Australian tech stocks rise as Megaport surges on new AI contracts

SiteMinder

05/06/2026 01:46

** Australian technology stocks .AXIJ rise as much as 2.8% 
** Stock up ~9% on the week, set to post its best week since mid-April, if gains hold  
** Shares of top gainer Megaport MP1.AX up 26.8% after company said on Wednesday it secured four new AI infrastructure contracts worth A$458.9 million ($327.15 million) and will raise A$827.3 million capital raise to build inference cloud 
** Shares of peers Life360 360.AX and Siteminder SDR.AX up 4.3% and 1.3%, respectively 
** Sub-index down ~10% so far this year
     
($1 = 1.4027 Australian dollars)

 (Reporting by Anjali Singh in Bengaluru)
 ((anjali.singh2@thomsonreuters.com;))