ASX 200 hits two-month high on tech gains; Macquarie makes bid for Uniti

ASX 200 higher on tech rally as miners fall. Uniti leaps on Macquarie offer, Fisher & Paykel sinks on margins hit, NAB set for fresh buyback and Carnarvon up on oil find. 

Investor sentiment is buoyed by the possibility of rapid global rate hikes led by US. Picture: Damian Shaw

Welcome to the Trading Day blog for Wednesday, March 23. The Australian share market hit a two-month high on a broad rally led by tech. It follows Uniti soaring on a bid by Macquarie Asset Management and Fisher & Paykel falling revenue hit. 

The ASX 200 index ended 0.5 per cent higher to 7377.9.

On Wall Street, US stocks and government-bond yields jumped, as investors shook off rising inflation concerns with Fed eyeing quicker interest-rate rises if needed. The Dow Jones Industrial Average closed up 0.7 per cent with the S&P 500 about 1 per cent higher and the Nasdaq lifting more than 2 per cent.

US 10-year yields rose to near 2.38 per cent and US 2-year yields to near 2.16 per cent.

Crude prices are flat with Brent down 0.1 per cent to $US115.5 per barrel and US WTI 0.3 per cent lower at $US111.8 per barrel. Iron ore is 1 per cent weaker at $US148.48 per tonne.

The Aussie dollar is higher at US74.66c.

Originally published as ASX 200 hits two-month high on tech gains; Macquarie makes bid for Uniti