• Mining, Energy were the two best sectors today
  • Tech was the worst performer following J Powell comments

 

Blue chip shares resumed their winning ways, posting a 1% gain today with miners and energy stocks leading the way.

The ASX 200 index is near its 2 month-high after closing at 7,351 points.

BHP (ASX:BHP), a big component of the mining sector, rose 5% and led the broader index following strong trading in a number of commodities overnight.

Oil stocks also caught a bid as Brent surged back past US$118 a barrel following news the EU bloc is contemplating an embargo on Russian oil.

More pressure has piled on the RBA to hike its rates after US Fed Chairman Jerome Powell raised the prospect of multiple ‘double-shot’ (50 basis point) rate hikes in 2022.

Powell said the first one could even come as early as May.

“If we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so,” he said overnight.

The comments prompted a spike in US treasury yields, along with a selloff in the Tech sector.

The ASX Tech index fell by almost 1.5% today, the worst performing sector on the bourse.

 

BIG CAP WINNERS

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Energy plays Stanmore Resources (ASX:SMR), and New Hope (ASX:NHC) were the best performing large cap stocks today, up by 8% each on the back of the bullish outlook on coal.

Other resources stocks like Rio Tinto (ASX:RIO) and South32 (ASX:S32) also rose by 3% each.

 

BIG CAP LOSERS

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