By Oliver Gray
Investing.com - The ASX 200 lifted 28.40 points or 0.38% to 7591.00 in early deals Wednesday, following gains of 0.32% in the previous session and extending to fresh all-time high valuations amid strong risk appetite as robust second-quarter corporate earnings continue to come in above market expectations, while the passage of U.S. President Joe Biden’s US$1 trillion infrastructure bill through the senate also boosted sentiment.
Meantime, Australia’s domestic coronavirus situation continues to worsen amid the spread of the highly infectious Delta variant, as Victoria reported 20 locally acquired cases with 15 linked to current outbreaks, while New South Wales yesterday hit a record 356 fresh cases yesterday with 57 of those infectious while in the community. Finally, Queensland reported 4 fresh cases all linked to the current outbreak in Indooroopilly and in quarantine for their infectious period.
Among stocks, Commonwealth Bank Of Australia (ASX:CBA) lifted 0.82% in early deals after reporting a 19.7% surge in annual profit driven by a sustained economic recovery from the coronavirus pandemic and announcing a record A$6 billion share buyback. Meantime, mining stocks moved higher despite a drop in Iron ore prices, with Rio Tinto Ltd (ASX:RIO), BHP Billiton Ltd (ASX:BHP) and Fortescue Metals Group Ltd (ASX:FMG) adding 1.76%, 1.99% and 1.95%, respectively.
In New Zealand, the NZX 50 added 11.18 points or 0.09% to 12775.41.