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The energy sector continued to gain, supported by the rising oil price. Energy prices are on the rise, with the war in Ukraine and sanctions against Russia, one of the world’s largest energy producers. Energy closed 4.9% higher yesterday and materials closed 3% higher.

Economic growth data was also released yesterday. The Australia economy saw its strongest lift since 1976. GDP grew by 3.4% in the December quarter. The largest contribution to the economic expansion was household spending, up 3.2%.

Stocks that made strong gains off the back of soaring commodity prices included Santos (ASX:STO) and Woodside Petroleum (ASX:WPL). And the big mining stocks gained, including Whitehaven Coal (ASX:WTC), South32 (ASX:S32), Sandfire Resources (ASX:SFR), Ramelius Resources (ASX:RMS), Fortescue Metals (ASX:FMG) and Rio Tinto (ASX:RIO).

And the most trading stocks by Bell Direct clients yesterday included Core Lithium (ASX:CXO), Lake Resources  (ASX:LKE) and Australia and New Zealand Bank (ASX:ANZ).

Stocks rebounded in New York overnight, despite the escalating war in Ukraine and soaring commodity prices. It was a broad rally, the Dow up 1.8%, the S&P500 up 1.9% and the Nasdaq up 1.6%.

What to watch today:

• Following US equities, the local market is set to open higher, with the SPI futures suggesting a 0.99% rise at the open this morning.
• In economic news, balance of trade data for January will be released today.
• Oil jumped another 7% and is now trading at US$111 per barrel. The International Energy Agency, the IEA, has warned that global energy security is under threat as the worsening crisis in Ukraine and broadening sanctions against Russia create fears of further supply disruptions.
• Gold is trading lower at US$1,926 an ounce, while the seaborne iron ore price has jumped to $146 a tonne.
• Some of the big names going ex-dividend today include Woolworths (ASX:WOW), Coles (ASX:COL), Pro Medicus (ASX:PME), IGO (ASX:IGO) and ASX (ASX:ASX).

Trading Ideas:

• Bell Potter maintain their BUY rating on Select Harvests (ASX:SHV) and have lowered their price target from $7.10 to $6.85. SHV last closed at $5.55, implying 23.4% share price growth in a year.
• Trading Central have identified a bullish signal in De Grey Mining (ASX:DEG) indicating that the price may rise from the close of $1.23 to the range of $1.55 to $1.63 over 29 days, according to the standard principles of technical analysis.