Top 5 ASX gainers of the day

After opening higher on Thursday, the ASX 200 dipped due to losses in banking and technology stocks. The tech stocks dipped after NASDAQ fell nearly 2% in the overnight trade. However, miners rose to their highest in nearly 13 years. The global mining players also performed well amid rise in commodity prices. Materials was best performing sector.

Here are top 5 ASX gainers of the day:

QBE Insurance Group Ltd (ASX:QBE)

The stock of the general insurance and reinsurance company rose 4% to the day’s high of AU$10.87.

The insurer gained after the Australian government unveiled plans to launch a reinsurance pool to cover cyclone and related flood risks. The plan is expected to help the private industry provide more affordable property insurance to those in the path of tropical cyclones in the north of the country.

BHP Group Ltd (ASX:BHP)

The stock of the miner surged just over 3% to the intra-day high of AU$50.32. The overnight rise in iron ore prices has helped the global mining giant to add gains. In addition, the latest surge in shipping costs, especially due to demand from China, has given Australian iron ore miners upper hand over their Brazilian peers. It is due to the reason that ASX-listed iron ore miners take nearly 10 to 15 says to ship commodity to China. The distance between Brazilian and Chinese ports is more than three times more than between Australia and China.

Source: © Sadeq68 | Megapixl.com

READ MORE: Here Are Three ASX Stocks With Dividend Yield Around 7%

Polynovo Ltd (ASX:PNV)

The healthcare stock surged just over 3% to AU$2.91. The stock has been in focus amid the ongoing US dollar rally. The healthcare boost by the government amid the ongoing COVID-19 pandemic has also helped the stock of the medical device company.

READ MORE: Is 2021 going to be a sparkling year for aluminium?

Insurance Australia Group Ltd (ASX:IAG)

The stock of the multinational insurance company rose just over 2% to AU$5.06. The insurer gained after the following the Australian government’s plan to launch a reinsurance pool to include cyclone and related flood risks.

Source: © Ymgerman  | Megapixl.com

IPH Ltd (ASX:IPH)

The stock of the intellectual property services firm soared just over 2% to the intra-day high of AU$7.17. The stock gained after the company’s presentation at Macquarie Australia Conference 2021.  The company’s underlying FY20 EBITDA stood at A$126 million, while FY20 total dividend was 28.5 cents per share.

READ MORE: Why investing in gold stocks can add feather to your portfolio cap

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