ASX 200 Closes 1.9% Higher Amid Broad-Based Gains

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ASX 200 Closes 1.9% Higher Amid Broad-Based Gains
Credit: © Reuters.

By Oliver Gray

Investing.com - The ASX 200 added 135.50 points or 1.88% to 7332.20 on Thursday, snapping 2 sessions of consecutive losses amid broad-based gains, with rebounding Iron ore prices lifting mining heavyweights, while higher long term bond yields proved a boon for financial stocks.

In coronavirus news, Victoria reported a record 1438 locally acquired cases on Thursday. New South Wales tallied 941 cases, as Premier Gladys Berejiklian flagged potentially easing restrictions before December if the state reaches the 80% double-dose vaccination target. Meantime, the ACT tallied 31 fresh cases, while Queensland has reintroduced restrictions for six local government areas from 4pm today after reporting 6 locally acquired cases, with 2 unlinked to current clusters.

Among stocks, Rio Tinto Ltd (ASX: RIO ) was up 3.4%, BHP Billiton Ltd (ASX: BHP ) lifted 3.35% and Fortescue Metals Group Ltd (ASX: FMG ) added 1.08%. Banking names also moved higher with Westpac Banking Corp (ASX: WBC ) up 3.3%, Commonwealth Bank Of Australia (ASX: CBA ) adding 1.67% and National Australia Bank Ltd (ASX: NAB ) up 2.17%. Zip Co Ltd (ASX: Z1P ) also closed 1.29% higher after announcing an agreement with technology giant Microsoft (NASDAQ: MSFT ) to integrate its payment technology into Microsoft Edge.

In local data, RBA’s monthly credit figures revealed the outstanding stock of housing credit grew by 6.2% in the year to August, posting the quickest annual pace since February 2018 amid lower interest rates and tight supplies.

In New Zealand, the NZX 50 added 154.07 points or 1.17% to 13275.76.

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