ASX 200 Lifts to Fresh 5-Week Highs

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ASX 200 Lifts to Fresh 5-Week Highs
Credit: © Reuters.

By Oliver Gray - The ASX 200 gained 68.90 points or 0.93% to 7,443.80 on Wednesday, extending to fresh 5-week highs, tracking a positive close on Wall Street helped by better than expected earnings results, while market participants also remain optimistic as local earnings results continue to roll in.

In coronavirus news, Victoria has recorded 1,841 new cases as the state moves toward its vaccinations targets and eventual easing of lockdown restrictions. 89.21% of people older than 16 in Victoria have received at least one dose of vaccine, and 69.28% are fully vaccinated. Meantime, New South Wales recorded 283 new cases as Premier Dominic Perrottet launched an A$500 million initiative to boost state's tourism sector.

Among stocks, major mining companies surged, with Rio Tinto Ltd (ASX: RIO ), BHP Billiton Ltd (ASX: BHP ) and Fortescue Metals Group Ltd (ASX: FMG ) adding around 2% each. However, energy stocks were lower as Beach Energy Ltd (ASX: BPT ) lost 4.21% and Santos Ltd (ASX: STO ) fell 0.41%, with crude oil prices trading below their recent 7-year highs. Meantime, OZ Minerals Ltd (ASX: OZL ) is up 1.39% after a better than expected quarterly report , with the company expecting to produce more gold than previously advised and at a cheaper price. Ltd (ASX: KGN ) also surged 9.33% as the company noted in a trading update that it had resolved its previous inventory pressures.

ASX 200 Futures were up 32 points or 0.43%.

On the bond markets, Australia 10-Year yields surged to fresh 7-month highs of 1.855% while United States 10-Year rates were at 5-month highs of 1.669%.

In New Zealand, the NZX 50 added 0.5% to 13131.

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