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The benchmark ASX200 index posted its fourth consecutive day of gains, up 0.9% at the close. The strongest sectors were energy, utilities and materials, gaining over 3%, while the consumer discretionary sector declined.
Mining stocks advanced as oil futures rallied higher on reports that the G7 Nations are wanting to lift output, however Saudi Arabia is reluctant. Energy producers including Woodside Energy (ASX:WDS) and Beach Energy (ASX:BPT) were among the best performers, as well as the iron ore majors BHP Group (ASX:BHP), Rio Tinto (ASX:RIO) and Fortescue Metals (ASX:FMG). And gold miners were also in the green, recovering from the heavy falls we saw in gold stocks the previous session.
Leading the ASX200 was Collins Foods (ASX:CKF). The KFC merchant released its full year results which saw strong gains in NPAT and sales. CKF closed 11.5% higher.
Overseas, European stocks closed slightly higher, although investor sentiment continues to struggle. Also, consumer confidence in Germany is projected to slide to a new record low in July. In New York, US equities declined with all three major benchmarks closing in the red. The benchmarks were rising earlier in the session, however turned direction after a disappointing consumer confidence index reading that came in below estimates. The Dow Jones closed down 1.6%, the S&P500 down 2%, while the Nasdaq dropped 3%.
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