AU Evening Wrap | ASX 200 Rises on Mining Sector Rebound

Moomoo News AU wrote a column · Oct 21, 2024 14:32

Top gainers: $Genesis Minerals Ltd (GMD.AU)$, $Boss Energy Ltd (BOE.AU)$ and $Bellevue Gold Ltd (BGL.AU)$

Top losers: $WiseTech Global Ltd (WTC.AU)$, $Mineral Resources Ltd (MIN.AU)$ and $Lovisa Holdings Ltd (LOV.AU)$

AU Evening Wrap | ASX 200 Rises on Mining Sector Rebound

On Monday, the Australian sharemarket made significant gains, approaching its record high, driven by a surge in the mining sector and a robust performance on Wall Street. The $S&P/ASX 200 (.XJO.AU)$ increased by 0.7%, closing at 8344.4, just 11.5 points shy of its all-time high of 8355.9. The materials sector led the charge, buoyed by a rebound in iron ore prices and gold surpassing $US2700 an ounce for the first time. Major miners like $BHP Group Ltd (BHP.AU)$ and $Rio Tinto Ltd (RIO.AU)$ saw respective increases of 1.4% and 1.9%, while gold producers such as $West African Resources Ltd (WAF.AU)$ and $De Grey Mining Ltd (DEG.AU)$ also experienced notable gains.

Additionally, the rally extended beyond the materials sector. Financial stocks pushed higher, with Commonwealth Bank rising 1.2%. Energy stocks also benefited from a recovery in crude oil prices, with Woodside Energy and Santos climbing 1.3% and 1.5%, respectively.

Out of the 11 sectors, 10 recorded gains alongside the S&P/ASX 200 Index. Leading the performance, the Materials sector rose by 1.44% on the day.

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Source: AFR, ASX

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