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ASX 200 closes 0.9% higher, rising commodities boost miners

Published 11/01/2023, 04:39 pm
Updated 11/01/2023, 04:44 pm
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By Oliver Gray 

Investing.com - The S&P/ASX 200 added 64.3 points or 0.9% to 7,195.3 during Wednesday’s trading session, rebounding from losses of 0.3% yesterday as easing yields boosted real estate companies while optimism surrounding China’s economic reopening lifted miners.

Among stocks, real estate advanced 1.9% overall with Goodman Group (ASX:GMG) gaining 2.9%, Mirvac Group (ASX:MGR) up 0.5%, Charter Hall Group (ASX:CHC) lifting 1.8% and Scentre Group Ltd (ASX:SCG) up 2.1%.

Materials lifted 1.7% with Rio Tinto Ltd (ASX:RIO) up 1%, BHP Group Ltd (ASX:BHP) adding 1.5% and Fortescue Metals Group Ltd (ASX:FMG) gaining 2.4%, lithium miners Lynas Rare Earths Ltd (ASX:LYC) adding 2.6%, Piedmont Lithium Ltd (ASX:PLL) up 4.7% and gold miners Perseus Mining Ltd (ASX:PRU) lifting 2.6% and Gold Road Resources Ltd (ASX:GOR) up 2.5%.

On the data front, annualized CPI was reported in-line with expectations at 7.3% for November, while retail sales grew 1.4% to a new record high.

 On the bond markets, Australia 10-Year rates were at 3.727% and United States 10-Year yields were at 3.593%.

In New Zealand, the NZX 50 finished down 0.2% to 11,637.

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