Energy, mining stocks boost Australia shares to 4-month high
Australia shares jumped 2% on the first trading day of the year on Tuesday, notching their best intraday session in 15 months, as a surge in commodity prices lifted heavyweight energy and mining sectors.
The S&P/ASX 200 index closed higher at 7,589.8 on Tuesday, their strongest closing level since mid-August. The benchmark climbed 13% in 2021.
Investors appeared to show scant response to reports of local COVID-19 infections hitting a record high and hospitalisations rising due to the Omicron coronavirus variant, with the Australian government remaining headstrong in its decision to reopen the economy.
Mining stocks, which comprise more than a third of the benchmark, rose 2.2% to hit a four-month high on strong iron ore prices. Shares of BHP Group climbed 2.1% and Fortescue rose 3.3%.
