Miners push ASX higher

The S&P/ASX 200 (ASX: XJO) (^AXJO) has opened slightly stronger this morning despite an early sell-off of banking stocks, up 13 points to 5068. Early in trading, big miners are up. BHP (ASX: BHP) and Rio Tinto (ASX: RIO) have climbed 2.3% and 2.8% respectively. Pure play iron ore stock, Fortescue (ASX: FMG) is up 4.5%.

The resilience in the iron ore price of last week has given renewed optimism for short-term investors despite Rio’s 71% profit decrease announced on Thursday. Chinese data out on Friday showed that iron ore imports grew substantially despite base metals rising in price.

The banks have given the market a mixed result with ANZ (ASX: ANZ) and Commonwealth Bank (ASX: CBA) above parity whilst others lag marginally. Insurance stocks QBE (ASX: QBE), Suncorp (ASX: SUN) and Insurance Australia Group (ASX: IAG) are down between 0.8% and 1%.

Despite Newcrest’s (ASX: NCM) write-downs and $5.8 billion loss, the stock has rallied 4% higher. Conversely, retailer JB Hi-Fi (ASX: JBH) recorded a strong 11% profit increase for the full year and is up 2.7%.

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Motley Fool contributor Owen Raszkiewicz owns shares in ANZ.

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