Mining stocks lift ASX 200 to seven-week high
Summarised from 2 outlets · Updated 27 Oct, 07:02 · Archive
The ASX 200 rose 0.46 per cent to 8850.10, driven by gains in BHP and Rio Tinto.
The ASX 200 jumped 40.2 points, or 0.46 per cent, to 8850.10 on Tuesday, whilst the broader All Ordinaries added 42.20 points or 0.47 per cent to 8968.80. The market initially fell by as much as 0.4 per cent during morning trading before rallying in the afternoon. Only five of the 11 sectors finished higher.
Mining giant BHP shares surged 4.26 per cent to $57.99, whilst Rio Tinto jumped 2.53 per cent to $150.32, with both gains driven by a steadying copper price. The materials sector, which is heavy in the ASX 200, rallied 2.78 per cent to lift the index into positive territory. Australia's dollar firmed against the greenback to buy 70.22 US cents.
Technology shares also contributed to gains, with Megaport surging 9.60 per cent to $17.58, NextDC jumping 3.79 per cent to $5.75 and Codan closing up 2.61 per cent to $57.43. Consumer discretionary shares were among the laggards, with Wesfarmers slipping 0.25 per cent to $78.83, JB Hi Fi falling 1.40 per cent to $72.32 and Eagers Automotive sinking 4.69 per cent to $19.09. A critical inflation figure due on Wednesday could influence whether interest rates are lifted for a fifth time this year.
How it is being reported
- Mining giants BHP and Rio Tinto propel Australian sharemarket to seven-week highMining heavyweights BHP and Rio Tinto have helped lift the ASX 200 to a seven-week high, buoyed by a strong Wall Street lead from the Anthropic IPO.Perth Now · 27 Oct, 06:42
- Mining giants BHP and Rio Tinto propel Australian sharemarket to seven-week highMining heavyweights BHP and Rio Tinto have helped lift the ASX 200 to a seven-week high, buoyed by a strong Wall Street lead from the Anthropic IPO.The West Australian · 27 Oct, 06:41
In this story: BHP · Rio Tinto · ASX · Australia
This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem
Comments (0)