Australia Stocks rise on stronger commodity prices

The Australian share market recouped earlier losses to finish session higher on Tuesday, 23 February 2021, with shares in miners and energy players leading rally on the back of strength in commodities prices. At closing bell, the benchmark S&P/ASX200 added 58.28 points, or 0.86%, to 6,839.17. The broader All Ordinaries rose 49.29 points, or 0.7%, to 7,110.84.

Mining stocks rose, with copper miners leading the charge after copper prices breached the $9,000 mark for the first time since 2011 on indications of tight supply. Mining heavyweights BHP and Rio Tinto climbed 2-3%. Firmer bullion prices lifted gold miners, with Newcrest Mining rallying 4.4%.

Energy stocks gained on the back of jump in crude oil prices toward $63 a barrel. Oil Search climbed 8.6% after posting a surprise underlying profit. Woodside Petroleum and Santos soared around 6 percent. Oil Search jumped 6.4 percent after reporting a surprise underlying profit.

Tech stocks were the biggest drags on the benchmark, tracking losses in U.S. peers that have come under pressure from an uptick in bond yields and concerns over higher inflation affecting valuations.

CURRENCY NEWS: The Australian dollar changed hands at $0.7905, largely holding on to gains following its surge late last week from around $0.777.

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