Finance > Capital-markets

Some miners regain ground

American and Asian markets and miners recovered some ground since this time yesterday but London-based majors closed lower.

Staff reporter

Finance > Capital-markets

Some miners regain ground

American and Asian markets and miners recovered some ground since this time yesterday but London-based majors closed lower.

Staff reporter

Some miners regain ground

Rio declares record dividend

Image: Rio Tinto

Signs of a rebound encouraged a flurry of calls to "buy the dip", Bloomberg reported.

The S&P/ASX200's metals and mining sector closed 1.88% higher today, helped by lithium miner Galaxy Resources (AU:GXY) gain of 11.46% and Mineral Resources' 8.43%.

In the US, the S&P500's metals and mining sector was up 2.69% yesterday, due in large part to Freeport-McMoRan's rise of 6.18%.

Toronto's metals and mining sector closed 1.24% lower though, weighed down by a drop in the gold sector including Torex Gold Resources' (CN:TXG) fall of 8.11%.

And in London, Rio Tinto (LN:RIO), Anglo American (LN:AAL) and Glencore (LN:GLEN) also closed lower.

Rio shareholders will no doubt be happy to hear the company's announcement today of a record full year dividend of US$5.2 billion and an additional $1 billion share buy-back, which CEO J-S Jacques said brought total cash returns to shareholders to $9.7 billion declared for 2017.

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