ASX climbs 0.9pc, buoyed by iron ore, lithium stocks

The major miners advanced as iron ore futures held above US$120 a tonne. BHP jumped 1.5 per cent and hit a record high.

Mining stocks led the Australian sharemarket higher on Wednesday amid further corporate activity in the lithium sector, and optimism about China’s economic reopening which lifted iron ore prices above $US120 a tonne.. Azure owns 60 per cent of the Andover Project in the Pilbara.Bloomberg

BHP climbed 1.5 per cent to $48.51. Rio Tinto added 1 per cent to $119.42 and Fortescue Metals Group advanced 2.4 per cent to $22.30. Australian job vacancies in November totalled 444,200, representing a 4.9 per cent decrease from their August level. Insurance Australia Group was raised to “overweight” at JPMorgan with a price target of $5.50. The stock rose 2.8 per cent to $4.76.

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