CAPITAL MARKETS

Iron ore gains, ASX at record high

News of an extension to the COVID-19 lockdown in Melbourne, Australia, didn’t dent the ASX, with the benchmark S&P/ASX 200 closing at a fresh record high yesterday of 7,217.80.

Staff reporter
 The S&P/ASX 200 closed at a new high yesterday

The S&P/ASX 200 closed at a new high yesterday

It marks a complete recovery on the index to pre-pandemic levels, exceeding the previous high reached in February 2020.

The iron ore price has continued to strengthen this week.

The MySteel Australian 62% fines rose 2.8% to US$200.50/t, while CommSec cited a 0.2% gain to $209.45/t (CFR Tianjin port).

BHP rose more than 3% in Australia yesterday.

Iron ore major Vale SA gained 1.4% in Brazil, returning towards a multi-year high reached last month.

Elsewhere, Sibanye-Stillwater has risen this week following news of an on-market buyback of up to 5% of its shares.

The South Africa-based company (JSE: SSW) gained a further 0.4% yesterday.

Gold is up slightly to $1,908 an ounce on the spot market, a level last seen in January.

However gold major Newmont closed almost 1% lower in New York yesterday.

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