Aussie mining stocks jump, eye best week since mid-April

5E Advanced Materials

02/06/2023 05:24

** Australia's mining sub-index  .AXMM  gains 2.3% on Friday
   
    ** AXMM up 1.3% this week, on course for its biggest weekly
jump since mid-April
    ** Iron ore prices were weaker at the start of the week, but
have since recovered, and even hit its highest level in two
weeks overnight on the prospects of China's stimulus injection
 IRONORE/ 
    ** BHP Group  BHP.AX  gains 2.2%, while Rio Tinto  RIO.AX 
rises 1.5% 
    ** Fortescue Metals Group  FMG.AX  up 0.8% after appointing
Christine Morris as its new chief financial officer
    ** ASX-listed shares of lithium miner 5E Advanced Materials
 5EA.AX  jumps 12.5%, topping gains on AXMM
    ** Newcrest Mining  NCM.AX  up 3.8%, underpinned by a jump
in gold prices
    ** AXMM down 3% YTD, as of last close
    
  

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))