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ASX 200 lifts 0.5% as Energy leads gains
© Reuters.
By Oliver Gray
Investing.com - The S&P/ASX 200 added 40.7 points or 0.6% to 7,180 after the first 105 minutes of Tuesday’s trade, following slightly losses of 0.2% in the previous session as oil producers lifted amid volatility in crude oil prices in the face of a recent spike of COVID cases in China and, while OPEC officials denied recently reported plans to increase output.
ASX 200 Futures were pointing 0.2% higher.
Among stocks, Energy led the gains, adding 2% as Santos Ltd (ASX:STO) gained 1.1%, Woodside Energy Ltd (ASX:WDS) lifted 1.9%, Beach Energy Ltd (ASX:BPT) added 1.5% and Viva Energy Group Ltd (ASX:VEA) gained 0.9%.
Financials were up 0.4% collectively, with Australia and New Zealand Banking Group Ltd (ASX:ANZ) adding 0.1%, Commonwealth Bank Of Australia (ASX:CBA) gaining 0.8%, National Australia Bank Ltd (ASX:NAB) up 0.7% and Westpac Banking Corp (ASX:WBC) lifting 0.4%, while Macquarie Group Ltd (ASX:MQG) fell 0.3%.
Materials gained 0.8% overall, with Rio Tinto Ltd (ASX:RIO) up 0.7%, BHP Group Ltd (ASX:BHP) adding 0.9%, Fortescue Metals Group Ltd (ASX:FMG) down 0.8% and Champion Iron Ltd (ASX:CIA) falling 0.5%.
In company news, Technology One Ltd (ASX:TNE) lifted 5.3% after reporting full-year revenue 369.4 million versus $359.4 million expected, while net profit after tax increased 22% $88.8 million.
Virgin Money PLC (ASX:VUK) surged 13.2% after reporting a 43 per cent lift in underlying profits amid a higher interest environment.
Meantime, Block Inc (ASX:SQ2) led the decliners, shedding 3.9% as cryptocurrency markets remain under pressure.
Ahead in the session, RBA Governor Lowe’s speech will be closely monitored by market participants for insights into the future path of rate hikes, following easing CPI and PPI figures from the U.S. in recent weeks.
On the bond markets, Australia 10-Year rates were at 3.592% while United States 10-Year yields were at 3.819%.
In New Zealand, the NZX 50 was down 0.5% to 11,386.6.
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