ASX rallies as all sectors gain
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The news: The Australian sharemarket rose as it tracked gains on Wall Street, with all sectors rallying.
The numbers: The benchmark ASX 200 increased 1.1% to end at 8,075.7, with all 11 sectors finishing in green.
The best performing sector was IT, up 2.44%, followed by energy (2.32%). Uranium miners lead gains as Russian President Vladimir Putin asked his government to consider export limits of commodities such as uranium, titanium and nickel.
Uranium miners Deep Yellow (14.01%), Boss Energy (11.11%) and Paladin Energy (9.7%) topped the ASX 200. Nickel Industries rose 8.44%.
Lithium stocks enjoyed an extended rally after Chinese battery giant Contemporary Amperex Technology Co reportedly suspended one of its mines.
Lithium miners Mineral Resources (8.54%), Pilbara Minerals (7.12%), IGO (6.63%), Arcadium Lithium (3.78%) and Liontown Resources (2.17%) all rallied.
Mineral Resources also received an extra boost as analysts from Morgan Stanley and Citi remained positive after a management call.
Elsewhere, Resolute Mining increased 8.59% after it hiked its gold estimate at its Tomboronkoto deposit.
The worst performing sector was consumer staples, up 0.23%, followed by telecommunication services (0.27%). The news of the day was Nine Entertainment CEO Mike Sneesby would step down from the helm after three years. However, the announcement did not move investors, as the stock traded ex-dividend and fell 3.21%.
Brickworks shares fell 2.19% after the construction materials supplier flagged a hefty $123.5 million in writedowns.
Meanwhile, Johns Lyng dropped 2.34% as Morgan Stanley analysts slashed their price target on the stock by 29% after the company missed its revenue guidance.
The Australian dollar is buying 66.92 US cents.
The context: Tonight will see the European Central Bank make its next monetary policy decision which is expected to be a 25 basis point cut.
Also offshore, the latest US producer price index and unemployment claims data will be released tonight.
Friday will see Metcash hold its annual general meeting.
