Gold and iron ore miners do heavy lifting: ASX tracking 0.4% higher at noon

Market Reports

by Michael Luu

Text-only (non-video) report.

The ASX picked up pace after a lackluster start, buoyed by advances in materials.

Mining stocks are riding high on momentum from record-breaking iron prices, as the steel-making ingredient surpassed the 200-dollar mark. Mining giants BHP, Rio Tinto, Fortescue Metals were all in bullish territory by midday.

Rising gold prices were also a stimulant for mining heavyweights, as Northern Star Resources (ASX:NST) and Newcrest Mining (ASX:NCM) were tracking 3 per cent higher before lunchtime.  

At noon, the S&P/ASX 200 is 0.40 per cent or 28.20 points higher at 7089.90. The SPI futures are pointing to a rise of 40 points.

Best and worst performers

The best-performing sector is Materials, up 1.13 per cent. The worst-performing sector is Information Technology, down 2.99 per cent.

The best-performing stock in the S&P/ASX 200 is HUB24 (ASX:HUB), trading 5.68 per cent higher at $24.02. It is followed by shares in Appen (ASX:APX) and Silver Lake Resources (ASX:SLR).

The worst-performing stock in the S&P/ASX 200 is Pro Medicus (ASX:PME), trading 7.44 per cent lower at $42.53. It is followed by shares in Afterpay (ASX:APT) and Nuix (ASX:NXL).

Commodities and the dollar

Gold is trading at US$1814.64 an ounce.
Iron ore is 4.90 per cent higher at US$201.88 a ton.
Iron ore futures are pointing to a rise of 3.72 per cent.
One Australian dollar is buying 77.81 US cents.