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Highlights:
- Rio Tinto shares were spotted trading 915% higher at 11:30 AM AEST on ASX, backed by a strong sectoral performance.
- The S&P/ASX 200 Materials sector, around the same time, was quoted 0.981% higher.
Iron ore mining giant Rio Tinto Limited (ASX:RIO) began Friday's trading session on a positive note on ASX. The share price of Rio gained by 2.034% on ASX to AU$92.760 per share at 10:27 AM AEST today (30 September 2022). Soon, the share price jumped up to gain as much as 4% around 11:30 AM AEST.
Over the last 12 months, the share price of Rio has fallen over 7% and on a year-to-date basis, the company's share price has lost 7.05% on ASX. Rio's share price fell marginally by 1.95% on ASX in the last one month (as of 10:27 AM AEST today).
What is pushing Rio Tinto's share price up on ASX today?
One of the primary factors that have been influencing Rio's share price movement on ASX is its sectoral performance.
Today 10 out of 11 significant sectors under the benchmark S&P/ASX 200 index were trading in red. The only sector found to be trading in green was the Materials sector.
The S&P/ASX 200 Materials sector (INDEXASX:XMJ) was quoted 0.981% higher at 15,294.4 points after gaining 148.6 points at 10:48 AM AEST today.
Another significant factor that is likely to impact the share price movement of Rio is the change in iron ore prices. Iron ore was quoted at US$98.42 per tonne on 29 September 2022.
Things to know about Rio Tinto:
Founded in 1973, Rio Tinto is a mining firm trading under the Materials sector on ASX. The company owns a strong portfolio of mining projects of around seven commodities across 18 countries worldwide. Rio Tinto operates an integrated iron-ore portfolio at the famous Pilbara mines located in the Pilbara region in Western Australia. Apart from that, Rio also operates at the Gudai-Darri Mine, which employs automation technology to operate trucks, trains and drills at the site.
