Miners Propel ASX Higher as Iron Ore Hits $US100; Ingenia Leads the Way

January 14, 2025 05:54 PM AEDT | By Team Kalkine Media

Google News:

Miners Propel ASX Higher as Iron Ore Hits $US100; Ingenia Leads the Way — Image source: Shutterstock

Recent News

RepTrak Previews Compass -- A Global Strategic Reputation Intelligence...

OCI Global Completes Sale of OCI Methanol to Methanex Corporation

West Windsor-Plainsboro Regional School District Enhances Educators’ A...

Fred Rogers Productions, PNC Foundation Extend Partnership for Alma’s...

Highlights

Mining sector boosts ASX, with iron ore prices surpassing $US100 per tonne.

Ingenia Communities (INA) climbs 15% after raising financial guidance.

Star Entertainment (SGR) gains 12% amid significant investor interest.

The Australian sharemarket ended Tuesday with a robust performance, lifted by a rally in the mining sector as iron ore prices exceeded $US100 per tonne for the first time in two weeks. The S&P/ASX 200 Index rose 0.5%, or 39.1 points, to 8231, while the All Ordinaries also saw a similar increase, benefiting from gains across eight of the 11 industry groups.

Mining Drives Gains
The mining sector emerged as the top performer of the day. Iron ore heavyweight Fortescue Metals (ASX:FMG) surged 2.9% to $18.50, while BHP Group (ASX:BHP) climbed 1.4% to $40.16. The rally followed an upswing in global iron ore prices.

Coal miners also made notable recoveries despite the benchmark NSW thermal coal price hitting a three-year low of $US115.51 per tonne. Whitehaven Coal (ASX:WHC) jumped 6.6% to $6.45, and Yancoal (ASX:YAL) advanced 2.8% to $5.95.

Consumer Discretionary Weakens
Afternoon trading saw a sell-off among leading consumer discretionary stocks, driven by signs of softened demand in January. JB Hi-Fi (ASX:JBH) fell 1.6% to $94.92, and Eagers Automotive (ASX:APE) dropped 1.8% to $11.82. Additionally, the Commonwealth Bank (ASX:CBA), one of the ASX’s largest players, eased 0.5% to $151.96.

Corporate News Highlights
Ingenia Communities Group (ASX:INA) recorded a remarkable 15% surge to $5.20 after raising its earnings guidance for FY25 to $162–$165 million, up from an earlier range of $148–$155 million.

Star Entertainment (ASX:SGR) climbed 12% to 14c following news of Macau investor Xingchun Wang acquiring an additional 28 million shares. The increased stake adds support as the company seeks to stabilize its financial standing.

City Chic Collective (ASX:CCX) added 14.6% to close at 11c, reporting robust holiday trading despite a 3.6% drop in second-half revenue for FY24.

Energy Transition Minerals (ASX:ETM) extended its strong momentum, rising 16.3% to 10c. The company announced plans for its management team to visit Greenland to strengthen government relations amid an ongoing legal dispute regarding its mineral exploration projects.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.