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ASX 200 closes 0.8% higher as miners & energy companies soar in value

3 minute read

Online article taken from the 'Kalkine Media'.
Online article taken from the "Kalkine Media".


  • The ASX 200 closed 0.8% higher, up 57.5 points to 7410.6 with miners and energy companies soaring in value. 
  • Asia's stocks were mixed after Treasury yields and the dollar leapt with Powell's renomination to head the Federal Reserve.
  • The global cryptocurrency market remained in the red as major cryptos dipped.

A solid session from energy and materials stocks offset weakness from the technology sector today at the local bourse. The ASX 200 rallied as the benchmark index advanced 0.8 per cent, or 57.5 points, to 7410.6. Major iron ore miners led the market on the back of a rebound in the bulk commodity's price. 

Over the last five days, the index is virtually unchanged, but is currently 2.91 per cent below its 52-week high. On the sectoral front, 9 of 11 sectors ended higher. Energy was the best performing sector, gaining 2.72 per cent and 0.47 per cent for the past five days.

Who won? Who lost?

Energy stocks ruled the gainers list today. On the top of the chart was Fortescue Metals Group Ltd (ASX:FMG), up over 10 per cent, followed by Champion Iron Limited (ASX:CIA), up 8.5 per cent. Other gainers of the day were Mirvac Group (ASX:MGR), Mineral Resources Limited (ASX:MIN) and Whitehaven Coal Limited (ASX:WHC).

On the flip side, Bapcor Limited (ASX:BAP) was the biggest laggard today, down 9.4 per cent after announcing the retirement of its long-time CEO. Darryl Abotomey will retire on 28 February 2022 and non-executive director Mark Powell will take the control until a replacement is found.

The next stock in red was Wisetech Global (ASX:WTC), followed by Silver Lake Resources Limited (ASX:SLR). Other laggards today were EML Payments (ASX:EML) and Afterpay Limited (ASX:APT).

A tech-sell off was one of the highlights today. Shares in Afterpay Limited (ASX:APT) were down over 7 per cent after Square's stock dropped more than 6 per cent in the US overnight. Amid a sell-off in growth stocks, the local tech sector was down nearly 4 per cent today. Looking at other tech stars- WiseTech Global (ASX:WTC), EML Payments (ASX:EML) and NextDC (ASX:NXT), all traded in the red zone.

On the IPO front, wagering data company RAS Technology Holdings (ASX:RTH) got listed today. The company began trading at 11 AM after completing a heavily oversubscribed raise of AUD 29 million via an initial public offering of 19.3 million shares at AUD 1.50 per share. The market capitalisation at the offer price is AUD 68.1 million.


Online article taken from Kalkine Media, published on Tuesday, 23rd November 2021.

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