ASX tracks higher on gains led by tech; Blackstone gets FIRB nod for Crown bid

ASX climbs on broad gains led by tech and discretionary stocks. Blackstone wins FIRB nod, Star faces class action proceedings, Morrison ups Uniti bid and inflation fears skyrocket.

Investors to weigh local budget pointers with geopolitical updates. Picture: Jeremy Piper

Welcome to the Trading Day blog for Tuesday, March 29. The Australian share market finished higher on broad gains led by tech and discretionary stocks. It comes as Macquarie Asset Management pulls out of Uniti race and class action proceedings begin again Star Entertainment.

The S&P/ASX 200 index closed 0.7 per cent or 51.9 points higher to 7464.3.

In the US, the Dow Jones index closed 0.3 per cent higher while the S&P 500 index gained 0.7 per cent and the Nasdaq index rose 1.3 per cent.

US benchmark West Texas Intermediate oil and Europe’s London Brent crude both slumped by more than six per cent, to $US107.10 and $US113.40 per barrel, respectively, partly on concerns about lower energy demand from China, which is locking down cities to curb the spread of Covid.

Safe-haven spot gold was near $US1920 an ounce as iron ore futures is up 0.1 per cent to $US150.03 a tonne.

The Aussie dollar was trading near US74.9c at the US close.