Last week saw some encouraging moves in the sectors, with Information Technology up 5.72% and Materials up 6.11%. On the downside, Health and Utilities fell back 2.42 and 2.34%.
Tech sector down, gold miners up - that's the theme today as the US-China trade war boils over.
The FMG, Rio and BHP share prices are strongly correlated as they are all heavily focused on iron ore. But is this as good as it gets for these companies?
According to the Australian Financial Review (AFR), a top official on behalf of China’s steel industry said Beijing was getting ready to crackdown on soaring prices.Iron ore market has also been hit by supply disruptions, as weather plagues supply chains. Last month Rio Tinto cut production outlook after issues with its mine, adding further to supply shortages.
Iron ore prices continue to rise, with 58% fines leading the way as the Chinese economy continues to maintain its strength, despite the threat of more tariffs.
Fortescue Metals Group Ltd [ASX:FMG] has slumped 5% to $7.24 in late trading on Friday, 26 April 2019, giving up more gains after hitting a decade high of $8.24 last week. Fortescue has been on a strong bull run over the last few months on the back of a spike in iron ore prices...
At time of writing, there have been broad-based gains for blue chip stocks and the ASX 200 is up 39.2 points.
Iron ore spot prices are up again, close to a multi-year record on weather disruptions in China and Australia. The share prices of Fortescue Metals Group Ltd and Rio Tinto Ltd could benefit.
The major iron ore miners have had a good day today. The gains can be attributed to two events in two countries - China and Brazil.
Iron ore prices are up again as fresh news of further Brazilian production cuts filter through the market. Picking the overall trend here is tricky as each bit of news out of Brazil has shifted the market, despite the various factors internal to China.