It was a solid session for the S&P/ASX 200 Index (ASX: XJO) yesterday.
The positive session saw several ASX 200 shares push to multi-week highs, with no one catalyst standing out more than the others. While it can be difficult to say exactly what drove these companies upwards, there are a number of potential explanations.
Here are some of the events that helped a handful of ASX 200 shares to bullish performances yesterday.
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Positive response to earnings of ASX 200 companies
Another day of the February reporting season served up more numbers for investors to chew on. The big names included Macquarie Group Ltd (ASX: MQG) and Suncorp Group Ltd (ASX: SUN).
It appears both ASX 200 shares managed to exceed the market's expectations, with their share prices rising 4.3% and 5.9% respectively.
The third quarter was a record-setter for Macquarie, although no specific figures were included with the update.
On the other hand, Suncorp reported steep declines across numerous financial and operational metrics. However, investors were forgiving.
Iron ore prices take the elevator over the stairs
ASX 200 mining companies with exposure to iron ore also performed well during Tuesday's session. These included strong share price appreciations across the titans of the industry such as BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO).
The strength in these blue chip mining names comes amid a continued resurgence in iron ore prices. The rally placed iron ore futures above US$150 per tonne. A mere week ago, this figure was hovering around US$138. Meanwhile, if we backtrack to November last year, the price was approximately US$92 per tonne.
According to reports, strong fundamentals and a potential for a supply shock are providing upside pressure to the steelmaking commodity's price.
ASX 200 travel shares take flight
Lastly, another standout sector that performed across the ASX 200 index on Tuesday was travel shares. Following Monday's announcement of an international border reopening, travel companies have been gaining traction once more.
For example, Webjet Limited (ASX: WEB) and Flight Centre Travel Group Ltd (ASX: FLT) flew 7.4% and 6.7% higher respectively. The jump in share prices means both companies now have performance returns since the beginning of the year — erasing the damage of the January correction.
What's next?
Heading into Wednesday, futures are indicating the ASX 200 is likely to open higher. This follows a positive performance on Wall Street overnight. For instance, the S&P 500 Index (SP: .INX) gained 0.84% as many of the big tech companies moved to the upside.
It will be a busy day for investors, with a number of popular shares unleashing their financial reports today. ASX heavyweights such as Commonwealth Bank of Australia (ASX: CBA) and Mineral Resources Limited (ASX: MIN) are among them.
