:IMU)(+11.11%), Roots Sustainable Agricultural Techn Ltd (ASX:ROO) (+9.09%) and Valor Resources Ltd (ASX:VAL) (+9.09%).

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