By Oliver Gray
Investing.com - The S&P/ASX 200 gained 19.70 points or 0.27% to 7,319.50 on Tuesday, retracing losses of 0.3% in the previous session as a lift in commodity prices boosted mining stocks, while investors continued to rotate away from technology names amid rising long term bond yields.
ASX 200 Futures were 37.5 points or 0.52% higher at 7276.
In coronavirus news, cases continued to fall across the country as Victoria tallied 1466 fresh cases as the state hits its 60% double dose vaccination target, while New South Wales added 360 cases as Premier Dominic Perrottet has announced further business support, with small businesses able to claim an A$2000 rebate for costs such as licensing fees and council rates.
Among stocks, mining heavyweights were higher as Iron ore increased 9.4% overnight, with Rio Tinto Ltd (ASX:RIO), BHP Billiton Ltd (ASX:BHP) and Fortescue Metals Group Ltd (ASX:FMG) lifting 1.61%, 1.58% and 2.13%, respectively. Some energy stocks also traded slightly higher as WTI crude hit a seven-year high and Brent crude hit a three-year high, with Santos Ltd (ASX:STO) gaining 0.93%, and Oil Search Ltd (ASX:OSH) adding 1.3%, however, Woodside Petroleum Ltd (ASX:WPL) was flat and Beach Energy Ltd (ASX:BPT) was down 1.7%. Westpac Banking Corp (ASX:WBC) also fell 0.46% after the bank said that profit for the second half will be cut by A$1.3 billion due to write-downs, provisions for refunds and litigation, and costs from selling off its life insurance business. Meantime, technology stocks fell with Afterpay Touch Group Ltd (ASX:APT) down 2.1%, Appen Ltd (ASX:APX) losing 1.4% and Wisetech Global Ltd (ASX:WTC) down 0.83%.
On the bond markets, Australia 10-Year yields were at 5-month highs of 1.734% while United States 10-Year rates held at 4-month highs of 1.633%.
In New Zealand, the NZX 50 moved 27.62 points or 0.21% lower to 12991.75.