ASX in 'beast mode' as tech and health lead broad rally

ASX on track for its best month since 2018 as tech and health stocks gain. Air NZ reveals equity raising, Magellan surges, Tabcorp urges demerger and Fortescue clarifies deal.

SYDNEY, AUSTRALIA – NewsWire Photos March 28, 2022: The ASX has announced more delays to its replacement technology after a litany of issues in recent months. Picture: NCA NewsWire / Jeremy Piper

Welcome to the Trading Day blog for Wednesday, March 30. Australian shares rise strongly after the Federal budget as investors anticipate favourable conditions to continue in April. It comes as Air New Zealand launches a $2.2bn recapitalisation program and  more explosive claims for Star Entertainment.

The S&P/ASX 200 index closed 0.7 per cent higher to 7514.5.

In the US, the Dow Jones Industrial Average and S&P 500  closed 1 per cent higher and the Nasdaq Composite ended 1.8 per cent  stronger.

Oil prices fell  with the benchmark Brent crude down 2 per cent to US$110.23 a barrel and the US Nymex  1.6 per cent lower at US$104.24 a barrel.

Safe-haven spot gold is at $US1920 an ounce, while iron ore is up slightly to $US150.31 a tonne.

The Aussie dollar was near US75.10c at the US close.

Originally published as ASX in 'beast mode' as tech and health lead broad rally