ASX 200 Finishes Higher as Miners Lift and Yields Rise

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ASX 200 Finishes Higher as Miners Lift and Yields Rise
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 closed 75.90 points or 1.07% to 7,186.70 during Tuesday’s session, erasing losses of 0.15% yesterday as higher iron ore prices boosted materials, while financials were buoyed by rising long term bond yields.

The Materials sector showed the largest improvement, adding 2.2% as Iron ore futures topped $US150 a tonne in Singapore. Rio Tinto Ltd (ASX: RIO ) gained 2.17%, BHP Billiton Ltd (ASX: BHP ) added 3.71%, Fortescue Metals Group Ltd (ASX: FMG ) lifted 3.25%, Champion Iron Ltd (ASX: CIA ) gained 3.56%, Avz Minerals Ltd (ASX: AVZ ) lifted 5.92, Lynas Rare Earths Ltd (ASX: LYC ) gained 0.44% and OZ Minerals Ltd (ASX: OZL ) added 1.36%.

Travel-related companies extended yesterday’s gains, as Qantas Airways Ltd (ASX: QAN ) lifted 1.1%, Flight Centre Ltd (ASX: FLT ) added 6.71%, Webjet Ltd (ASX: WEB ) gained 7.44%, Helloworld Ltd (ASX: HLO ) added 3.52% and Corporate Travel Managment Ltd (ASX: CTD ) added 4.27%.

Financials also improved 1.55% collectively, Commonwealth Bank Of Australia (ASX: CBA ) added 0.32%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) added 1.47%, National Australia Bank Ltd (ASX: NAB ) lifted 0.58% and Westpac Banking Corp (ASX: WBC ) gained 1.35%.

Macquarie Group Ltd (ASX: MQG ) also lifted 3.89% after the investment giant reported another record-breaking quarter, however Chief executive Shemara Wikramanayake warned against extending into market upswings, urging the need to maintain a conservative stance.

Technology companies remained under pressure, Block Inc (ASX: SQ2 ) fell 6.21%, Zip Co Ltd (ASX: Z1P ) dropped 2.33%, Appen Ltd (ASX: APX ) fell 7.41%, Link Administration Holdings Ltd (ASX: LNK ) dipped 0.37%, Novonix Ltd (ASX: NVX ) lost 0.6% and Computershare Ltd. (ASX: CPU ) dipped 2.4%, while Brainchip Holdings Ltd (ASX: BRN ) added 1.53% and Altium Ltd (ASX: ALU ) gained 0.17%.

Among currencies, The Aussie was down 0.22% to 0.71101 while the US Dollar Index was slightly higher at 95.611.

On the bond markets, Australia 10-Year rates rose to near 3-year highs of 2.11%, while United States 10-Year yields were at 26-month highs of 1.949%.

In New Zealand, the NZX 50 was 0.32% higher at 12,319.

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