Top five ASX gainers of the day

Summary

  • The ASX 200 rose on Tuesday despite US stocks ending lower overnight.
  • The domestic benchmark surged buoyed by gold and iron ore stocks.
  • Despite the domestic equity benchmark rising today, tech shares slipped.

The Australian shares traded higher on Tuesday despite US stocks settling down overnight amid concerns over inflation. The gold and iron ore stocks pushed the domestic stock market higher for the third straight session.

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The rise in crude oil prices boosted share prices of energy stocks. With ‘Big Four’ banks trading higher, blue-chip financial stocks also advanced in today’s trade by mid-day.

Despite the domestic equity benchmark rising today, tech shares slipped. The tech sector traded lower, tracking weak cues from the tech-heavy NASDAQ. The share prices of Nearmap Ltd (ASX:NEA) and Megaport Ltd (ASX:MP1) fell as much as 3% so far in the trade today. So, the benchmark gains were capped to some extent by tech stocks.

The investors would be closely tracking the minutes of monetary policy meeting, which would be released at 11:20 AM (AEST).

Check out the top 5 ASX gainers of the day and reasons why they have advanced:

Nuix Ltd (ASX:NXL)

The stock of the Macquarie-backed software company gained just over 13% to hit the day’s high of AU$3.55. The stock surged after Nuix chairman Jeff Bleich told the investors that the company will do better. The company was undergoing an interesting transition to being a public company, he also said while addressing investors at the Investor Day.

The company’s shares fell on Monday after a joint investigation by several local media outlets alleged issues with Nuix's governance and quality of financial accounts prior to its listing on ASX. Nuix shares price has suffered since it downgraded its full-year revenue and annual contracts targets last month. As of last close on Monday, shares were down over 70% from their January highs.

READ MORE: Three ASX shares that are trading at a bargain

Source: © Sadeq68 | Megapixl.com

Perseus Mining Ltd (ASX:PRU)

The gold stock rose nearly 8% to the intra-day high of AU$1.38.  The gold prices rose to a three-and-a-half month high on weaker dollar, and concerns around inflation.

Spot gold was up 0.2% at US$1,868.89 per ounce, after hitting its highest since 1 February 2021 in early trade.

OZ Minerals Ltd (ASX:OZL)

The stock of the copper mining company surged just over 7% to AU$26.57. The prices of copper surged to record highs, amid threat of strikes in major producer Chile.  Furthermore, the demand for electric vehicles, which require copper as a key raw material for their batteries, has surged.

READ MORE: Which are the ten best-suitable countries for renewable energy investment?

Source: © Ymgerman  | Megapixl.com

Pilbara Minerals Ltd (ASX:PLS)

The stock of the lithium miner surged over 5% to the day’s high of AU$1.14. The stock has surged amid as company planned to increase its lithium concentrate (spodumene) capacity amid recovery in the global lithium market.

Evolution Mining Ltd (ASX:EVN)

The stock of the gold miner rose over 5% to the day’s high of AU$5.40. US gold futures rose 0.1% to US$1,869.40 per ounce. The gold is currently more appealing to currency traders due to weakness in the US dollar.

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

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