Business
ASX pushes 1.9pc higher, buoyed by surging iron ore price – The Australian Financial Review
Australian shares had their best performance in a month on Wednesday, with a surging iron ore price and good US banking results supporting the market’s gains.
A surging iron ore price also supported gains, with China importing 101.6 million tonnes of the mineral in June, the second-highest monthly total ever.
Iron ore on the Singapore Futures Exchange rose 0.6 per cent to $US109.22 a tonne on Tuesday.
“We have seen both monetary and fiscal stimulus applied in concert with plans to bring forward activity and infrastructure projects,” said Ausbil Investment Management chief investment officer Paul Xiradis.
“This is happening globally as a means of re…
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