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Iron-ore prices push higher, bolstering Australian miners

Daily Market Update

The S&P/ASX 200 Index rose by 0.5 per cent, driven by the increase in iron ore price. This surge propelled Rio Tinto up by 1.7 per cent, while Fortescue advanced by 0.4 per cent, and BHP increased by 1.5 per cent. The materials sector led gains, adding 1 per cent, followed closely by the technology sector, which recovered some of its earlier losses from the week, also advancing by 1 per cent. All four major banks ended the day positively, with National Australia Bank leading the way, up 0.9 per cent. In the commodities market, gold prices increased to $US2378 an ounce by the close. Copper prices continued their upward trend to $US4.37 a pound, and iron ore prices peaked at $US115 a tonne.

Wallstreet experienced mixed results, and US technology companies stumble US stocks ended mixed on Thursday, with the S&P 500 and Nasdaq extending their losing streak to five days, dropping 0.2 per cent and 0.5 per cent respectively, while the Dow Jones Industrial Average gained 0.1 per cent. Traders continued to evaluate a slew of corporate earnings, robust economic indicators such as initial jobless claims and the Philadelphia Fed Manufacturing Index, alongside the potential for prolonged high interest rates. Semiconductor stocks were predominantly down, except for Nvidia, which saw a 0.7 per cent increase. Taiwan Semiconductor Manufacturing reported its first profit increase in a year, spurred by strong demand in AI. Tesla fell 3.5 per cent following a Deutsche Bank downgrade from ‘buy’ to ‘hold’. Conversely, Meta climbed 1.5 per cent after unveiling its AI assistant. Las Vegas Sands dropped 8.6 per cent despite slightly surpassing first-quarter revenue expectations. Netflix is set to announce its earnings later today after the market closes.

  • James Dunn

    James is an experienced senior journalist and host of The Inside Network's industry events.

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