AU Evening Wrap: Rates in focus as market rebounds

The $S&P/ASX 200(.XJO.AU)$ bounced 86.5 points or 1.29 per cent from a two-month low. The rally followed a rebound on Wall Street ahead of tomorrow's Federal Reserve policy meeting.

Coal miner $New Hope Corp Ltd(NHC.AU)$ jumped 8.79 per cent to an all-time high after increasing full-year after-tax net profit by a staggering 1,138 per cent to $983 million. Profits surged as the average realised price of thermal coal almost tripled to $281.84 per tonne. Prices continued to increase as the year advanced. The miner said its average realised price in the fourth quarter was $493.52.

Battery metal miners continued to outperform. $Mineral Resources Ltd(MIN.AU)$ gained 5.26 per cent, $Lynas Rare Earths Ltd(LYC.AU)$ 4.9 per cent, $Nickel Industries Ltd(NIC.AU)$ 4.68 per cent and $IGO Ltd(IGO.AU)$ 4.63 per cent.

The ASX index of gold miners climbed 1.4 per cent further from Friday's four-year low.

$BHP Group Ltd(BHP.AU)$ +3.62 per cent, $Rio Tinto Ltd(RIO.AU)$ +2.52 per cent, $Commonwealth Bank of Australia(CBAPK.AU)$ +1.98 per cent and $Woodside Energy Group Ltd(WDS.AU)$ +1.94 per cent were the pick of heavyweights.

$Fortescue Ltd(FMG.AU)$ eased 0.86 per cent after announcing a US$6.2 billion plan to eliminate its use of fossil fuels by 2030. The miner said the plan will reduce operating costs by US$818 million per year from the end of the decade.