Strong performances from the ASX’s biggest mining companies helped push the market higher on Monday, while the consumer sector was under pressure as Sydney’s COVID outbreak worsened.

The S&P/ASX 200 added 60.2 points, or 0.8 per cent, to close at 7333.5, recovering most of Friday’s losses.

Miners out-performed with BHP up 3.2 per cent to $51.05, Fortescue Metals gaining 3.3 per cent to $24.66, Mineral Resources up 4.2 per cent to a record $59.59, and Rio Tinto up 1.8 per cent to $127.60. The major banks and biotech CSL also rose.

The ASX 200 added 0.8 per cent on Monday. Credit:Jim Rice

The gains came despite New South Wales reporting 112 new locally acquired cases of the virus.
Moody’s Analytics warned the virus’ Delta variant was likely to cause economic damage as Asia-Pacific countries were forced into lockdown due to their low vaccination rates.

Chief investment officer of Burman Invest Julia Lee said it was a good day on the ASX,…

Read more…