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Lithium and Banks power Aussie shares on Wednesday
The S&P/ASX 200, Australia's benchmark market index rose sharply on Wednesday, lifted by Australian banking and mining shares.
By Rony Abboud
0
- Australia
- Banks
- Energy
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The S&P/ASX 200, Australia's benchmark market index rose sharply by 0.93% to close at 7,393 on Wednesday, lifted by Australian banking and mining shares, with Sub-indices S&P/ASX 200 Banks and S&P/ASX 200 Materials gaining 1.19% and 1.44% respectively.
Lithium miners trended amid a global shift to clean energy with COP26 underway and a rise in lithium prices. Gains were led by Orocobre Limited (+6.71%), Pilbara Minerals (+5.43%) and Mineral Resources (+3.91%). Iron ore and Coal miners also advanced, despite a drop in the underlying commodities, including Whitehaven Coal (+3.8%), Fortescue (+3.08%), Rio Tinto (+1.17%) and BHP Group (+1.07%). Financial companies AMP (+9.30%), ANZ Bank (+2.26%), Macquarie (+1.86%), Commonwealth Bank (+1.17%) and National Australia (+1.35%) also provided a boost.
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In the Australian ETF space, SPDR S&P/ASX 200 ETF and iShares Core S&P/ASX 200 ETF (IOZ) gained +0.97% and +0.87% respectively on Wednesday, and with focus on mining, the SPDR S&P/ASX 200 Resources ETF (OZR) also rose by +1.18%. SPDR S&P/ASX 200 Financials ex AREITS ETF (OZF) tagged along with +0.91% gains.
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