BHP leads resources charge, ASX higher
A rousing performance from $BHP Group Ltd (BHP.AU)$ and commodity stocks has continued momentum for the ASX and returned the indices to levels before Russia invaded Ukraine.
Market heavyweight BHP added five per cent to $48.82 on Tuesday and materials shares gained three per cent to help the market higher for a fourth day in the past five.
Metals prices remained higher due to boycotts and supply concerns for commodities from Russia.
ASX energy shares were up one per cent after oil prices jumped. The European Union mulled joining the United States in banning Russian oil, which raised supply concerns. Brent crude traded for $US119.14.
Investsmart head of strategy Evan Lucas said commodity prices and earnings season had helped the ASX outperform most markets since the lows of January.
Market heavyweight BHP added five per cent to $48.82 on Tuesday and materials shares gained three per cent to help the market higher for a fourth day in the past five.
Metals prices remained higher due to boycotts and supply concerns for commodities from Russia.
ASX energy shares were up one per cent after oil prices jumped. The European Union mulled joining the United States in banning Russian oil, which raised supply concerns. Brent crude traded for $US119.14.
Investsmart head of strategy Evan Lucas said commodity prices and earnings season had helped the ASX outperform most markets since the lows of January.
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