ASX rebounds from Monday blues: Aus shares trading 1.4% higher

Market Reports

by Michael Luu

The ASX200 staged a major comeback from Monday’s blues and recouped most losses from the previous session, in accordance with an optimistic handover from Wall Street overnight.
Financials, materials and energy were powering the broader rally, bouncing back from yesterday’s underperformance.

All the big four banks were edging higher, as Commonwealth (ASX:CBA) led the charge with a 2.2 per cent gain by lunchtime.

A surge in oil prices buoyed ASX-listed energy players. As Santos (ASX:STO) and Woodside Petroleum (ASX:WPL) advanced 2.8 per cent and 1.7 per cent respectively.

Meanwhile, healthcare was the weak link in the recovery effort and contradicted the market’s upbeat mood, as biotech CSL (ASX:CSL) slumped 1.2 per cent by lunchtime.

At noon, the S&P/ASX 200 is 1.35 per cent or 97.80 points higher at 7333.10.

The SPI futures are pointing to a rise of 78 points.

Best and worst performers

The best-performing sector is Communication Services, up 2.00 per cent. The worst-performing sector is Health Care, down 0.33 per cent.

The best-performing stock in the S&P/ASX 200 is IGO (ASX:IGO), trading 5.86 per cent higher at $7.50. It is followed by shares in Chalice Mining (ASX:CHN) and Pilbara Minerals (ASX:PLS).

The worst-performing stock in the S&P/ASX 200 is Zip Co (ASX:Z1P), trading 2.68 per cent lower at $7.99. It is followed by shares in Westgold Resources (ASX:WGX) and Appen (ASX:APX).

Commodities and the dollar

Gold is trading at US$1785.27 an ounce.
Iron ore is 4.9 per cent lower at US$208.15 a ton.
Iron ore futures are pointing to a fall of 4.1 per cent.
One Australian dollar is buying 75.20 US cents.

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