US President Donald Trump gave financial markets a break from tariff woes with his focus turning to the Middle East, which elevated the ASX today (6 February).
Trump reportedly suggested the US take ownership of Gaza, a move that has been supported by Australian opposition leader Peter Dutton.
This prompted a return to stocks, with the S&P/ASX 200 jumping 103.8 points, or 1.23% to 8,520.7 points. The index sits about 0.54% below its 52-week high.
Ten of the 11 sectors ended the trading session higher. The financial sector rallied 2%, industrials climbed 1.02%, materials reversed its early losses to advance 0.86%, but energy remained in the red to close down 0.31%.
The gold producers were on a high today after the price of the safehaven metal cracked a new record overnight (AEDT). Newmont (ASX:NEM) lifted 2.14% to end the day at $71.50 while Northern Star Resources (ASX:NST) rose 2.13% to $18.16.
Iron ore producer Fortescue (ASX:FMG) climbed 2.13% to $19.61 after reaching a 75% stake in Red Hawk Mining (ASX:RHK). Meanwhile, aluminium major Alcoa (ASX:AAI) edged down 0.25% to $57.60.
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 & iStock
