SYDNEY, AAP – A rousing performance from BHP and commodity stocks have powered the ASX higher for a fourth day in the past five.
Market heavyweight BHP added five per cent to $48.82 on Tuesday and materials shares gained three per cent as the war in Ukraine kept commodity prices higher.
A big rise in the Brent crude oil price to $US118.73 per barrel helped ASX energy shares be the next best category. Energy improved one per cent.
Technology shares fared worst and dropped one per cent.
The benchmark S&P/ASX200 index closed up 62.6 points, or 0.86 per cent, to 7341.1.
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The index is about 300 points from its record high in August last year.
The All Ordinaries index closed higher by 61.8 points, or 0.82 per cent, to 7620.7.
The Australian dollar was buying 73.88 US cents at 1621 AEDT, lower from 73.98 US cents at Monday’s close.