Aussie miners rise after iron ore prices rebound on upbeat China data

Nickel Industries

19/03/2024 01:38

** Australian mining stocks  .AXMM  rise as much as 1.2% to
5669.9 points
    ** Prices of iron ore futures rebounded after upbeat data in
top consumer China renewed hopes for a pick-up in steel demand
in coming weeks  IRONORE/ 
    ** Shares of Nickel Industries  NIC.AX  top gains in the
sub-index to rise as much as 6.8% to A$0.79, their biggest
intraday percentage gain since March 1  
    ** Mineral Resources  MIN.AX  advances as much as 3.11% to
A$68.2, its highest level since March 14, after Lithium
Australia  LIT.AX  disclosed a 50:50 joint venture with MIN 
    ** Shares of top miner BHP Group  BHP.AX  jump as much as
1.5% while those in Rio Tinto  RIO.AX  rise over 1% 
    ** New Hope Corp  NHC.AX  advances as much as 4.1% after the
thermal coal miner announced a better-than-expected dividend for
the half year
    ** AXMM down ~13.4% this year, as of last close, versus a
1.1% rise in the benchmark S&P/ASX 200 index  .AXJO 

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))