Resources in gradual recovery
RESOURCES stocks have continued their gradual recovery from last week's spectacular sell-down, with Rio Tinto and BHP Billiton leading the list of miners to enjoy share price rises yesterday.
RESOURCES stocks have continued their gradual recovery from last week's spectacular sell-down, with Rio Tinto and BHP Billiton leading the list of miners to enjoy share price rises yesterday.Shares in iron ore miners were higher across the board, despite signs that benchmark iron ore prices into China were continuing to slide.Fortescue Metals Group, Atlas Iron, BC Iron and Mount Gibson Iron all closed higher last night, keeping in line with Rio's 94? gain to $56.89 and BHP's 22? gain to $32.32.Despite sliding iron ore prices in recent days, many analysts were encouraged by the Chinese government's indication it would stimulate its economy if needed.Oil and gas producers Woodside and Santos enjoyed solid rises of 1 per cent and 2.5 per cent respectively, while uranium miners ERA and Paladin also enjoyed strong gains of 6 per cent and 3 per cent respectively.Most gold producers also rose in line with the rebound in global gold prices, but the nation's biggest listed gold producer, Newcrest Mining was the notable exception.Newcrest shed another 26? to close at $25.24, meaning the stock is trading at its lowest level since December 2008, and is dramatically lower than the $43 it was fetching in 2010.
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