By Oliver Gray
Investing.com - The S&P/ASX 200 added 73.30 points or 1% to 7370.20 on Thursday, extending gains for the third consecutive session as easing fears of China Evergrande's brush with default drove a rebound in Iron ore prices which pushed mining companies higher.
In coronavirus news, New South Wales added 1039 cases as health authorities eased lockdown restrictions in 3 local government areas. Victoria tallied a record high of 766 cases on Thursday, while the ACT added 16 new locally acquired cases.
Among stocks, Rio Tinto Ltd (ASX:RIO) and Fortescue Metals Group Ltd (ASX:FMG) closed up 1.03% and 1.37% respectively, while BHP Billiton Ltd (ASX:BHP) lost 0.52% as Iron ore prices surged 16% overnight. Heavyweight banking names also gained with Commonwealth Bank Of Australia (ASX:CBA), National Australia Bank Ltd (ASX:NAB), and Westpac Banking Corp (ASX:WBC) up 1.45%, 0.67% and 0.84% respectively.
On the data front, preliminary PMI readings earlier today revealed manufacturing rising to a three-month high, while Services contracted for the third consecutive month amid ongoing mobility restrictions and protracted periods of lockdown in many parts of the country.
In New Zealand, the NZX 50 added 85.7 points or 0.65% to 13305.92.