The Australian Securities Exchange (ASX) ended Tuesday (13 May) at a 10-week high with investors heading back to market as trade tensions simmered down between China and the US.
Both countries have agreed to rein in their previously inflated tariffs for 90 days while they work to reach a broader trade deal.
The S&P/ASX200 closed up 35.5 points, or 0.43%, to 8,269 points. The index is up 1.44% over the past five trading sessions and is just over 4% away from its 52-week high.
Seven of the 11 sectors ended the day higher. Energy jumped 3% and materials rose 0.76%, while utilities dropped 0.59%.
The gold miners continued to sink over the course of the session on weaker demand for the safehaven metal.
Genesis Minerals (ASX:GMD) tumbled 10.94% to $3.66 by the closing bell, Capricorn Metals (ASX:CMM) fell 10.09% to $8.47, Perseus Mining (ASX:PRU) retreated 8.15% to $3.27, Westgold Resources (ASX:WGX) ended down 8.13% at $2.60 and Regis Resources (ASX:RRL) wiped off 7.92% to close at $4.30.
Diversified miner Mineral Resources (ASX:MIN), however, found itself among the top movers, rising 9.78% to $25.04.
The biggest moves at the smaller end of the market were made by bauxite explorer Canyon Resources (ASX:CAY), which advanced 13.63% to $0.25. Coal miner Coronado Global Resources (ASX:CRN) rallied 11.76% to $0.19, while Brockman Mining (ASX:BCK) lifted 7.69% to $0.01.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & Stock
