Producers of metals and other raw materials rallied after strong earnings from miners, robust wholesale inflation data, and diminished tensions on the Ukrainian border.
Russia said it withdrew some troops from the border, but said large-scale military exercises would continue.
Shares of Anglo Australian mining giant BHP Group fell slightly, despite its report that first-half net profit more than doubled, helped by rising prices of commodities, including copper and coal. The world's largest-listed miner by market value turned a net profit of $9.44 billion in the six months through December, compared with $3.88 billion a year earlier.
Anglo Swiss commodities trading and mining firm Glencore posted a similarly stark increase in 2021 profit, and pledged to return $4.0 billion to shareholders. "The mining giant is riding a commodities super-cycle wave and benefiting from soaring costs in pretty much every bit of the global economy," said Adam Vettese, an analyst at online trading firm eToro, in e-mailed commentary. Glencore also made a provision of $1.5 billion to cover a series of regulatory investigations in the U.S., the U.K. and Brazil into allegations of bribery, saying it expected the probes that have long bedeviled the company to be resolved this year.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-15-22 1642ET
