Major Australian resource plays are be re-valued upwards in afternoon trade today - as buyers over power sellers in a sign the sector has been sold off.
Currently 16 of the top 20 resource stocks by market capitalisation are trading higher.
Adding an extra injection of interest is Monday's bid for Macarthur Coal (ASX: MCC) by global giants Peabody Energy Corporation (NYSE: BTU) and ArcelorMittal S.A (AMS: MT) - with investors weighing up the possibility of more big end of town mergers and acquisitions.
The standout performer is Atlas Iron (ASX: AGO) which is currently trading 4.8% higher at $3.93, and not to be outdone is mineral sands play Iluka Resources (ASX: ILU) gaining 3.3% to $16.89, with Paladin Energy (ASX: PDN) climbing 2.0% to $2.51.
Rallying by more than one per cent is Resolute Mining (ASX: RSG) $1.28, Lynas Corporation (ASX: LYC) $1.98, Fortescue Metals Group (ASX: FMG) $6.39 and Newcrest Mining (ASX: NCM) $39.23.
Still in the green today - but by less than one per cent is Woodside Petroleum (ASX: WPL) $40.05, Mount Gibson Iron (ASX: MGX) $1.88, Macarthur Coal (ASX: MCC) $15.22, Alumina (ASX: AWC) $2.16, Oil Search (ASX: OSH) $6.57, BHP Billiton (ASX: BHP) $43.64, OZ Minerals (ASX: OZL) $12.95, New Hope Corporation (ASX: NHC) $5.24 and Santos (ASX: STO) $13.14.
Remaining unchanged is Equinox Minerals (ASX: EQN) at $7.85 - which is understandable considering the company is being gobbled up by Barrick Gold (NYSE: ABX) with the takeover offer already declared successful and unconditional.
So that makes the only fallers Rio Tinto (ASX: RIO) which is down 0.7% to $80.88, as both Gloucester Coal (ASX: GCL) $8.73 and Aurora Oil & Gas (ASX: AUT) $3.18 have eased 0.3%.
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