S&P/ASX 200 Gains Ground: Miners Lead Midday Rally

March 28, 2025 12:00 AM AEDT | By Team Kalkine Media

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S&P/ASX 200 Gains Ground: Miners Lead Midday Rally — Image source: shutterstock

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Highlights

S&P/ASX 200 rises by 0.2% led by materials sector.

Record high gold spot prices boost mining stocks.

Major gains for Ramelius Resources, De Grey Mining, and Northern Star Resources.

After a shaky start this morning, the S&P/ASX 200 (ASX:XJO) has managed to carve out gains by lunchtime, demonstrating resilience amid a volatile global market landscape. The index saw an increase of 16.3 points, reaching 7985.3, marking a notable turnaround from its earlier dip.

The broader All Ordinaries Index also experienced a slight uptick, moving up by 0.2 points. This improvement comes as six out of the eleven sectors within the index saw positive movements, with the materials sector taking the lead. This sector's performance was significantly bolstered by the substantial progress of companies involved in mining gold and iron ore.

A key driver for this midday recovery has been the surge in commodity prices, particularly for precious metals. Gold spot prices soared overnight, hitting an unprecedented high of $US3059.55 an ounce. This surge has provided a much-needed lift for gold miners on the ASX, with several companies posting impressive gains. Ramelius Resources (ASX:RMS) saw its shares leap by 6.1%, while De Grey Mining (ASX:DEG) enjoyed a 4.1% increase. Similarly, Northern Star Resources (ASX:NST) also benefited, with its stock climbing by 3.9%.

These substantial gains among gold and iron ore mining companies come at a crucial time, counterbalancing the broader "risk-off" sentiment that had initially led to a lower opening for the market. Investors appear to be rallying behind the materials sector, drawing confidence from the robust performance of these mining stalwarts.

Today’s market activity underscores the significant impact of commodity prices on resource-heavy indices like the S&P/ASX 200. The correlation between global commodity price movements and the performance of Australian mining stocks is evident, with today's trading providing a clear example of how pivotal these industries are to the overall health of the Australian stock market.

As the trading day progresses, market watchers will be keenly observing whether the positive trend can hold steady, particularly in the face of ongoing global economic uncertainties. The resilience of the materials sector, buoyed by rising commodity prices, remains a key narrative in today's market story.

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