Latest news with #RioTinto
Business Recorder
2 days ago
- Business
- Business Recorder
Miners power Aussie shares to record high on BHP copper output, firm iron ore
Miners propelled Australian shares to an all-time high on Friday, driven by BHP Group's record quarterly copper production and higher iron ore prices, while upbeat U.S. retail sales data for June further fuelled investor optimism. The S&P/ASX 200 index rose 0.6% to scale a record peak of 8,693.5 points by 0020 GMT. The benchmark is set for a weekly rise. Investor sentiment was buoyed by data showing U.S. retail sales beat expectations in June, signalling steady economic growth and sending U.S. shares higher. The print further boosted sentiment after a surprisingly soft local jobs data on Thursday strengthened market bets that the Reserve Bank of Australia could cut rates as early as next month. Miners led the benchmark higher, climbing 1.3% on stronger iron ore prices. BHP Group, the world's largest listed miner, rose nearly 2% after reporting an annual copper production above 2 million metric tonnes for the first time, beating analysts' expectations. Other sector majors Rio Tinto and Fortescue gained 1% and 1.4%, respectively. Technology stocks rose as much as 1.5% to a record high, tracking gains in Wall Street peers. Energy stocks added 0.4% as oil prices climbed after drones struck Iraqi Kurdistan oil fields for a fourth day, pointing to continued risk in the volatile region and stoking supply fears. Woodside Energy, Australia's largest independent oil and gas producer, added 1.2%. The sub-index was set for a weekly rise of nearly 2%, its steepest weekly gain in about a month. Financial stocks traded 0.4% higher and were set for a second straight week of gains, with the 'Big Four' lenders rising between 0.1% and 0.6%. New Zealand's benchmark S&P/NZX 50 index lost 0.1% to 12,891.57 points.
The Advertiser
2 days ago
- Business
- The Advertiser
Aussie shares soar to new heights, eclipsing records
Mining giant BHP has led the Australian stock exchange to an all-time high, following record hauls for iron ore and copper production. Near midday on Friday, the benchmark S&P/ASX200 index was up 59.4 points to 8,698.4, a gain of 0.69 per cent, while the broader All Ordinaries had gained 58 points, or 0.65 per cent, to 8,948.9. The S&P/ASX200 then surpassed 8700 for the first time, adding to the two record highs broken earlier this week. It was trading at 8,734 points at 1pm AEST, after peaking around 8,744. "From an equity perspective, whether it is international or domestically, we think the market will be meaningfully higher by year-end," he said. "If you're not long, you need to get long, and we think you just stay long until (and if) we see these risks amplify." Ten Cap co-founder Jun Bei Lui expected mid and small cap companies to have an even better year than some of their large counterparts. BHP led the way for miners on Friday after setting 2025 record hauls for iron ore and copper, as its shares climbed 2.31 per cent. Rio Tinto also rose 0.97 per cent, along with Fortescue, which gained 0.71 per cent. Shares rose 18.1 per cent for local graphite miner Syrah Rose after the US imposed steep tariffs on Chinese graphite imports Mesoblast shares climbed more than 30 per cent after the Melbourne biotech company announced it had made $US13.2 million in sales, following the launch of its stem-cell treatment for a complication of bone marrow transplants in children in March. Commonwealth Bank was the only big four bank to hit the red, falling 0.22 per cent. National Australia Bank rose 0.31 per cent, while Westpac added 0.5 per cent and ANZ increased 0.16 per cent. The Australian dollar was trading for 65.07 US cents, from 64.71 US cents. Mining giant BHP has led the Australian stock exchange to an all-time high, following record hauls for iron ore and copper production. Near midday on Friday, the benchmark S&P/ASX200 index was up 59.4 points to 8,698.4, a gain of 0.69 per cent, while the broader All Ordinaries had gained 58 points, or 0.65 per cent, to 8,948.9. The S&P/ASX200 then surpassed 8700 for the first time, adding to the two record highs broken earlier this week. It was trading at 8,734 points at 1pm AEST, after peaking around 8,744. "From an equity perspective, whether it is international or domestically, we think the market will be meaningfully higher by year-end," he said. "If you're not long, you need to get long, and we think you just stay long until (and if) we see these risks