S&P/ASX 200 Inch Up, Metals, IT and Materials Leading The Way

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Australian stocks closed higher last Wednesday, 12 April. Gains in Metals & Mining, IT and Materials significantly contributed to the strong performance. This close allowed the market to hit a new one-month high.

The S&P/ASX 200 was 0.47 per cent higher at 7,343.90 at the closing bell last Wednesday, 12 April. This gain was led by the Materials sector at 1.4 per cent gain thanks to BHP Group, Rio Tinto and Fortescue.

Official numbers for the day show that “shares of materials companies were higher, with BHP (+1.9 per cent), Rio Tinto (+2.7 per cent), and Fortescue Metals (+1.6 per cent) all gaining ground, buoyed by a 1.8 per cent rise in iron ore price.”

The tech sector also contributed to the win of the share market for the day. NextDC gained 8.1 per cent due to the strong customer wins. Megaport also rose 7.9 per cent, which led to a 1.44 per cent increase for the sector.

However, according to Peter Milios, “There were falls in the lithium mining sector, with Mineral Resources and Pilbara Minerals posting losses. Whitehaven Coal lost 3.2 per cent on a production warning, while oil and gold producers also gave background after rising last week.”

Milios added that the best-performing sector was tech, while the worst-performing sector was Utilities, down 0.41 per cent. The author also added that the best-performing large-cap was NextDC closing at 8.09 per cent at $12.02, followed by Infratil and Liontown Resources.The worst-performance large cap was Pilbara Minerals closing at 4.07 per cent lower at $3.54, followed by Whitehaven Coal and Qantas Airways. However, Treasury Wine Estates shares rose 2.3 per cent, banking on the possibility that trade relations with China will improve in the following months as the Chinese ended its ban on Australian barley.

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