Australian Shares Lift 1.13%, Boosted by Materials and Energy

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Australian Shares Lift 1.13%, Boosted by Materials and Energy
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 added 81.90 points or 1.13% to 7,360.40 in Tuesday’s deals, recovering losses of 0.22% in the previous session as hotter commodity prices boosted miners and oil companies as an increasingly hawkish U.S. Federal Reserve flagged aggressive rate hikes to tame surging inflation pressures and further supply shocks amid the ongoing conflict in Ukraine.

ASX 200 Futures were pointing 0.12% higher.

Among stocks, Materials companies gained 2.93% with Rio Tinto Ltd (ASX: RIO ) up 3.14%, BHP Billiton Ltd (ASX: BHP ) adding 4.59%, Fortescue Metals Group Ltd (ASX: FMG ) up 1.87%, Champion Iron Ltd (ASX: CIA ) adding 2.53% and Pilbara Minerals Ltd (ASX: PLS ) up 2.96%.

Gold miners lifted, with St Barbara Ltd (ASX: SBM ) up 2%, Newcrest Mining Ltd (ASX: NCM ) adding 1.86%, Northern Star Resources Ltd (ASX: NST ) up 2.74%, Perseus Mining Ltd (ASX: PRU ) gaining 2.35% and Chalice Gold Mines Ltd (ASX: CHN ) up 0.56%.

Oil related stocks gained as as WTI and Brent crude prices rallied overnight. Woodside Petroleum Ltd (ASX: WPL ) gained 2.84%, Santos Ltd (ASX: STO ) added 1.97%, Beach Energy Ltd (ASX: BPT ) lifted 3.49% and Viva Energy Group Ltd (ASX: VEA ) gained 0.85%.

Financials were 1.26% higher overall amid rising bond yields. Macquarie Group Ltd (ASX: MQG ) added 1.81%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lifted 1.23%, National Australia Bank Ltd (ASX: NAB ) gained 1.39%, Westpac Banking Corp (ASX: WBC ) lifted 1.19% and Commonwealth Bank Of Australia (ASX: CBA ) added 1.38%.

On the bond markets, Australia 10-Year rates were at fresh 40-month highs of 2.701% while United States 10-Year rates were at fresh 34-month highs of 2.322%.

In New Zealand, the NZX 50 was little changed at 12,177.

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