By Oliver Gray
Investing.com - The S&P/ASX 200 added 20.60 points or 0.28% to 7,474.60 during Wednesday’s first hour of trade, recouping declines of 0.4% in the previous session amid broad based gains as higher crude oil prices boosted energy companies.
ASX 200 Futures were up 0.3%.
Among stocks, Energy companies added 1.6% overall, with Woodside Petroleum Ltd (ASX:WPL) up 1.4%, Santos Ltd (ASX:STO) adding 1.9%, Beach Energy Ltd (ASX:BPT) gaining 1.7% and Viva Energy Group Ltd (ASX:VEA) up 0.8%.
Materials moved 0.2% higher collectively, with Rio Tinto Ltd (ASX:RIO) up 1%, Fortescue Metals Group Ltd (ASX:FMG) adding 0.5%, Arizona Lithium Ltd (ASX:AZL) up 6%, Lake Resources NL (ASX:LKE) gaining 3.8%, Magnis Resources Ltd (ASX:MNS) adding 3.3% and Core Lithium Ltd (ASX:CXO) up 2.1%.
Meantime, Prepaid payment services provider EML Payments Ltd (ASX:EML) surged 11.5% after reporting that it has been in takeover discussions with US investment firm Bain Capital Specialty Finance Inc (NYSE:BCSF).
On the data front, the Westpac-Melbourne Institute Index of Consumer Sentiment fell for the fifth consecutive month amid rising inflation, tightening central bank policies and widespread flooding across the east coast.
On the bond markets, Australia 10-Year yields were at fresh 7-year highs of 3.066% while United States 10-Year rates were at 37-month highs of 2.754%.
In New Zealand, the NZX 50 fell 0.2% to 11,868.