Market Close 23 Nov 21: Mining and Energy names help ASX shake off Wall St weakness

The Australian sharemarket has recovered yesterday’s losses, buoyed by a rally in the Materials and Energy sectors as well as gains in the Financial, Utilities and Consumer Staples sectors. The ASX 200 (XJO) closed near the day’s highs, up 57 points or 0.8% to 7,410. A jump in iron ore futures fuelled a surge in mining stocks today. Prices for the steel making commodity have soared about 16% in just a few days, amid expectations China could provide more support for its troubled property sector. The country’s central bank has also hinted at possible easing measures to boost the country’s economic recovery. Fortescue Metals (FMG) was the best performer on the ASX 200, jumping 9.8% to $17.35. BHP Group (BHP) rose 4% to $38.05, while Rio Tinto (RIO) gained 3.6% to $95.13.

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