ASX gains ground even as fresh sanctions on Russia temper investor optimism
ABCAustralian shares are trading moderately higher, as news over the weekend of tougher Western sanctions against Russia dampen the flow-through of a global market rally on Friday. Key points: The ASX 200 ended solidly higher, up 0.7 per cent at 7,049 points Mining stocks led the gains, rising 2.7 per cent Russia's currency, the rouble, has collapsed amid crippling new financial sanctions The benchmark ASX 200 index rallied strongly in the afternoon to close up 0.7 per cent at 7,049 and the broader All Ordinaries index was also 0.7 per cent higher at 7,323. Wall Street's benchmark S&P 500 index rose 2.2 per cent on Friday, and the rally on most European markets was well above 3 per cent. Australian grain-handling giant Graincorp jumped 5 per cent to $8.40 on fears that Russia's invasion of Ukraine might be lengthy and disrupt the upcoming growing season for Ukrainian grains, resulting in higher demand and prices for Australian shipments. Both companies are still on a trading halt, but Zip's share price is down almost 50 per cent so far this year, while Sezzle's is off more than 40 per cent.
Discover Related
)