Business
ASX rises; Fortescue 12pc rally lifts Forrest’s stake to $23b – afr.com
The Australian sharemarket notched up a three-day winning streak as big miners rallied hard on a surge in iron ore to a seven-year high. Fortescue soared 13.3 per…
The Australian sharemarket notched up a three day winning streak as the big three miners rallied strongly after iron ore rose to a seven year high.
The S&P/ASX200 Index added 25.1 points, or 0.4 per cent, to 6615.3 points.
The Pilbara trio of BHP, Rio Tinto and Fortescue Metals Group accounted for the bulk of the market’s gain as iron ore pushed to $US136 a tonne as rival Brazilian producer Vale warned of lower-than-expected production this year and in 2021.
Vale said it expects to produce between…
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