Sydney harbor and downtown buildings in Sydney at night, Australia.

The ASX 200 index has recorded a strong upward trend for two consecutive days. It is currently trading at 7,115.20 Australian Dollar. The index was up by 69.30 AUD on Tuesday which is a 0.98% increase.

Australia’s Strong Support System

The ASX 200 index has reacted to the strong inflation numbers by the banks. Banks have pushed the index a notch higher after most of them recorded a rise. The ANZ bank hit its all- time high since September 2019 this month. It recorded a 21.5 increase to 114.2 this week. This was after its poor performance last year due to the Corona pandemic.

The Commonwealth Bank was not left behind either. It recorded a 0.9 per cent increase to $99.63. The Westpac Bank closed in on a 0.8 per cent increase at $26.20. NAB also rose 0.9 per cent to $26.88. This big four banks have played a vital role in pushing the ASX 200 index higher.

Miners are also among the ASX 200 support system. Most mining companies have recorded gains that have helped in stabilizing the index.

Lithium miner, Pilbara minerals, was among the mining companies that recorded gains. It was up 5.1 per cent to $1.13. Major iron ore miners rose as BHP jumped 1.3 per cent to $46.48. Fortescue Metals Group was up by 1.6 per cent to $21.72. Rio Tinto closed in 1.6 per cent higher at $ 121.45.

Logan.com, an online retailer, recorded a 6.6 per cent gain to $10.64. Hub24, an investment technology company, pushed the index higher as it recorded an 8.9 per cent gain at $25.11.

ASX Top Movers

Pilbara minerals is the best performer in Australia with a 5.12 per cent increase. Other top performers include Carsales.com Ltd, Seek Ltd, Super Retail Group Ltd, Pinnacle Investment Management Group Ltd, Charter Hall Group, among others.

Fisher & Paykel Healthcare Corporation Ltd is the worst performer in the ASX 200 index. Other companies that continue to lag include Regis Resources Ltd, Orica Ltd, The a2 Milk Company Ltd, among many others.

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