ASX grows by 0.3% following optimistic forecasts regarding iron ore consumption




On Wednesday, the Australian sharemarket saw a 0.3% increase in the benchmark S&P/ASX 200 Index, reaching 7848.5 points, predominantly driven by a surge in mining stocks attributed to optimistic forecasts regarding iron ore consumption. The materials sector notably excelled, rising by 0.9%, as major companies such as BHP, Fortescue Metals, and Rio Tinto experienced notable gains.


The Dow Jones futures are pointing to a rise of 18 points.

The S&P 500 futures are pointing to a rise of 3 points.

The Nasdaq futures are pointing to a rise of 18.75 points.

The SPI futures are up 25 points.

Best and worst performers

The best-performing sector was REITs, up 1.17 per cent. The worst-performing sector was Information Technology, down 1.2 per cent.

The best-performing large cap was Whitehaven Coal (ASX:WHC), closing 2.99 per cent higher at $7.58. It was followed by shares in Mercury NZ (ASX:MCY) and EBOS Group (ASX:EBO).

The worst-performing large cap was WiseTech Global (ASX:WTC), closing 2.96 per cent lower at $89.17. It was followed by shares in Viva Energy Group (ASX:VEA) and QBE Insurance Group (ASX:QBE).

Asian markets

Japan's Nikkei has lost 0.56 per cent.

Hong Kong's Hang Seng has gained 1.48 per cent.

China's Shanghai Composite has gained 0.32 per cent.

Commodities and the dollar

Gold is trading at US$2,374.30 an ounce.

Iron ore is 3 per cent higher at US$107.55 a tonne.

Iron ore futures are pointing to a 1.37 per cent rise.

Light crude is trading $0.09 higher at US$85.32 a barrel.

One Australian dollar is buying 66.22 US cents.


Name Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.