Lunch Wrap: BHP hits record as miners fire up; PLS brings divvy back
The Australian stock market saw gains led by mining companies like BHP and Rio Tinto following a rise in commodity prices. Meanwhile, Aussie Broadband shares fell despite strong growth, as investors focused on profit margins.
Why it matters
It reflects current market sentiment regarding the mining sector and the high expectations investors have for growth-oriented companies during earnings season.
Miners fire up as BHP hits fresh highs PLS brings the dividend back from the dead ABB and Regal cop an earnings season whack The S&P/ASX 200 was up around 0.6% by lunchtime on Monday in Sydney, as miners grabbed the market by the collar and dragged it into the green. Wall Street at least did its bit on Friday. All three major indices rose as the US economy keeps refusing to roll over. Which brings us to Jackson Hole, where new Fed chair Kevin Warsh gets the microphone on Friday. Markets basically want Warsh to show his hand on inflation and rates, because right now bond traders are doing the talking for him. Back on the ASX, miners were having an absolute day out after commodities went for a run last Friday night. Copper jumped 1.5%, gold climbed 2%, and uranium stocks ripped higher offshore.
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