ASX 200 climbs as PointsBet, technology shares rally

ASX up 0.8pc as tech stocks gain despite Amazon's quarterly loss and Kogan's sell-off. PointsBet turnover soars, Origin flags price pressure while ResMed disappoints.

Positive US earnings have buoyed markets overnight. Picture: Christian Gilles / NCA NewsWire

Welcome to the Trading Day blog for Friday, April 29. ASX higher as tech stocks surge, despite Amazon's first quarterly loss since 2015. Kogan slumps on earnings update and Origin flags price pressure.

The S&P/ASX 200 gained 0.8 per cent to 7,413.9 by 1:22 AEST, extending yesterday's 1.3 per cent advance.

Stocks advanced across Europe and Asia overnight with Japan’s Topix up more than 2 per cent.

In the US, the Dow Jones Industrial Average gained 1.9 per cent, the S&P 500 added 2.5 per cent while the tech-heavy Nasdaq surged 3.1 per cent. That's also despite a surprise contraction in the US economy in the March quarter, at a pace of  1.4 per cent. 

Among commodities, iron ore futures rose 0.1 per cent to $US150.61 a tonne overnight while crude oil climbed amid reports that Germany no longer opposes an embargo on Russian oil that could further squeeze global supplies. That sent US Nymex crude oil up 3.3 per cent to $US105.36 a barrel.