ASX 200 rises on mining stocks; Boral falls as 'extreme' weather hits earnings

ASX ends higher as mining and energy stocks gain. Boral falls on earnings hit, New Hope swings to profit, Macquarie rallies on broker upgrade and consumer confidence plunges.

A surge in crude oil will likely dominate market trading as the EU weighs a ban on Russian oil imports. Picture: Gaye Gerard / NCA Newswire

Welcome to the Trading Day blog for Tuesday, March 22. The Australian share market rebounded from falls as materials and energy stocks bounce on higher commodity prices. It follows a profit warning at Boral and New Hope declaring a 17c dividend. 

The S&P/ASX 200 index finished 0.9 per cent or 62.6 points higher to 7341.1 after being up by as much as 1.3 per cent for most of the session.

US stocks declined after Fed chairman Jerome Powell reiterated that the central bank is willing to raise interest rates “aggressively” to combat higher inflation.

The Dow Jones Industrial Average closed 0.6 per cent lower while the S&P 500 lost 0.1 per cent and the tech-heavy Nasdaq slid 0.3 per cent.

US Nymex crude oil surged more than 7 per cent overnight as the European Union weighs a ban on oil imports from Russia. It recently traded up 2.4 per cent to $US114.85 a barrel.

Iron ore, meanwhile, lost 2.3 per cent to $US147.90 a tonne.