Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Australian Shares up 1% as Materials Rally

Published 08/02/2022, 11:30 am
Updated 08/02/2022, 11:37 am
© Reuters.

© Reuters.

By Oliver Gray 

Investing.com - The ASX 200 higher in Tuesday’s mid-morning deals, adding 71.30 points or 1.00% to 7,182.10 and reclaiming losses of 0.13% in the previous session as strong gains in the Materials and Financials sectors boosted investor sentiment.

ASX 200 Futures were up 1.2%.

Mining heavyweights surged this morning amid higher Iron ore prices. Rio Tinto Ltd (ASX:RIO) gained 3.2%, BHP Billiton Ltd (ASX:BHP) added 3.59%, Fortescue Metals Group Ltd (ASX:FMG) gained 2.83%, Champion Iron Ltd (ASX:CIA) added 4.15%, Arizona Lithium Ltd (ASX:AZL) gained 3.23%, Avz Minerals Ltd (ASX:AVZ) surged 5.26% and Lake Resources NL (ASX:LKE) gained 1.14%.

Major bankers were mostly higher as Macquarie Group Ltd (ASX:MQG) surged 4.36% after strong results, Commonwealth Bank Of Australia (ASX:CBA) fell 0.11%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) added 0.3%, National Australia Bank Ltd (ASX:NAB) dipped 0.11% and Westpac Banking Corp (ASX:WBC) gained 0.56%.

Suncorp Group Ltd (ASX:SUN) is also up 4.3% after its half-year earnings report beat analyst expectations

Travel-related companies extended yesterday’s gains, as Qantas Airways Ltd (ASX:QAN) lifted 1.29%, Flight Centre Ltd (ASX:FLT) added 6.34%, Webjet Ltd (ASX:WEB) gained 1.91%, Helloworld Ltd (ASX:HLO) lifted 4.69% and Corporate Travel Managment Ltd (ASX:CTD) added 4.36%.

Real estate stocks added 0.56% collectively, Mirvac Group (ASX:MGR) lost 0.78%, Charter Hall Group (ASX:CHC) added 0.31%, Goodman Group (ASX:GMG) gained 0.54%, Stockland Corporation Ltd (ASX:SGP) dipped 0.5% and Scentre Group Ltd (ASX:SCG) added 0.68%.

Technology suffered however, down 1.15% collectively and tracking overnight losses on the NASDAQ Composite. Block Inc (ASX:SQ2) fell 6.02%, Zip Co Ltd (ASX:Z1P) dropped 2%, Appen Ltd (ASX:APX) fell 2.86%, Link Administration Holdings Ltd (ASX:LNK) dipped 0.37%, Novonix Ltd (ASX:NVX) lost 1.04% and Computershare Ltd. (ASX:CPU) dipped 2.82%, while Brainchip Holdings Ltd (ASX:BRN) added 1.84%, Altium Ltd (ASX:ALU) gained 1.62%, Xero Ltd (ASX:XRO) added 1.71% and Technology One Ltd (ASX:TNE) gained 0.34%.

On the bond markets, Australia 10-Year rates were at 15-week highs of 2.046%, while United States 10-Year yields were steady at 25-month highs of 1.927%.

In New Zealand, the NZX 50 was just 0.05% higher at 12,285.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.