Australian Shares Up 0.6% as Miners Lift

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Australian Shares Up 0.6% as Miners Lift

By Oliver Gray - The S&P/ASX 200 added 44.3 points or 0.6% to 7,173.1 after the first hour of Wednesday’s trade, recouping losses of 0.3% in the previous session as the Materials sector outperformed while Information Technology dragged.

ASX 200 Futures were pointing 0.5% higher.

Among stocks, heavyweight mining companies were the most improved overall, with Rio Tinto Ltd (ASX: RIO ) up 1.4%, Fortescue Metals Group Ltd (ASX: FMG ) gaining 0.4%, Champion Iron Ltd (ASX: CIA ) up 0.1%, while BHP Billiton Ltd (ASX: BHP ) fell 9.4% as the company traded ex-dividend.

Financials were up 1.2% as Australia and New Zealand Banking Group Ltd (ASX: ANZ ) added 0.6%, National Australia Bank Ltd (ASX: NAB ) lifted 1.8%, Westpac Banking Corp (ASX: WBC ) gained 1.2% and Commonwealth Bank Of Australia (ASX: CBA ) added 1.5%.

Meantime, Information Technology shed 2.5% collectively as Block Inc (ASX: SQ2 ) fell 5.9%, Appen Ltd (ASX: APX ) dropped 3.6%, Megaport Ltd (ASX: MP1 ) fell 3.3%, Novonix Ltd (ASX: NVX ) lost 1.5% and Altium Ltd (ASX: ALU ) dipped 2.8%.

On the bond markets, Australia 10-Year rates were at 3.222% while United States 10-Year yields were at 2.763%.

In New Zealand, the NZX 50 added 0.2% to 11,272.

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