CAPITAL MARKETS

Quiet start for markets

It’s a quiet start to the week for global markets, with Chinese trading closed as Lunar New Year celebrations continue and North American markets also shut today – for Family Day in Toronto and President’s Day in the US.

Staff reporter
Lunar New Year celebrations are continuing

Lunar New Year celebrations are continuing

The S&P500 had risen slightly in New York on Friday - to mark its biggest weekly increase in five years, Reuters reported - but Newmont Mining (US:NEM) and Freeport-McMoRan (US:FCX) both closed lower.

In Australian trade, the benchmark S&P/ASX200 index closed slightly higher today but miners weren't among the larger capitalised stocks making strong gains.

Copper miner Sandfire Resources (AU:SFR) fell more than 2.7% on no news and despite the copper spot price rising on Friday to US$7,191 per tonne on the London Metal Exchange.

BHP (AU:BHP) lost 0.2% ahead of releasing its half-yearly results tomorrow.

Rio Tinto (LN:RIO) closed almost 0.6% lower on Friday in London.

Gold was close to $1,348 per ounce on the spot market, about $10/oz lower that at this time on Friday but $25/oz higher than a week ago as investors are said to be hedging against inflation.

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