The ASX is up 0.92% as every sector except healthcare, opened higher.
This was backed by an encouraging session on Wall Street, where its three major indices rallied for a third straight session.
US quarterly reporting season is well underway, with 78.5% of S&P 500 companies beating bottom-line expectations, according to FactSet.
Karoon Energy (ASX: KAR) was also up 2.64%.
Oil prices edged slightly lower ahead of the OPEC+ meeting on output. The group is expected to stick to its existing policies of moderate output increases, even as it faces pressure from top consumers such as the US to pump more oil to relieve surging energy prices.
Iron ore prices were unchanged overnight at US$141.75 a tonne.
Pure-play iron ore stocks are leading the pack, including:
Mineral Resources (ASX: MIN) announced that the Government of WA has granted a port capacity allocation, subject to relevant approvals. If developed, the company expects to ship at least 20 million tonnes of iron ore per annum from the new facility
Brainchip (ASX: BRN) awarded US patent for “Method and a System for Creating Dynamic Neural Function Libraries”
Energy Resources of Australia (ASX: ERA) estimates the cost of rehabilitating its decommissioned Ranger project to blown out to $1.6bn to $2.2bn from a 2019 estimate of just $973m
Genworth Mortgage Insurance (ASX: GMA) confirmed a favourable net claims environment in the December quarter. The company expects to report its full-year earnings on Friday, 25 February
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