AU Evening Wrap: Australia Shares Gain 0.3%, Buoyed by Tech Stocks

$S&P/ASX 200(.XJO.AU)$ closed 0.3% higher at 7600.2, giving back much of its early gains when weak December retail data raised concerns about the strength of the economy. The benchmark index was up 0.7% and at its highest intraday level since August 2021 until data showed retail sales fell by more than economists had expected.

The ASX 200 swiftly reversed course and lost almost all its gains before bouncing in the last hour. Tech was the best performer among the ASX 200's 11 sectors, adding 1.9% amid a 28% burst by $Megaport Ltd(MP1.AU)$ on strong 2Q earnings. Banks were mixed. $CommBank(CBA.AU)$ edged up 0.1%, $National Australia Bank Ltd(NAB.AU)$ was flat, and $ANZ Group Holdings Ltd(ANZ.AU)$ and $Westpac Banking Corp(WBC.AU)$ lost 0.2% and 0.5%, respectively.