amplify." Ten Cap co-founder Jun Bei Lui expected mid and small cap companies to have an even better year than some of their large counterparts. BHP led the way for miners on Friday after setting 2025 record hauls for iron ore and copper, as its shares climbed 2.31 per cent. Rio Tinto also rose 0.97 per cent, along with Fortescue, which gained 0.71 per cent. Shares rose 18.1 per cent for local graphite miner Syrah Rose after the US imposed steep tariffs on Chinese graphite imports Mesoblast shares climbed more than 30 per cent after the Melbourne biotech company announced it had made $US13.2 million in sales, following the launch of its stem-cell treatment for a complication of bone marrow transplants in children in March. Commonwealth Bank was the only big four bank to hit the red, falling 0.22 per cent. National Australia Bank rose 0.31 per cent, while Westpac added 0.5 per cent and ANZ increased 0.16 per cent. The Australian dollar was trading for 65.07 US cents, from 64.71 US cents. Mining giant BHP has led the Australian stock exchange to an all-time high, following record hauls for iron ore and copper production. Near midday on Friday, the benchmark S&P/ASX200 index was up 59.4 points to 8,698.4, a gain of 0.69 per cent, while the broader All Ordinaries had gained 58 points, or 0.65 per cent, to 8,948.9. The S&P/ASX200 then surpassed 8700 for the first time, adding to the two record highs broken earlier this week. It was trading at 8,734 points at 1pm AEST, after peaking around 8,744. "From an equity perspective, whether it is international or domestically, we think the market will be meaningfully higher by year-end," he said. "If you're not long, you need to get long, and we think you just stay long until (and if) we see these risks amplify." Ten Cap co-founder Jun Bei Lui expected mid and small cap companies to have an even better year than some of their large counterparts. BHP led the way for miners on Friday after setting 2025 record hauls for iron ore and copper, as its shares climbed 2.31 per cent. Rio Tinto also rose 0.97 per cent, along with Fortescue, which gained 0.71 per cent. Shares rose 18.1 per cent for local graphite miner Syrah Rose after the US imposed steep tariffs on Chinese graphite imports Mesoblast shares climbed more than 30 per cent after the Melbourne biotech company announced it had made $US13.2 million in sales, following the launch of its stem-cell treatment for a complication of bone marrow transplants in children in March. Commonwealth Bank was the only big four bank to hit the red, falling 0.22 per cent. National Australia Bank rose 0.31 per cent, while Westpac added 0.5 per cent and ANZ increased 0.16 per cent. The Australian dollar was trading for 65.07 US cents, from 64.71 US cents. Mining giant BHP has led the Australian stock exchange to an all-time high, following record hauls for iron ore and copper production. Near midday on Friday, the benchmark S&P/ASX200 index was up 59.4 points to 8,698.4, a gain of 0.69 per cent, while the broader All Ordinaries had gained 58 points, or 0.65 per cent, to 8,948.9. The S&P/ASX200 then surpassed 8700 for the first time, adding to the two record highs broken earlier this week. It was trading at 8,734 points at 1pm AEST, after peaking around 8,744. "From an equity perspective, whether it is international or domestically, we think the market will be meaningfully higher by year-end," he said. "If you're not long, you need to get long, and we think you just stay long until (and if) we see these risks amplify." Ten Cap co-founder Jun Bei Lui expected mid and small cap companies to have an even better year than some of their large counterparts. BHP led the way for miners on Friday after setting 2025 record hauls for iron ore and copper, as its shares climbed 2.31 per cent. Rio Tinto also rose 0.97 per cent, along with Fortescue, which gained 0.71 per cent. Shares rose 18.1 per cent for local graphite miner Syrah Rose after the US imposed steep tariffs on Chinese graphite imports Mesoblast shares climbed more than 30 per cent after the Melbourne biotech company announced it had made $US13.2 million in sales, following the launch of its stem-cell treatment for a complication of bone marrow transplants in children in March. Commonwealth Bank was the only big four bank to hit the red, falling 0.22 per cent. National Australia Bank rose 0.31 per cent, while Westpac added 0.5 per cent and ANZ increased 0.16 per cent. The Australian dollar was trading for 65.07 US cents, from 64.71 US cents.
