<WIRE> Australian Tech Stocks Drive Surge in Shares, with Block Inc (ASX:SQ2) Leading the Charge

On Friday, Australian shares experienced a rise, moving in sync with a broader rally in global peers.

This was in part driven by positive performances in domestic technology stocks and financials which counterbalanced commodity losses.

The S&P/ASX 200 index saw a 0.5% increase to 7,650.30.

While this benchmark ended flat on Thursday, worldwide record highs in equity markets was triggered by stunning performance results from AI chipmaker Nvidia.

In response, Australian technology stocks mirrored Wall Street counterparts, marked by a peak climb as much as 2.7% — its highest level since January 6, 2022.

This sub-index is set to record a fourth weekly gain if the current trend continues.

Notably, shares of Block Inc (ASX:SQ2), listed on the ASX, soared as much as 17.1%, reaching their highest level since August 2.

This surge came after the Jack Dorsey-led payments firm predicted adjusted core earnings for the current quarter which surpassed Wall Street estimates.

Concurrently, financials pushed forward almost 1% and are in line to record a seventh straight-weekly gain, with the ‘Big Four’ banks adding between 0.6% and 0.9%.

In contrast, heavyweight miners dipped 0.1%, heading into their third consecutive weekly loss.

Regardless of the dip, BHP Group (ASX:BHP), Rio Tinto (ASX:RIO) and Fortescue (ASX:FMG) gained between 0.2% and 0.7%.

On another note, gold stocks hit their lowest level since October 6, 2023, dropping nearly 3.2% while tracing bullion prices' trajectory lower.

Energy stocks also slipped 0.3%, looking likely to end their third week in decline.

Among specific stocks, Brambles (ASX:BHP) recorded a remarkable jump, as much as 4.7%, reaching a record peak after the supply chain logistics firm reported an 18% rise in its half-year profit.

New Zealand’s benchmark S&P/NZX 50 index also rose marginally by 0.1% to reach 11,703.74.

A poll indicated that the Reserve Bank of New Zealand is likely to maintain its cash rate at a 15-year high of 5.50% on February 28, and possibly hold off until at least July before commencing to lower the base cost of borrowing.

Block Inc (ASX:SQ2) is a San Fransisco-based company with Jack Dorsey, the former CEO of Twitter, as its current CEO.

The company focuses on building financial software and hardware products to facilitate businesses around the globe.

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