MARKET REBOUNDS AFTER SELL- OFF

THE Australian share market has rallied to recoup some of last week’s stinging losses as global recession fears ease.

The benchmark S&P/ASX200 index finished yesterday up 61.9 points, or 0.97 per cent, to 6467.4 points, while the broader All Ordinaries was up 64.6 points, or 1 per cent, to 6550.5 points.

“It’s definitely been a solid start. We’ve seen the Aussie market take the lead of Wall Street from the back end of last week,” Commsec market analyst James Tao said.

Bond yields rose, indicating that traders were buying less of them as their appetite for the safe-haven investment eased, Mr Tao said.

Every sector of the Australian share market was higher except for the material and utilities sectors, which were down slightly.

Tech companies led the rally, collectively up 3.2 per cent, with Afterpay gaining 4.3 per cent to $24.27, Altium up 5 per cent to $33.67 and Appen up 6.4 per cent to $24.52.

Energy companies also posted strong gains, up 2.2 per cent, with Yancoal up 6.5 per cent to $3.44 and Beach Energy up 10.8 per cent to a two-week high of $2 after the oil and gas producer nearly tripled its profit and raised its five-year production guidance.

A number of other companies reporting earnings made strong moves as the busiest week of reporting season began.

Lendlease gained 10.9 per cent to $15.01 after the construction and development company beat expectations with $467 million in full-year profit. Bluescope Steel fell 8.4 per cent to $11.18 after announcing its fullyear profit was down 35 per cent to $1 billion.