ASX 200 rallies on utilities firms; AGL jumps on rejected bid, Tyro hammered

ASX led higher by utilities. A2 Milk leaps on profit beat, AGL rises on rejected bid, Tyro shares collapse on results, Bluescope posts record half and insurers win landmark case.

Markets are expected to remain volatile amid mounting tension between Russia and Ukraine and as investors await another busy week of earnings. Picture: Dan Himbrechts / AAP Image.

Welcome to the Trading Day blog for Monday, February 21. ASX snaps back from Friday's loss to closer higher. It comes as A2 Milk and AGL end market leaders, while Tyro shares drop by a 25 per cent on profit collapse. 

The S&P/ASX 200 finished up by 0.2 per cent or 11.9 points to 7233.6.

The Dow Jones Industrial Average closed 0.7 per cent lower on Friday ahead of the President’s Day long weekend. The broader S&P 500 also slid 0.7 per cent and tech-heavy Nasdaq dropped 1.2 per cent.

Gold traded near $US1898 an ounce as investors seek so called safe-haven assets, while iron ore was 2.2 per cent higher to $US133.5 a tonne, recovering some of the week’s 11 per cent losses. The US Nymex crude price was little changed at $US91.66 a barrel.