Shares of MEGAPORT LTD (MP1.AU) surged 6.29% in Tuesday's trading session, riding the wave of a broader rally in Australian technology stocks. The surge comes as Wall Street's overnight gains and easing trade tensions between the U.S. and China boosted market sentiment.
The Australian technology sector index (.AXIJ) climbed as much as 4.5% to 2,698 points, reaching its highest level since February 24. This surge was primarily driven by the signing of a deal between the United States and China to temporarily lower tariffs, which has significantly improved investor confidence in the tech sector.
Megaport's strong performance was in line with other prominent Australian tech companies, with WiseTech (WTC.AX) jumping 7% and Siteminder (SDR.AX) gaining 5.1%. The positive momentum in the sector suggests that investors are becoming more optimistic about the growth prospects of technology companies in the current economic environment.
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