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Australian shares add 0.8% as materials lead gains

Published 11/01/2023, 11:17 am
Updated 11/01/2023, 11:21 am
© Reuters

© Reuters

By Oliver Gray 

Investing.com - The S&P/ASX 200 added 58.1 points or 0.8% to 7,189.1 after the first 90 minutes of Wednesday's trade, recovering losses of 0.3% in he previous session as major mining companies were boosted amid stronger iron ore, copper and gold prices.

ASX 200 Futures were pointing 0.4% higher.

Among stocks, major miners Rio Tinto Ltd (ASX:RIO), BHP Group Ltd (ASX:BHP) and Fortescue Metals Group Ltd (ASX:FMG) were each up 1.9%, 1.7% and 1.5% respectively, while lithium producers Lynas Rare Earths Ltd (ASX:LYC), Allkem Ltd (ASX:AKE) and Piedmont Lithium Ltd (ASX:PLL) lifted 3.5%, 5.5% and 4.7% respectively. Gold miners also advanced, with St Barbara Ltd (ASX:SBM) up 1.2%, Gold Road Resources Ltd (ASX:GOR) up 1.8%, Newcrest Mining Ltd (ASX:NCM) adding 1.3% and Perseus Mining Ltd (ASX:PRU) up 1.5%.

Ahead in the session, market participants will be closely monitoring local CPI and Retail Sales data.

On the bond markets, Australia 10-Year rates were at 3.765% and United States 10-Year yields were at 3.608%.

In New Zealand, the NZX 50 added 0.1% to 11,679.3.

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