Large banks, miners and energy stocks have helped the Australian stock market win and secure its third consecutive day of profits.
On Tuesday, the benchmark ASX 200 rose 19.5 points, or 0.27 percent, and closed at 7,112.5 points.
The All Ordinary rose 7,350 points, or 0.33 percent, closing at 7,350.6 points, while the Australian dollar was stable and hovered around 70 US cents.
City Index market analyst Tony Sycamore said the rally was helped by reports that the blockade of Covid-19 in China’s financial center of Shanghai would begin to ease later this week.
“As well as the relatively optimistic minutes of the Reserve Bank meeting, which showed that the RBA discussed raising the rate by 40 bp. at its May meeting before going to raise the rate by 25 bp, ”Mr Sycamore said.
“And Germany’s intention to ban all Russian oil imports by the end of the year was supported by the local energy sector, as crude oil rose to $ 115 a barrel overnight.”
Beach Energy became the strongest overall the day after the news, adding 6.12 percent to $ 1.73.
Santos rose 1.98 percent to $ 8.25 and AGL Energy rose 2.25 percent to $ 8.62. Woodside Petroleum added 2% to $ 31.11 and Origin Energy added 1.32% to $ 6.92.
It was also a good day for Coal: Whitehaven scored nearly 6 percent and closed at $ 5.20 as the third-strongest performer of the session.
The jump in iron and other metals has helped Titans mining recover after recent heavy losses: Fortescue Metals rose 2.27 percent to $ 19.39, Rio Tinto rose 2.17 percent to $ 106.67, and BHP rose 0.55 interest up to $ 46.
All major banks finished in the black: Commonwealth Bank rose 1.73 percent to $ 105.12, NAB rose 0.51 percent to $ 31.48, Westpac rose 0.33 percent to $ 24.46, and ANZ rose at 0.12 to $ 25.61.
Tribeca Alpha Plus portfolio manager Jun Bei Liu said that while the market was “clearly more in red than in green,” a long-standing appetite for commodities helped his rally.
“It just stems from leadership in the U.S., where the stock market was pretty weak before the session,” she said.
Six of the 11 local sectors were affected by the end of the session as a result of the downturn in industry and health, which fell by 1.12 and 1.13 percent, respectively.
Shares of sleep apnea maker Resmed fell 2.62 percent to $ 27.9, while shares of private hospital operator Ramsay Health Care fell 1.49 percent to $ 77.11.
Biotech giant CSL fell 1.15 percent to close at $ 274.07, while Cochlear fell 0.16 percent to $ 211.98.
The industrial sector has been hit by news that private equity advisers at CVC have refused to take over Brambles, citing “market volatility”.
Shares of the flight and distribution company fell 7.59 percent to $ 10.72, the biggest lag in the day.