Energy powers dim market 🔌
Episode description
An escalation of tensions sparked a weak opening, but the heavy skew of the local market towards energy and materials proved too tempting, given the strength in commodity prices. Iron ore heavy-weights BHP, Rio Tinto and Fortescue were standouts, while the energy complex jumped 4.9% as benchmark crude prices soared above $US111 per barrel. Core Lithium jumped 14% thanks to the clickbait that is Tesla. Despite a collapse in long bond yields, growth orientated sectors struggled. Tech was flat while real estate and healthcare fell 1.2% and 0.3% respectively. And so defying gravity yet again, the S&P/ASX200 added 20 points, or 0.3%.
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