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Highlights:
- Shares of Cobre Limited were trading 20.588% higher on ASX today (at 2:54 PM AEDT).
- Benchmark Materials index was 0.484% up around the same time.
- The S&P/ASX 300 Metals and Mining index was 0.678% higher.
Australia-based mineral explorer Cobre Limited (ASX:CBE) shares were seen zooming up on ASX on Thursday (6 October) afternoon. Cobre’s share price had gained 23.529% to AU$0.21 per share at 1:45 PM AEDT on ASX.
Over the last one year, Cobre’s share price has marked a gain of around 62% on ASX, while, on a YTD basis, Cobre’s share price gained over 133% (as of 1:45 PM AEDT today).
What is driving Cobre’s share price on ASX today?
The overall sectoral performance on ASX might have pushed Cobre’s share price up today.
Today, five out of 11 sectors under the S&P/ASX 200 index (INDEXASX:XJO) were spotted higher on ASX. The S&P/ASX 200 Energy sector was leading the gains today. Meanwhile, the S&P/ASX 200 Materials sector (INDEXASX:XMJ) was one of such well-performing sectors on ASX today.
The S&P/ASX 200 Materials sector (INDEXASX:XMJ) was quoted 0.405% higher at 16187.2 points, up by 65.3 points at 2:17 PM AEDT today.
It is likely that the shares of Cobre were influenced by the performance of the Materials sector today.
Things to know about Cobre:
Cobre is an Australian mineral exploration firm that primarily focuses on copper exploration and development. The company is based in Botswana and Western Australia. Cobre is focused on discovering and exploring new high-grade metal deposits. The company is also the 51% owner of a Botswana-based tenement owner and the operator inside the Kalahari Copper Belt, named as Kalahari Metals Limited. Kalahari Metals is a private business in the UK which operates this tenement with an area of 8,100km.
