MENU

BHP hits 5-month high as confidence returns in mining

It seems that an element of confidence has been regained in the mining sector, following the release of China’s better-than-expected economic data which revealed stronger exports and imports from the nation.

The data revealed that China’s exports for July had hit 5.1% (at an annualized rate) compared to the market’s expectation of 2.8%. Meanwhile, imports soared 10.9% compared to the expected growth rate of just 1.3%. Analysts have stated that they expect the stronger-than-anticipated results can be largely attributed to improved liquidity since June.

The S&P/ASX 200 (^AXJO) (ASX: XJO) is up 12 points in early trading today, which is being driven by Australia’s largest mining stocks whilst the banks have remained relatively flat. BHP Billiton (ASX: BHP) and Rio Tinto (ASX: RIO) are up 2.55% and 3.25% respectively, whilst Fortescue Metals Group (ASX: FMG) has continued its climb and is up 4.5% today. The company realised a gain of 5.5% last week alone.

Furthermore, BHP has today hit a five-month high with the stock climbing to $37.02 shortly after the market’s opening. The company will release its earnings report on 20 August.

Interested in our #1 dividend-paying stock? Discover The Motley Fool’s favourite income idea for 2013-2014 in our brand-new, FREE research report, including a full investment analysis! Simply click here for your FREE copy of “The Motley Fool’s Top Dividend Stock for 2013-2014.”

More reading


Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned in this article.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.