ASX 200 upbeat from rise in energy and mining stocksMining stocks were the best performer on Tuesday.

Australian shares ended Tuesday’s trading in positive territory with miners and energy sectors reversing falls from the previous day.

The S&P/ASX 200 index rose 39.1 points, or 0.56 per cent, to 7067.9, while the All Ordinaries rose 36.7 points, or 0.5 per cent, to 7323.5. The Australian dollar was fetching 77.39 US cents in afternoon trade.

The local market followed a mixed session on Wall Street, with the Dow closing 0.7 per cent higher and the S&P 500 up 0.3 per cent, while the Nasdaq shed 0.5 per cent.

Energy and mining stocks led the charge, with Ramelius Resources topping the ASX 200 with a 7.9 per cent surge to $1.76.

SilverLake Resources was also a standout performer jumping 7.65 per cent to $1.83.
“Material and mining stocks were best on ground today with BHP, Rio Tinto and Oz Minerals all recording gains of more than 2 per cent each,” OpenMarkets chief executive Ivan Tchourilov said.

“Oz Minerals has been a major beneficiary of global stimulus and economic recovery from COVID. It’s up more than 200 per cent from the low it reached mid-pandemic and is trading near its all-time highs.”

Oz Minerals at the end of the session was up 2.9 per cent to $24.70, while BHP rose 2.55 per cent to $48.23 and Rio Tinto increased 2.5 per cent to $123.13.

The Reserve Bank decided to hold the cash rate at 0.1 per cent, with governor Philip Lowe noting housing credit growth had picked up.

This was also reflected by lending indicator figures released on Tuesday, which showed a 5.5 per cent jump in new home lending in March.

However, the improvement in mortgage growth was unable to push banks higher after the sugar hit experienced by investors on Monday following the release of Westpac’s interim results.

Both Westpac and ANZ tumbled 0.9 per cent to $25.99 and 28.83 respectively.

The other two major banks were able to hold on to gains at the close, with Commonwealth Bank rising 0.8 per cent to $90.45 and NAB up 0.1 per cent to $27.25.

Seek saw its share price value jump 1.85 per cent to $31.31 after it announced it had successfully completed the sale of its Chinese recruiting business Zhaopin.

Flight Centre plummeted 4.6 per cent to $16.14 despite the travel company revenue and turnover improving since the start of the pandemic.

Megaports also fell 4.2 per cent to $13.70.

Vicinity Centres fell 0.9 per cent to $1.58 after an update revealed shopping centres were coming back to life, but warned retailer confidence remained fragile

Super Retail Group rose 0.7 per cent to $11.72 after releasing an update showing 28 per cent growth in sales compared to one year ago.

Retailing giant Woolworths finished the session up 0.6 per cent to $39.24, while Qantas fell 0.2 per cent to $4.93 and Telstra closed 0.3 per cent to $3.50.

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