Perth Now
2 days ago
- Business
- Perth Now
Aussie shares reach new heights as gains continue
The local bourse has reached an all-time high after mining giant BHP lifted the stock market following record hauls for iron ore and copper. Near midday on Friday, the benchmark S&P/ASX200 index was up 59.4 points to 8,698.4, a gain of 0.69 per cent, while the broader All Ordinaries had gained 58 points, or 0.65 per cent, to 8,948.9. The S&P/ASX 200 had also surpassed 8700 for the first time, after the index record was already broken twice this week. Jason Todd, CEO of Australian equities fund Ten Cap, expects equities to continue rising through the second half of 2025. "From an equity perspective, whether it is international or domestically, we think the market will be meaningfully higher by year end," he said. "If you're not long, you need to get long, and we think you just stay long until (and if) we see these risks amplify." Ten Cap co-founder Jun Bei Lui expected mid and small cap companies to have an even better year than some of their large counterparts. BHP led the way for miners on Friday after 2025 record hauls were set for iron ore and copper, climbing 2.31 per cent. Rio Tinto also rose 0.97 per cent, along with Fortescue lifting 0.71 per cent. Shares rose 18.1 per cent for local graphite miner Syrah Rose after the US imposed steep tariffs on Chinese graphite imports Mesoblast shares climbed more than 30 per cent after the Melbourne biotech company announced it had made $US13.2 million in sales, following the launch of its stem-cell treatment for a complication of bone marrow transplants in children in March. The CBA was the only big four to hit the red, falling 0.22 per cent. NAB rose 0.31 per cent, while Westpac added 0.5 per cent and ANZ increased 0.16 per cent. The Australian dollar was trading for 65.07 US cents, from 64.71 US cents.
Yahoo
3 days ago
- Business
- Yahoo
Burgundy Diamonds lays off employees in Canada as diamond prices tank
By Divya Rajagopal TORONTO (Reuters) -Australian miner Burgundy Diamond Mines laid off several hundred employees and contractors and suspended operations at its Point Lake diamond mine in Canada due to record-low diamond prices, a company spokesperson said on Thursday. The Point Lake site in Canada's Northwest Territories is part of the company's Ekati mine. Burgundy said its other site in the remote Arctic region is still operating. "Burgundy Diamond Mines made the decision to temporarily suspend open pit mining at Point Lake, which constitutes a shift from surface mining operations in the short term," said Ariella Calin, corporate communications manager at Burgundy Diamonds. With global diamond prices at record lows, the Point Lake project is proving to be sub-economic. Mining operations at the Misery underground mine, Calin said, are unaffected. Northwest Territories is home to three diamond mines: Diavik, owned by Rio Tinto, De Beers' Gahcho Kue; and Burgundy's Ekati. As falling diamond sales globally have reduced profitability, companies are trying to stay afloat or are suspending their operations. Rio Tinto has planned a closure of its Diavik mine in early 2026. De Beers owner Anglo American is looking to spin off its entire diamond business. Burgundy halted trading at the Australian Stock Exchange (ASX) pending an operational update from the company. Production rates at Misery have significantly improved in recent months, and Burgundy will provide a quarterly production update toward the end of July, Calin said. As Canada's diamond mines reach the end of their productive life, the NWT community has been pitching for projects and asking for infrastructure improvements to replace future job losses. "The Northern mining industry has been around for over 90 years," said Karen D. Costello, executive director at NWT & Nunavut Chamber of Mines. "And it has been recognized that we do have incredible mineral potential, but we do need robust exploration to make the discoveries, and we do need the known projects to advance to become the next generation of minds." (Divya Rajagopal in Toronto; Editing by Caroline Stauffer and Richard Chang)
Bloomberg
3 days ago
- Business
- Bloomberg
Rio's Iron Ore Output Recovers As Prices Top $100
Good morning everyone, Ben Westcott here in a brisk Melbourne, here's what's making news today. Today's must-reads: • Rio Tinto's iron ore shipments recover • Australia's online payment boom sparks cash crisis • Trump says he won't fire Federal Reserve chair Rio Tinto's second-quarter iron ore shipments largely recovered from cyclone impacts earlier in the year, jumping 13% from the first quarter. It comes as the iron ore price topped $100 a ton for the first time since May, as sentiment improved around Chinese economic growth.
