By Oliver Gray
Investing.com - The S&P/ASX 200 added 35 points or 0.47% in early trade on Friday, snapping two sessions of consecutive decline as mining companies and biotech firms lifted, while Iron ore prices fell as investors continue to fret about curbs on the Chinese steel industry.
In coronavirus news, New South Wales tallied a record 1431 cases today, with infection rates still yet to peak as Premier Gladys Berejiklian slightly eased lockdown restrictions from Friday, priming NSW residents for a return to some normality once 80% of the state’s eligible population is fully vaccinated. Meantime, Victoria added 208 cases today as Premier Daniel Andrews extended current lockdown restrictions indefinitely yesterday until the state hits 70% first dose vaccination rate.
Among stocks, miners rose despite sliding iron ore prices amid fears of steel production cuts in China, with Rio Tinto Ltd (ASX:RIO) lifting 2.18%, BHP Billiton Ltd (ASX:BHP) adding 1.05% and Fortescue Metals Group Ltd (ASX:FMG) up 0.39%. Lithium miners also lifted, with Orocobre Ltd (ASX:ORE) gaining 4% and Mineral Resources Ltd (ASX:MIN) up 2.7%. Healthcare stocks CSL Ltd (ASX:CSL) and Resmed Inc DRC (ASX:RMD) also lifted 0.5% and 1.18% respectively.
On the bond markets, local 10-year bond yields were at 1.202% while U.S. 10-year rates were at 1.29%.
In New Zealand, the NZX 50 added just 4.13 points or 0.03% to 13284.6.