ASX Gains as Higher Commodity Prices Lift Miners

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ASX Gains as Higher Commodity Prices Lift Miners
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 was 72.40 points or 0.98% higher at 7,454.30 on Friday, snapping three sessions of consecutive declines as higher commodity prices pushed mining companies higher, while BHP won approval from investors for its climate change plan.   

ASX 200 Futures were 0.55% higher.

Among stocks, mining heavyweights gained following a rebound in iron ore prices, with Rio Tinto Ltd (ASX: RIO ) up 4.32% and Fortescue Metals Group Ltd (ASX: FMG ) gaining 4.4%. BHP Billiton Ltd (ASX: BHP ) also added 3.67% after promising to achieve net zero emissions in its operations, including steel mills and shipping companies, by 2050. In addition, gold prices lifted to 5-month highs amid heightened inflation fears, boosting Evolution Mining Ltd (ASX: EVN ) 1.2%, Northern Star Resources Ltd (ASX: NST ) 1.13% and Newcrest Mining Ltd (ASX: NCM ) 0.35%. Technology names also traded higher with Xero Ltd (ASX: XRO ) gaining 3.49%, Wisetech Global Ltd (ASX: WTC ) up 0.28%, Afterpay Touch Group Ltd (ASX: APT ) up 1.33% and Appen Ltd (ASX: APX ) lifting 1.5%.

On the bond markets, Australia 10-Year rates were at 1.837%, while the U.S. bond market was closed Thursday for Veterans Day.

In New Zealand, the NZX 50 fell 0.54% to 12957.

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