Australian Shares up 1% as Materials Rally

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Australian Shares up 1% as Materials Rally
Credit: © Reuters.

By Oliver Gray - The ASX 200 higher in Tuesday’s mid-morning deals, adding 71.30 points or 1.00% to 7,182.10 and reclaiming losses of 0.13% in the previous session as strong gains in the Materials and Financials sectors boosted investor sentiment.

ASX 200 Futures were up 1.2%.

Mining heavyweights surged this morning amid higher Iron ore prices. Rio Tinto Ltd (ASX: RIO ) gained 3.2%, BHP Billiton Ltd (ASX: BHP ) added 3.59%, Fortescue Metals Group Ltd (ASX: FMG ) gained 2.83%, Champion Iron Ltd (ASX: CIA ) added 4.15%, Arizona Lithium Ltd (ASX: AZL ) gained 3.23%, Avz Minerals Ltd (ASX: AVZ ) surged 5.26% and Lake Resources NL (ASX: LKE ) gained 1.14%.

Major bankers were mostly higher as Macquarie Group Ltd (ASX: MQG ) surged 4.36% after strong results , Commonwealth Bank Of Australia (ASX: CBA ) fell 0.11%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) added 0.3%, National Australia Bank Ltd (ASX: NAB ) dipped 0.11% and Westpac Banking Corp (ASX: WBC ) gained 0.56%.

Suncorp Group Ltd (ASX: SUN ) is also up 4.3% after its half-year earnings report beat analyst expectations

Travel-related companies extended yesterday’s gains, as Qantas Airways Ltd (ASX: QAN ) lifted 1.29%, Flight Centre Ltd (ASX: FLT ) added 6.34%, Webjet Ltd (ASX: WEB ) gained 1.91%, Helloworld Ltd (ASX: HLO ) lifted 4.69% and Corporate Travel Managment Ltd (ASX: CTD ) added 4.36%.

Real estate stocks added 0.56% collectively, Mirvac Group (ASX: MGR ) lost 0.78%, Charter Hall Group (ASX: CHC ) added 0.31%, Goodman Group (ASX: GMG ) gained 0.54%, Stockland Corporation Ltd (ASX: SGP ) dipped 0.5% and Scentre Group Ltd (ASX: SCG ) added 0.68%.

Technology suffered however, down 1.15% collectively and tracking overnight losses on the NASDAQ Composite . Block Inc (ASX: SQ2 ) fell 6.02%, Zip Co Ltd (ASX: Z1P ) dropped 2%, Appen Ltd (ASX: APX ) fell 2.86%, Link Administration Holdings Ltd (ASX: LNK ) dipped 0.37%, Novonix Ltd (ASX: NVX ) lost 1.04% and Computershare Ltd. (ASX: CPU ) dipped 2.82%, while Brainchip Holdings Ltd (ASX: BRN ) added 1.84%, Altium Ltd (ASX: ALU ) gained 1.62%, Xero Ltd (ASX: XRO ) added 1.71% and Technology One Ltd (ASX: TNE ) gained 0.34%.

On the bond markets, Australia 10-Year rates were at 15-week highs of 2.046%, while United States 10-Year yields were steady at 25-month highs of 1.927%.

In New Zealand, the NZX 50 was just 0.05% higher at 12,285.

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