The S&P/ASX 200 (ASX: XJO) continued its positive run on Wednesday, gaining another 1.3% with every sector of the market finishing higher.
The standouts were the technology, communications and materials sector, which all gained 2.1%.
The ASX buy now pay later companies finally saw a reprieve, with Zip Co Ltd (ASX: Z1P) topping the market after gaining 10.9% and Afterpay Ltd (ASX: APT) up 4.2% in the session.
Shares in under pressure biotech researcher Mesoblast Limited (ASX: MSB) also gained 10% after more positive news on its clinical trials during the week.
ASX iron ore shares gained significantly as analysts turned bullish following the Chinese Government announcing they would loosen the credit restrictions.
The news comes as the collapse of Evergrande appears to be managed closely to avoid any systemic risk.
Westpac Banking Corp (ASX: WBC) underperformed the market after announcing another 30 basis point increase in its fixed-rate mortgages.
Shares in Sydney Airport Holdings Pty Ltd (ASX: SYD) fell 0.6% after management confirmed no dividend would be paid once again, with the company in the midst of a takeover.
Magellan founder speaks
Shares in Magellan Financial Group Ltd (ASX: MFG) appear to have found a bottom with the company gaining 4.3%.
The rally came after Hamish Douglass made the unexpected move of disclosing his separation from his wife amid rumours flowing through market circles.
It is a slow news day when the personal life of CEOs is driving the headlines, but many in the industry saw it as an important announcement, nonetheless.
Both confirmed they had no intention of selling down their shareholding in Magellan.
Magellan share price chart
Telstra secures 5G spectrum
Telstra Corporation Ltd (ASX: TLS) gained 1.3% after announcing it had secured the maximum amount of 5G spectrum in the latest auctions.
The group spent $616 million to solidify its dominant coverage and network quality position.
Woodside pivots to clean
Woodside Petroleum Limited (ASX: WPL) shares gained over 2% after CEO Meg O’Neill unveiled the target for the company to invest $7.2 billion into ‘new energy’ markets whilst remaining committed to LNG.
Fortescue Metals Group Limited (ASX: FMG) also agreed to partner with AGL Energy Limited (ASX: AGL) to examine a green hydrogen plant in the Hunter Valley.
ASX 200 today
Looking ahead, the ASX 200 is set to fall at the open this morning despite a positive lead from US markets overnight. To find out more, check out my US stock market report.
