The Dow Jones and S&P 500 have both rallied more than 1% since the ASX’s last trading session on 24 December.
Despite ASX SPI futures pointing to a flat open, the local sharemarket opened almost 1% higher.
All sectors are currently trading in positive territory. Although the tech sector is lagging behind, up just 0.02%. This might come as no surprise after the Nasdaq Composite closed -0.56% lower in overnight trade.
Household blue-chip stocks are leading today’s gains, with major banks including Commonwealth Bank (ASX: CBA), Westpac Bank (ASX: WBC), Australia and New Zealand Bank (ASX: ANZ) and Macquarie Group (ASX: MQG) all up more than 1%.
There’s a lot of strength coming into lithium stocks with Pilbara Minerals (ASX: PLS) jumping 6.1% to yet another all-time high.
Allkem (ASX: AKE) is trying to break above its 4-month trading range, up 4.8%. A close at today’s highs could put a breakout on the cards.
On the smaller end of town, Carnaby Resources (ASX: CNB) shares rallied almost 90% after confirming a major copper gold discovery at its Nil Desperandum Prospect within its Greater Duchess Project in Queensland.
Afterpay (ASX: APT) shares are weighing on the local tech sector after opening -2.3% lower. This mirrors the weak performance from Block (formerly Square), which fell 2.9% in overnight trade.
Coal stocks are also retreating amid expectations that thermal coal prices are expected to trend lower in 2022, according to Reuters. New Hope Corporation (ASX: NHC) is trading 2.2% lower while Whitehaven Coal (ASX: WHC) is down 2%.
Finance Writer & Social Media
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