CAPITAL MARKETS

Strong results boost miners, gold gains

FMG at record high

Staff reporter

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The Fed moved closer to tapering stimulus but said there was "some ground to cover to get there", Bloomberg reported.

Rates were kept near zero.

Gold was back above US$1,800 an ounce and around $1,816/oz on the spot market at the time of writing.

Australia-based iron ore producer Fortescue Metals Group shares were at an all-time high of A$26.58 in morning trade, taking the company's market capitalisation over $80.5 billion, as the company reported record iron ore shipments.

BHP also reached an all-time high intraday of A$54.10.

Miners gained in London yesterday, where precious metal producer Fresnillo shot up 6.95% on better than expected quarterly results.

Anglo American was up 1.7% and Rio Tinto rose 1.4%.

In the US, Newmont and Antofagasta both gained 0.9%.

Finally, it was a positive day across the board for miners in Toronto, where Fortuna Silver Mines was up 4.6%.

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