ASX 200 up 0.2% at Midday as Quarterly GDP Lifts 3.4% By Investing.com

ASX 200 up 0.2% at Midday as Quarterly GDP Lifts 3.4%

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By Oliver Gray

Investing.com - The S&P/ASX 200 added 16.60 points or 0.23% to 7,113.10 in Wednesday’s midday deals, following gains of 0.7% in the previous session as market participants tracked a negative lead from U.S. equities overnight, while a surge in commodities such as crude oil boosted the energy and materials sectors amid the ongoing Russian invasion of Ukraine.

ASX 200 Futures were pointing 1.24% higher.

Among stocks, the Materials sector was most improved, up 2.31% with Rio Tinto Ltd (ASX:RIO) gaining 3.74%, BHP Billiton Ltd (ASX:BHP) adding 3.22%, Fortescue Metals Group Ltd (ASX:FMG) up 3.66%, Lake Resources NL (ASX:LKE) gaining 3.13% and Magnis Resources Ltd (ASX:MNS) up 2.27%.

Energy stocks also gained about 1.72% as Crude Oil prices traded near fresh 7-year highs. Woodside Petroleum Ltd (ASX:WPL) added 2.89%, Santos Ltd (ASX:STO) gained 2.48% and Beach Energy Ltd (ASX:BPT) lifted 1.1%.

Financials were about 1% lower collectively, with Macquarie Group Ltd (ASX:MQG) down 1.14%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) falling 1.38%, National Australia Bank Ltd (ASX:NAB) down 0.95%, Westpac Banking Corp (ASX:WBC) declining 1.26% and Commonwealth Bank Of Australia (ASX:CBA) flat at 94.84.

On the bond markets, Australia 10-Year rates were at 2.095% while United States 10-Year yields were at 1.755%.

On the data front, Australian quarterly GDP expanded 3.4% in Q4 2021, rebounding from the 1.9% decline in the previous quarter.

In New Zealand, the NZX 50 was down 0.18% at 12,177.

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