ASX 200 rallies; Mineral Resources at record high; Myer gains on sales boom

ASX ends at a nine-month high as lithium stocks gain on UBS forecast. NAB survey finds inflation has peaked. Kogan books record loss. Myers sees sales surge. Sandfire reaffirms guidance.

The Australian market is tipped to open higher on the back of investor optimism in the US overnight. Picture NCA Newswire/ Gaye Gerard

Welcome to the Trading Day blog for Tuesday, January 24. The Australian sharemarket ended at a nine-month high as materials rallied on an upgrade to the lithium sector, offsetting falls among the banks.

The S&P/ASX 200 index closed 0.4 per cent higher to 7490.40.

On Wall Street, the S&P 500 rose 1.2 per cent, the Nasdaq index rose 2.0 cent and the Dow Jones firmed 0.8 per cent. 

Oil prices were mixed with global benchmark Brent crude rising 0.6 per cent to $US88.19 per barrel while the US Nymex was flat at $US81.92 per barrel.

The dollar was near US70.40c at the close.