Iron ore miners carry ASX to modest gain
Iron ore miners have benefited from production challenges in Brazil and ensured ASX investors are ahead for the week with one trading day remaining.
Iron ore miners have benefited from production challenges in Brazil and ensured ASX investors are ahead for the week with one trading day remaining.
Shares have had their biggest one-day rout on the ASX since September 2020 following fears interest rate hikes will be brought forward.
Share prices have been dropping across the ASX, with Afterpay losing almost 10 per cent as investors prepare for earlier rate rises in the US.
The Australian share market vaulted nearly 2 per cent in its first trading session for the year, with every single sectoral index closing higher.
The Australian share market has jumped more than 1 per cent by midday in its first trading session for the year.
Financials and mining stocks have kept the Australian share market higher at midday.
Investors had their best day on the Australian share market in almost two weeks after stock in biotech giant CSL rose by almost five per cent.
A broad-based rally has been under way on the ASX as CSL and energy providers bounced back from substantial losses in recent days.
Afterpay and rivals Zip and Sezzle fell heavily on the Australian share market due to a possible US probe into consumer harms from their services.
Traders are waiting to see if Europe's top central banks, the ECB and Bank of England, match the US Federal Reserve's upbeat message and cut stimulus.
Investors are waiting to see what the Federal Reserve will do to dampen inflation.
Woolworths and Afterpay shares had sizeable falls as investors questioned their short-term outlook and kept the Australian market steady.
A big slide in Woolworths shares and the selling of Afterpay stock led the ASX indices slightly lower in early trade.