ASX 200 snaps its losing streak as miners and banks rally

The Aussie share market is on track to finish the week with a much-needed gain.

At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is 0.64% higher at 8,818 points, after briefly reaching 8,821.6 points earlier in the session.

The ASX 200 is now trying to break a run of 4 straight losses, after falling from 8,844 points last Friday to 8,762 points by Thursday’s close.

A stronger night on Wall Street has definitely helped, but the miners and major banks are doing most of the work today.

Here’s how the session is shaping up.

Miners lead the recovery

The S&P/ASX 200 Resources Index (ASX: XJR) is leading the market higher, climbing 2.13% as strength returns to copper, gold and lithium stocks.

BHP Group Ltd (ASX: BHP) shares are 2.74% higher at $58.43, while Rio Tinto Ltd (ASX: RIO) has gained 3.43% to $163.95.

South32 Ltd (ASX: S32) is one of the stronger performers, rising 5.37% to $4.025.

Gold miners are joining the move, with Evolution Mining Ltd (ASX: EVN) shares up 4.31% to $11.735 and Northern Star Resources Ltd (ASX: NST) adding 2.43% to $20.62.

Banks provide more support

The major banks are adding to the gains, with all of them trading higher.

Commonwealth Bank of Australia (ASX: CBA) shares have gained 0.74% to $169.35, while Westpac Banking Corp (ASX: WBC) is 1.05% higher at $36.58.

National Australia Bank Ltd (ASX: NAB) has added 0.79% to $39.59, and ANZ Group Holdings Ltd (ASX: ANZ) is up 1.15% to $36.17.

Macquarie Group Ltd (ASX: MQG) is also in positive territory, rising 0.78% to $254.16.

The miners and banks are doing most of the work for the index, but the rest of the market is still holding up reasonably well.

Around 109 of the ASX 200 shares are higher, compared with 75 trading lower and 16 unchanged.

Not every sector is joining in

The gains aren’t being shared evenly, with consumer discretionary, healthcare and energy stocks trading lower.

Wesfarmers Ltd (ASX: WES) shares are down 1.18% to $89.80, while Aristocrat Leisure Ltd (ASX: ALL) has slipped 0.97% to $61.795.

Healthcare is also weighing on the market. CSL Ltd (ASX: CSL) is 1.49% lower at $123.66, while Pro Medicus Ltd (ASX: PME) has fallen 3.74% to $202.56.

Woodside Energy Group Ltd (ASX: WDS) shares are down 0.92% to $29.03 as oil prices remain volatile.

Nonetheless, Wall Street’s overnight rebound helped sentiment. The S&P 500 Index (SP: .INX) rose 0.81%, the Nasdaq Composite Index (NASDAQ: .IXIC) gained 1.3%, and the Dow Jones Industrial Average (DJX: .DJI) added 0.27% as tech shares recovered and oil prices eased from their earlier spike.

After 4 days in the red, the ASX 200 is at least on track to finish the week with a gain.

The post ASX 200 snaps its losing streak as miners and banks rally appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Macquarie Group, and Wesfarmers. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has recommended BHP Group, CSL, Macquarie Group, Pro Medicus, and Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.