The ASX 200 closed 39.4 points, or 0.5%, higher at 7971.1 on Tuesday, reversing a three-day losing streak, with tech stocks leading the gain, ending 1.6% higher.
This rebound was influenced by a strong performance in the US tech sector, with the Nasdaq Composite rising 1.6% and the S&P 500 adding 1.1%, ahead of major earnings reports from companies like Alphabet and Tesla.
Despite the overall market boost, Woodside’s shares dropped 3.7% after reporting revenue for its June quarter fell short of expectations and announcing a $900 million expansion plan into the Gulf of Mexico.
Banks also experienced gains, with Commonwealth Bank and National Australia Bank increasing by 1.1% and 1.2%, respectively. Other notable stock movements included significant rises for Polynovo and Mesoblast due to favorable financial results and regulatory approvals, while Axel Rare Earths saw a dramatic 40% drop in its ASX debut.