The mining services sector has made the biggest comeback since Lazarus, emerging as the big winner on the ASX in the first quarter of the new financial year.
Of the top five ASX performers, mining services companies take the top three positions in terms of share price gains during the September quarter.
After being trounced in the second half of last financial year following the decision by many major resource houses to shelve expansion plans, a select group of mining services companies have roared back to life.
The best performer with 77% lift in its stock price was Ausdrill (ASL), despite its heavy involvement in the gold industry which accounts for more than 65% of its earnings.
Uncapped 100 company NRW (NWH) Holdings delivered a 69% rise in its share price, having picked up the rail contract for the Roy Hill mine while Transfield (TSE) managed to add 62% to its share price.
All bounced off extremely low bases after fears of a slowdown in China began to evaporate and as iron ore prices managed to remain at elevated levels despite a raft of predictions of a repetition of last year's price crash would be repeated.
But the performance highlights the opportunities that arise (which Eureka Report had alerted investors to in Mining for a ROE revival) during a market stampede when investors target an entire sector, tarring all companies with the same brush.
With iron ore sitting above $US130 a tonne and with the Australian dollar shedding 12% just as the new financial year began, iron ore producers Fortescue (FMG) and Arrium (ARI) took spots numbers four and five in the top ASX performers for the quarter.
Fortescue piled on 55% as cash began flooding into the company after last year's squeeze while Arrium's share price climbed 51%.
This quarter so far hasn't been so kind to the mining services winners. Each of the top three performers this morning shed up 2% following a slightly weaker than expected PMI reading out of China.