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Positive market for metals and mining sectors

The metals and mining sectors in major indices have finished in positive territory in the last trading period following positive import news out of China.
Positive market for metals and mining sectors Positive market for metals and mining sectors Positive market for metals and mining sectors Positive market for metals and mining sectors Positive market for metals and mining sectors

MinRes, gold price lower

Staff reporter

On the S&P/ASX 200, the sector closed up 0.22% today with the gain weighed down by Mineral Resources' (AU:MIN) fall of 8.23%.

MinRes had made a scrip acquisition proposal for oil and gas company AWE Ltd (AU:AWE) after market close on Friday, a higher offer than a bid from China Energy Reserve and Chemical Group, as part of its plan to secure a vertically integrated energy supply chain.

Rare earths miner Lynas Corp (AU:LYC) and lithium developer Pilbara Minerals (AU:PLS) will join the index on December 18, the ASX has announced.

In Tokyo, the Nikkei 225's metal and mining sector rose 0.75% earlier today, helped by Sumitomo Metal and Mining's (JP:5713) gain of close to 0.9%.

In the US, the S&P500's metals and mining sector closed up 0.7%, hampered by Newmont Mining's (US:NEM) drop of 1.45% on Friday.

Randgold Resources' (LN:RRS) rise of 2.38% helped the FTSE100's sector close up 1.44%.

The Bitcoin buzz has taken the shine off the gold price over the past week with the precious metal trading at US$1,250 an ounce today on the spot market, about $25/oz lower than this time last week.