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Welcome to your five-minute recap of the trading day and how the experts saw it.
The numbers: The Australian sharemarket climbed 0.8 per cent higher as mining stocks regained some ground after slumping on Wednesday.
The ASX 200 closed at 6,648 points, with the materials sector jumping by 2.5 per cent as commodity prices avoided further dramatic falls. BHP lifted by 3.1 per cent, Rio Tinto rose by 4.1 per cent and Fortescue gained 4.4 per cent.
Wall Street finished in positive territory after another day of choppy trading, helping the ASX to a rise on Thursday.Credit:AP
Consumer discretionary stocks also rose by 1.3 per cent, while the major banks were slightly higher, aside from NAB which was flat.
Tech stocks did not continue their Wednesday rise, dropping by 0.5 per cent as recession fears linger, with Computershare losing 2 per cent.
The lifters: Imugene 9.1%, Chalice Mining 7.4%, Pinnacle Investment Management Group 7.2%
The laggards: EML Payments -9.8%, Lynas Rare Earths -6.2%, Pointsbet Holdings -6%
The lowdown: Australian investors awoke to less dramatic overnight commodity price declines on Thursday and returned looking for value after Wednesday’s resource stock sell-off.
However, UBS analysts said in a research note that commodity prices could fall further after their drop this week, with the firm downgrading its price outlook for iron ore, coal, copper, aluminium, alumina, nickel and zinc.