Why ASX 200 shares are at a 100-day high

Surging commodities prices have helped boost these Aussie big-name shares.

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excited man reaching new record high on mountain side

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The S&P/ASX 200 Index (ASX: XJO) closed 1.05% higher at 7,217.80 points on a big Wednesday of trade. That means the index comprising all ASX 200 shares is sitting at a 100-day high right now.

What’s driving ASX 200 shares higher?

There were some big movers yesterday as strong economic data helped propel a number of shares higher. Inghams Group Ltd (ASX: ING) shares led the pack with a 6.6% gain while Santos Ltd (ASX: STO) shares closed up 6.5%.

It was also a good day for ASX 200 energy shares with Origin Energy Ltd (ASX: ORG) and Worley Ltd (ASX: WOR) also surging. That was largely thanks to surging commodities prices that underpinned solid gross domestic product (GDP) growth.

First-quarter (Q1) real GDP climbed 1.8%, beating many economists’ earlier forecasts. Notably, the Aussie economy was also up 1.1% from where it started the pandemic — highlighting a remarkable recovery despite ongoing restrictions.

That saw investors pile into ASX 200 shares on Wednesday. The benchmark Aussie index has now recorded a 5-day gain of 1.77% thanks largely to its energy constituents.

It wasn’t all good news on Wednesday though, with several shares falling lower. Nuix Ltd (ASX: NXL) shares fell a further 2.5% after Tuesday’s guidance cut. The Aussie technology company’s shares have now slumped more than 75% since closing at $11.15 per share on 25 January.

Megaport Ltd (ASX: MP1) shares also struggled on Wednesday, tumbling 4.7% lower to close at $14.72 per share as tech shares were hit hard.

Foolish takeaway

The benchmark Aussie index surged to a new 100-day high yesterday. That was fuelled by surging commodities prices which helped propel many of the big-name shares higher.

Investors will be watching closely for further signals of potential market movements given the current highs.

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