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Energy sector leads ASX surge

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Energy shares led a major surge that took the S&P/ASX 200 higher in its first trading session for 2022. The index closed up sharply on Tuesday, gaining 145.20 points or 1.95% to 7,589.80 and setting a new 50-day high. The S&P/ASX 200’s current record high is 7628.9 achieved last August 13.

The OPEC+ alliance is poised to ratify a 400,000-barrel a day output increase for February when it gathers later Tuesday, according to a Bloomberg survey.

The group will add more supply despite some concerns about demand following Covid-19 flare-ups across the world including in China, the biggest crude importer.

The supply-demand backdrop is looking better for OPEC+, with the cartel cutting estimates for a surplus expected in the first quarter due to weaker output growth from its rivals.

Macquarie Group hit a record high, the company’s shares touching $211.64 just before 2pm AEDT, making it worth $80.9 billion and by market capitalisation, pushing it to the third largest bank in Australia, behind Commonwealth Bank and NAB.

The S&P 500 index closed at a record high on the first trading day of 2022. The Nasdaq 100 outperformed. Tesla surged after reporting record quarterly deliveries for the fourth quarter. Apple rose to give the company a $US3 trillion market value. European stocks also rose.

Bitcoin is trading at around $US46,100.

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