They say a week is a long time in footy, but it’s even longer on the markets.
Today investors jumped back into major Aussie resource stocks, with 17 of the top 20 by market capitalisation finishing the day in the green, after nobody would touch the sector over the last week or so.
Investors pushed up the Paladin Energy (ASX: PDN) share price by 5.2% to $2.41, which effectively is a bounce as the uranium focused stock has suffered a huge sell-off after the sector become on the nose after the Japanese earthquake.
Another outperformer was mineral sands focused Iluka Resources (ASX: ILU) which rallied 4.6% to $17.21, with rare earths stock Lynas Corporation (ASX: LYC) gaining 3.6% to $2.03.
Big resource companies which climbed more than two per cent included Alumina (ASX: AWC) $2.87, Resolute Mining (ASX: RSG) $1.11, Aurora Oil & Gas (ASX: AUT) $3.30 and Mount Gibson Iron (ASX: MGX) $1.74.
Adding at least one per cent was Rio Tinto (ASX: RIO) $79.79 and BHP Billiton (ASX: BHP) $42.46.
Ending the day in the green, but only just with gains of less than one per cent were, Newcrest Mining (ASX: NCM) $37.05, Woodside Petroleum (ASX: WPL) $41.09, Oil Search (ASX: OSH) $6.63, Fortescue Metals Group (ASX: FMG) $6.10, Macarthur Coal (ASX: MCC) $10.59, Equinox Minerals (ASX: EQN) $7.89, New Hope Corporation (ASX: NHC) $5.01 and Santos (ASX: STO) $13.48.
Trading up then down during the day, then deciding to close flat was Atlas Iron (ASX: AGO) at $3.43.
Continuing to be sold off during a major rally is a worry for Gloucester Coal (ASX: GCL) which lost 2% to $8.25, with OZ Minerals (ASX: OZL) 1% weaker at $12.85.
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