Business
Miners surge as iron ore price juices profits – The Australian Financial Review
Shares in Australia’s largest iron ore miners have hit record highs this year as the price of the commodity has boosted profits, consistent with a rumoured supercycle…
The jump in the iron ore price is monstrously powerful for earnings for the miners, said John Lockton, head of Australian equity strategy for Wilsons.
The materials sector has only lagged energy in profit growth for the year so far, pushing the S&P/ASX 300 metals and mining index, which tracks 47 listed companies, to a record high last month.
Macquarie analysts predict earnings for BHP and Fortescue will grow by nearly a fifth for the year to June and a tub-thumping 30 per cent for Rio Tinto in…
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