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ASX 200 closes at fresh 8-week highs as gold prices boost miners

Published 09/11/2022, 04:44 pm
Updated 09/11/2022, 04:48 pm
© Reuters

By Oliver Gray 

Investing.com - The S&P/ASX 200 added 40.4 points or 0.6% to 6,999.3 during Wednesday’s trading session, extending gains for the 4th consecutive trading day and finishing at fresh 8-week highs, with the Materials sector surging 2.5% as higher gold prices boosted local miners.

Among major mining stocks, Rio Tinto Ltd (ASX:RIO) lifted 2.4%, BHP Group Ltd (ASX:BHP) gained 2.1%, Fortescue Metals Group Ltd (ASX:FMG) added 3% and Champion Iron Ltd (ASX:CIA) gained 4.2%, while gold miners St Barbara Ltd (ASX:SBM) surged 13%, Newcrest Mining Ltd (ASX:NCM) added 6.9%, Northern Star Resources Ltd (ASX:NST) lifted 6.8% and Evolution Mining Ltd (ASX:EVN) rallied 9.3%.

Real Estate also rallied 1.5% amid lower yields, with Mirvac Group (ASX:MGR) up 2.4%, Goodman Group (ASX:GMG) adding 0.6%, Charter Hall Group (ASX:CHC) lifting 2.7% and Stockland Corporation Ltd (ASX:SGP) up 1.7%.

Meantime, News Corp (ASX:NWS) shed 11.2% after the company warned of economic headwinds due to stronger US dollar.

On the bond markets, Australia 10-Year rates were at 3.873% while United States 10-Year yields were at 4.136%.

In New Zealand, the NZX 50 finished 0.1% lower at 11,143.5.

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