ASX 200 Closes 0.5% Higher, Lifts to 5-Week Highs

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ASX 200 Closes 0.5% Higher, Lifts to 5-Week Highs
Credit: © Reuters.

By Oliver Gray

Investing.com - The ASX 200 gained 38.80 points or 0.53% to 7,413.70 on Wednesday, closing at 5-week highs as market participants cheered better than expected earnings from major companies.

In coronavirus news, Federal Health Minister Greg Hunt announced today that the country has hit its 70% double vaccination milestone for eligible adults, as Victoria has recorded 1,841 new cases. New South Wales recorded 283 new cases as Premier Dominic Perrottet launched an A$500 million initiative to boost state's tourism sector, while the ACT added 24 cases.

Among stocks, mining giant BHP (ASX: BHP ) closed 0.76% higher after the company offered C75 cents per share for Canadian nickel miner Noront Resources Ltd . (TSXV: NOT ). Meantime, energy stocks dragged on the market, with Woodside Petroleum Ltd (ASX: WPL ), Whitehaven Coal Ltd (ASX: WHC ), and Beach Energy (ASX: BPT ) declining 1.8%, 7.55% and 3.01% respectively. Among other companies, OZ Minerals Ltd (ASX: OZL ) closed 0.15% lower, Kogan.com Ltd (ASX: KGN ) surged 6.95%, while A2 Milk Company Ltd (ASX: A2M ) surged 5.02%.

Meantime, the Australian Dollar gained 0.00231 points or 0.31% to fresh 3-month highs of 0.74939.

On the bond markets, Australia 10-Year yields surged to fresh 7-month highs of 1.802% while United States 10-Year rates were at 5-month highs of 1.651%.

In New Zealand, the NZX 50 added 0.37% to 13114.

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