The week and a half long rally on Wall Street has had a major impact on the large end of the Australian resource sector, which continues to rally pretty much across the board.
Highlighting the re-found investor thirst for the sector, 18 of the top 20 ASX resource stocks by market capitalisation are higher in afternoon trade.
In a sign investors have an increased tolerance for risk, rare earth play Lynas Corporation (ASX: LYC) has spiked 7.1% to $1.97, with Aurora Oil & Gas (ASX: AUT) rallying 4.6% to $3.45.
Not to be out done other top performers include the mineral sands focused Iluka Resources (ASX: ILU) with a 3.3% jump to $17.50, as Macarthur Coal (ASX: MCC) trades 2.9% stronger at $11.47 with OZ Minerals (ASX: OZL) climbing 2.4% to $13.69.
Other top performers who are up over one per cent include Fortescue Metals Group (ASX: FMG) $6.50, Santos (ASX: STO) $13.57, Atlas Iron (ASX: AGO) $3.90, Resolute Mining (ASX: RSG) $1.25, BHP Billiton (ASX: BHP) $44.94 and Paladin Energy (ASX: PDN) $2.69.
The more subdued gainers sneaking into the green by less than one per cent include Newcrest Mining (ASX: NCM) $38.88, New Hope Corporation (ASX: NHC) $5.17, Rio Tinto (ASX: RIO) $84.36, Alumina (ASX: AWC) $2.20, Woodside Petroleum (ASX: WPL) $41.22, Oil Search (ASX: OSH) $6.71 and Gloucester Coal (ASX: GCL) $8.59.
Treading water - sitting on the fence and remaining flat is Equinox Minerals (ASX: EQN) at $7.85.
Therefore the only major resource stock in the red is Mount Gibson Iron (ASX: MGX), although the company is only off slightly to $1.92.
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