ASX200 Starts the Week Strong as Mining and Gold Sectors Surge

2 min read | October 21, 2024 06:20 PM AEDT | By Team Kalkine Media

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ASX200 Starts the Week Strong as Mining and Gold Sectors Surge — Image source: Shutterstock

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Highlights

ASX200 closes higher, driven by strong gains in mining and energy sectors.

Gold hits an all-time high, boosting several gold-related stocks.

IT sector suffers the largest drop, led by Wisetech.

The ASX200 index saw a positive start to the week, closing up by 0.74% at 8,344 points. This performance was driven by strength in mining and energy sectors, with significant contributions from major players like BHP (ASX:BHP), Rio Tinto (ASX:RIO), and Fortescue (ASX:FMG), all benefiting from a rebound in iron ore prices.

Gold also reached new heights, trading above US$2,730 for the first time, which provided a boost to companies within the sector. Materials stood out as the best-performing sector, rising 1.45%, followed by Energy, which was up 1.25%, and Discretionary, gaining 1%. The IT sector was the only one to record a loss, down 3% for the day.

In terms of individual stocks, Genesis Minerals (ASX:GMD) rose by 7.39%. The company, which owns two gold processing plants in Western Australia, estimates having 18.3 million ounces of contained gold resources. The stock’s performance followed positive sentiment after new updates about its gold reserves and processing capabilities. Genesis finished the day at $2.47.

Iondrive (ASX:ION) surged 16.67% after reporting successful recovery rates of critical metals like nickel, cobalt, and lithium from its battery recycling technology. This announcement positioned the company as a strong player in sustainable technologies, with Iondrive closing at 1.4 cents.

Meanwhile, Hammer Metals (ASX:HMX) climbed 5.56%, thanks to positive test results at its North Orelia gold deposit in Western Australia, which recorded a high recovery rate of 96%. Hammer Metals finished the day at 3.8 cents.

On the downside, Wisetech (ASX:WTC) saw a sharp decline of 14.56%, as the company faced turmoil due to ongoing controversies surrounding founder Richard White. This led to a significant drop in share price, with Wisetech closing at $104.65.

Additionally, Mt Malcolm Mines NL (ASX:M2M) dropped by 4.88% after reporting gold assay results from its Golden Crown project. The company’s stock closed at 3.9 cents.

Mineral Resources (ASX:MIN) also fell sharply by 13.76% following news of a tax evasion scheme involving a company director. The stock ended the day at $39.55.

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