AU Evening Wrap: September high as rally enters Day 3

The $S&P/ASX 200(.XJO.AU)$ climbed 70 points or 1.02 per cent to 6964.5. The rally extended the Australian benchmark's recovery since Wednesday's seven-week low to 235 points or 3.5 per cent.

$De Grey Mining Ltd(DEG.AU)$ rallied 5.07 per cent. $Gold Road Resources Ltd(GOR.AU)$ put on 5.15 per cent. Industry giant $Newcrest Mining Ltd(NCM.AU)$ inched up 0.45 per cent.

Growth stocks continued to benefit from the improvement in risk appetite. Afterpay parent $Block Inc(SQ2.AU)$ popped 4.94 per cent, $Megaport Ltd(MP1.AU)$ 3.97 per cent and $Nextdc Ltd(NXT.AU)$ 3.54 per cent.

A resource upgrade and a jump in nickel prices lifted $Nickel Industries Ltd(NIC.AU)$ 6.7 per cent. $IGO Ltd(IGO.AU)$ climbed 2.31 per cent to its highest level since April.

$BHP Group Ltd(BHP.AU)$ was the pick of the index heavyweights, rising 3.47 per cent. $Fortescue Ltd(FMG.AU)$ tacked on 3.31 per cent, $James Hardie Industries PLC(JHX.AU)$ 1.97 per cent and Macquarie Group 1.82 per cent.

$Synlait Milk Ltd(SM1.AU)$ firmed 0.96 per cent after Chinese authorities renewed the firm's licence to manufacture and sell A2 Milk's infant formula until February 2023. $The a2 Milk Co Ltd(A2M.AU)$ gained 2.52 per cent.

$Liontown Resources Ltd(LTR.AU)$ eased 3.05 per cent after appointing independent producer Zenith Energy to supply electricity to Liontown's Kathleen Valley lithium project. The power project is expected to be the largest off-grid wind-solar-battery storage hybrid power station in Australia.

$MA Financial Group Ltd(MAF.AU)$ plunged 21.76 per cent amid fears a federal government review of the immigration system could generate changes that impact the firm's funds under management. MAF said 15 per cent of gross fund inflows into its asset management business in the first eight months of its reporting year came from clients under migration-related programmes. The company reaffirmed its full-year guidance.

Toll road operator $Atlas Arteria Ltd(ALX.AU)$ retreated 2.13 per cent after acknowledging interest in bidding for a US toll road. The company said it was participating in the sales process for the Chicago Skyway, but there was no certainty a transaction would eventuate.

$Santos Ltd(STO.AU)$ slipped 1.78 per cent following media speculation major shareholder ENN was looking to sell down its stake. The firm noted ENN reduced its holding earlier this year from 9.97 per cent to less than 5 per cent.

Other heavyweight drags included $CSL Ltd(CSL.AU)$ -0.78 per cent and $Woolworths Group Ltd(WOW.AU)$ -0.22 per cent.

S&P/ASX 200 Movers for Monday (12/9)