ASX closes 0.8% Higher, Rebounding Iron Ore Boosts Miners

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ASX closes 0.8% Higher, Rebounding Iron Ore Boosts Miners
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 gained 57.50 points or 0.78% to 7,410.60 during Tuesday’s session, successfully snapping two sessions of consecutive declines as a rebound in iron ore prices overnight boosted heavyweight mining stocks, while major financial companies also lifted amid rising long term bond yields.

Among stocks, Rio Tinto Ltd (ASX: RIO ) added 3.60%, BHP Billiton Ltd (ASX: BHP ) gained 4.02% and Fortescue Metals Group Ltd (ASX: FMG ) surged 9.81%.

Financials lifted, with Macquarie Group Ltd (ASX: MQG ) up 0.22%, Commonwealth Bank Of Australia (ASX: CBA ) adding 1.22%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) up 1.72%, National Australia Bank Ltd (ASX: NAB ) gaining 0.78% and Westpac Banking Corp (ASX: WBC ) lifting 0.55%.

The tech sector was mostly lower, as Appen Ltd (ASX: APX ) fell 3.47%, Afterpay Touch Group Ltd (ASX: APT ) dipped 5.42%, Zip Co Ltd (ASX: Z1P ) fell 2.88%, Xero Ltd (ASX: XRO ) lost 3.41% and Technology One Ltd (ASX: TNE ) shed 2.86%.

Meantime, 4Dmedical Ltd (ASX: 4DX ) surged 14.58% after the company confirmed the commercial launch of its lung tracker tech in Australia. Brainchip Holdings Ltd (ASX: BRN ) closed 4.62% lower, following recent news that the company has partnered with MegaChips to develop the BrainChip Akida IP. Telstra Corporation Ltd. (ASX: TLS ) finished the session 0.25% higher to close at a fresh 4-year high.

On the bond markets, Australia 10-Year rates were at 1.877% while United States 10-Year yields were at 1.632%.

Among currencies, the Aussie was trading near fresh 7-week lows of 0.72228, while the US Dollar Index extended 16-month highs to 96.512.

In New Zealand, the NZX 50 gained 0.64% to 12,689.

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