ASX 200 extends gains, closing 1.25% higher; Zip, Mesoblast rally

The market's strong run continues, closing up 1.25 per cent, led by tech and mining stocks. Woodside to invest $7bn in new energy, and telcos fork out $2bn on 5G spectrum.

The ASX 200 is set for further gains as investors reassess the Omicron variant of Covid-19.

Welcome to the Trading Day blog for Wednesday, December 8. ASX extends gains, closing 1.25 per cent higher, thanks to strong gains across the board. Tech and mining stocks including Zip and Fortescue Metals performed strongly. Woodside Petroleum flags $7bn investment in new energy, with Santos tipped to sell down part of its PNG LNG stake. 

The S&P/ASX 200 finished 1.25 per cent higher at 7405.40, thanks to tech and mining stocks including Zip and Fortescue Metals. Mesoblast also found strong support, up more than 10 per cent.

Wall Street closed sharply higher, with the Dow Jones Industrial Average adding 1.4 per cent, the S&P 500 rose by 2.1 per cent while the Nasdaq Composite added 3 per cent 

Iron ore jumped 8.1 per cent to $US108.55 per tonne. The US Nymex crude price rose 3.7 per cent to $US72.05 a barrel.