Australian shares opened higher on Tuesday, tracking gains on Wall Street after Microsoft led a sharp rally in US mega cap tech stocks.
The benchmark S&P/ASX 200 index rose 0.3 per cent, or by 22,6 points, to 7081 at the start of trade, buoyed by the materials and energy sectors. The Australian dollar is also trading higher at about US65.6 after the greenback traded near an 11-week low.
Energy stocks are in the green after crude oil extended gains amid growing speculation that the OPEC + alliance will intervene in the market to bolster prices. West Texas Intermediate rose 2.3 per cent to settle above $US77 a barrel. Ampol added 0.7 per cent, Santos up 0.9 per cent and Beach Energy rallied 1 per cent.
For local investors, the latest board meeting minutes are scheduled to be released at 11:30 am AEDT .
What happened overnight
On Wall Street, the S&P 500 firmed 0.9 per cent and the Nasdaq gained 1.2 per cent as Microsoft rallied to a record high after the software giant hired Sam Altman for a new venture following his shock dismissal as chief executive of OpenAI, the maker of ChatGPT.
Shares in Microsoft jumped 2.1 per cent to $US377.44 after touching a record of $US378.87. Nvidia's shares were also up 2.3 per cent ahead of its earnings results due later tonight ( AEDT ).
Stocks on the move
TechnologyOne rallied 1 per cent after it reported a boost to its profit after tax, up 16 per cent to $129.9 million for financial year 2023. Its revenue increased 19 per cent to $441.4 million.
Star Entertainment was among the best performers on the ASX 200, climbing 4.7 per cent after the embattled casino operator formally signed an agreement on its revised tax rates with the NSW government.
Brickworks shed 2 per cent even as it said that an increased financial year 2023 final dividend (fully franked) of 42 per share was going to be payable to its shareholders tomorrow, bringing total full-year dividends to 65 per share.
Fortescue Metals added 1 per cent after its board has approved a final investment decision on the acquisition of a hydrogen project in the US.It was reported in July that the mining giant had agreed to pay $US24 million for the Phoenix Hydrogen Hub project in Arizona.
AGL Energy dropped 1.3 per cent. The board escaped a "second strike" on pay, chairman Patricia McKenzie will tell investors at the company's annual meeting today.
The company sustained a first strike - a "no" vote of at least 25 per cent - at last year's annual shareholder meeting which capped a tumultuous year during which software billionaire Mike Cannon-Brookes built an 11 per cent stake and laid siege to the board over its climate strategy.
Elders lost 3.4 per cent and Amcor dropped 1.3, the companies trade ex-dividend.

Sumber : afr.com