AU Evening Wrap: Miners steer market to eight-week high

The $S&P/ASX 200(.XJO.AU)$ extended its advance above 7000 as takeover action in the resources space helped offset pressure on bond proxies.

Copper miners rallied after $BHP Group Ltd(BHP.AU)$ made an offer for $Oz Minerals Ltd(OZL.AU)$. Battery metal producers were lifted by progress of a US$430 billion climate bill through Congress. Real estate investment trusts and other equities that compete with bonds retreated as yields rallied.

$Sandfire Resources Ltd(SFR.AU)$ jumped 6.36 per cent. $Copper Mountain Mining Corp(C6C.AU)$ gained 38.55 per cent, $Golden Deeps Ltd(GED.AU)$ 18.18 per cent, $29Metals Ltd(29M.AU)$ 15.18 per cent and $Dreadnought Resources Ltd(DRE.AU)$ 13.33 per cent.

A 34.1 per cent slump in full-year group net profit pulled $Suncorp Group Ltd(SUN.AU)$ down 4.64 per cent. The insurer said the result was affected by increased natural hazard costs and volatile investment markets. The group reaffirmed its FY23 targets.

Rail haulage operator $Aurizon Holdings Ltd(AZJ.AU)$ sank 3.67 per cent as a 2 per cent improvement in full-year revenues was outweighed by dips in earnings and profits and a cut to the final dividend. Flooding on the east coast, Covid interruptions and declines in customer needs impacted rail volumes. Underlying earnings declined 1 per cent. Underlying profit fell 2 per cent.