The S&P/ASX 200 (INDEXASX: XJO) (^AXJO) and All Ordinaries (INDEXASX: XAO)(^AORD) ended higher on Tuesday, according to Yahoo! Finance.
All Ordinaries: up 0.7% at 5,943 points
ASX 200: up 0.7% at 5,832 points
ASX 200 Movers
- a2 Milk Company Ltd (ASX: A2M) – up 4.8%
- South32 Ltd (ASX: S32) – up 3.5%
- Whitehaven Coal Ltd (ASX: WHC) – up 4.7%
ASX 200 Losers
- Northern Star Resources Ltd (ASX: NST) – down 1.5%
- Newcrest Mining Ltd (ASX: NCM) – down 1.7%
- AP Eagers Ltd (ASX: APE) – down 2%
Australian Investing News
News that Donald Trump’s Administration is working with China on a trade resolution appeared to buoy markets on Tuesday. Global markets had suffered a modest sell-off in recent times following fears that Trump may have prompted a trade war with China and Europe.
Despite announcing a redemption of some of its debt, Fortescue Metals Group Limited (ASX: FMG) shares fell 0.6% after the iron ore miner issued a new price guidance to investors. As Fortescue’s iron ore is lower quality than some other mines it receives a price which is a percentage of the benchmark ‘Platts 62 CFR Index’.
Earlier today Fortescue announced that it had, “amended its iron ore price guidance to reflect an expected contractual realisation of approximately 65 per cent of the average benchmark Platts 62 CFR index for the financial year ending 30 June 2018 (FY18). ” During the first half of its financial year, it achieved a price equivalent to 68% of the index price.
In other news, the recommencement of mining at the Cadia gold operation in NSW wasn’t enough to keep Newcrest Mining shares in positive territory.
And amongst the major banks, National Australia Bank Ltd. (ASX: NAB) shares fell 0.5% while Commonwealth Bank of Australia (ASX: CBA) shares ended 0.6% higher.
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