ASX200 rallies on broad gains; Tsingshan pledges Nickel Mines support

The local sharemarket rallies with all sectors gaining. Tsingshan backs Nickel Mines, Mesoblast and tech firms climb, Aristocrat quits Russia and NAB flags higher inflation.

Sharp swings are reflecting growing investor anxiety over Russia's invasion of Ukraine. Picture: Gaye Gerard.

Welcome to the Trading Day blog for Wednesday, March 9. The Australian sharemarket snaps a three-day losing streak with all sectors ending in the green led by tech and communication. It follows Tsingshan reaffirming support for Nickel Mines and Origin launching a $250m buyback.

The benchmark S&P/ASX 200 index closed 1 per cent or 72.67 points higher to 7053.

The Down Jones Industrial Average lost 0.6 per cent, the S&P 500 fell 0.7 per cent and the tech-heavy Nasdaq Composite dipped 0.3 per cent.

Crude prices surged on the US ban of Russian oil imports, while nickel prices hitting to a record high before the London Metal Exchange suspended its trading. Brent crude gained 6.8 per cent to $US131.63 per barrel while WTI was 6.7 per cent stronger at $US127.44 per barrel.

President Joe Biden announced a ban on US imports of Russian oil while Britain said it will phase them out by the end of the year. EU nations, which receives 40 per cent of their gas and one quarter of their oil from Russia, instead opted to set a goal of cutting gas imports by two-thirds.

Iron ore is down 0.3 per cent to $US162.25 a tonne. Spot gold is trading near $US2,037 an ounce. The Aussie dollar fell from highs near US73.10c and is at US72.7c in US trade.