Afternoon update: Mining powerhouses lead gains, wheat futures soar

The S&P/ASX 200 has risen by 0.48 per cent with the SPI futures pointing to a rise of 37 points.

The Materials sector is the best-performing, up 3.16 per cent, while the Consumer Discretionary sector is the worst-performing, down 0.88 per cent.

In company news, among the large caps, Pilbara Minerals (ASX:PLS) is leading with a 5.45 per cent gain, trading at $4.84, followed by Fortescue Metals Group (ASX:FMG) and South32 (ASX:S32). The worst-performing large cap is Mercury NZ (ASX:MCY), trading 1.85 per cent lower at $5.84, followed by Xero (ASX:XRO) and Qantas (ASX:QAN).

And Merlon's Concentrated Value Fund excels, topping the Mercer investment survey with a 26.5 per cent return for the 2023 financial year, outperforming the market by 11.7 per cent, showcasing an impressive turnaround for portfolio manager Neil Margolis.

In commodities, gold is currently trading at US$2002.00 per ounce, and iron ore futures are indicating a potential 1.47 per cent rise. The exchange rate remains stable, with one Australian dollar buying 67.65 US cents.

And wheat futures soar to a five-month high as Russia's attack on a port in Ukraine's Danube river disrupts a crucial grain export route, impacting wheat and corn exports, with wheat futures in Chicago rising by up to 2.6 per cent.
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Source: Finance News Network