Australian stocks are pushing higher on Wednesday morning, adding to Tuesday’s 1.2% gain.
The miners are leading the way following further impressive gains in commodity markets overnight.
First, the scoreboard as at 10.12am AEDT:
- ASX 200 5426.00 , 12.67 , 0.23%
- All Ords 5492.90 , 12.30 , 0.22%
- AUD/USD 0.7402 , 0.0001 , 0.01%
The benchmark ASX200 index is now trading at the highest level since October 25, and has added 7.5% from lows during the peak panic of the US election on November 9.
With iron ore, coking and thermal coal surging yet again overnight, and base metals also firm, the materials sector is the standout performer in early trade, adding 0.85%.
Of the major miners, BHP Billiton is up 1.82% at $25.70, while Rio Tinto has added 0.86% at $59.18.
Fortescue Metals, OZ Minerals, South32 and Whitehaven Coal are up 2.61%, 6.1%, 5.43% and 5.22% respectively.
Financials, the largest component of the index by market weighting, is also pushing higher, adding 0.38%.
All of the major and second-tier banks are trading higher by between 0.4% to 0.8%.
Here’s the sector scorecard:
- A-REITS 0.62%
- Consumer Discretionary -0.35%
- Consumer Staples 0.07%
- Energy -0.30%
- Financials 0.38%
- Healthcare -0.84%
- Industrials -0.13%
- Information Technology -0.49%
- Materials 0.85%
- Telecommunications -0.02%
- Utilities 0.02%
- All Ords Gold Index -1.09%