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ASX 200 LIVE: ASX gains; BHP adds $16b to market cap, AFIC CEO exits
The Australian sharemarket advanced on Tuesday after BHP bettered expectations with a $US5.64 billion ($8 billion) profit in the first half, sending the mining giant’s share price to a record high.
The S&P/ASX 200 Index rose 21.80 points, or by 0.2 per cent, to 8958.90, with four of the 11 sectors higher. Volumes are more subdued with Wall Street shut for Presidents’ Day overnight, and China closed for the week for the Lunar New Year.
Materials were the best-performing sector on the ASX, led by a 4.7 per cent surge in BHP to $52.74 – adding more than $15 billion to its market capitalisation as the stock hit a record high of $54.20.
BHP surges higher to boost ASX; Tech shares slump; Santos case dismissed
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The Australian sharemarket has extended early gains to be solidly in the green at lunchtime, with BHP jumping on the back of a bumper half-year result.
The S&P/ASX 200 was up 56.3 points, or 0.6 per cent, at the open, with seven of 11 industry sectors in positive territory, led by materials.
BHP surged 6.9 per cent after reporting a 28 per cent rise in half-year profit to $US5.64 billion ($8 billion) with copper becoming the mining giant’s biggest earner. Fellow commodities heavyweights Rio Tinto and Fortescue each climbed 0.2 per cent while gold miners retreated, with Northern Star losing 1.2 per cent and Evolution Mining 2 per cent lower. Silver major South32 jumped 2.2 per cent.
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