Australia's miners have posted some of the highest returns in years, boosting the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) to close 1.1% higher, at 5,361.8 points.
BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) gained 3.8% and 3.4% respectively, on news that China had cut interest rates in a bid to boost their economy.
But those gains were nothing compared to these four…
Duketon Mining Ltd (ASX: DKM) rocketed up 193% to 41 cents, after the junior explorer reported that ongoing diamond drilling had found substantial nickel and copper sulphides at its Duketon Project in Western Australia. The region is home to some of Australia's largest nickel and gold deposits, suggesting the latest discovery may well be 'company making'.
ALS Ltd (ASX: ALQ) climbed 17.9% to $5.28, after the testing services company announced a higher than expected profit for the first half of the 2015 financial year. ALS reported an underlying net profit of $67.7 million, ahead of the $64 million the company was expecting. Still, the result was 33% below the net profit for the prior year and margins were crunched, suggesting conditions still aren't that great.
Fortescue Metals Group Limited (ASX: FMG) soared 10.8% to $2.98, on the China news I mentioned above. Shares were likely kicked along by news that founder and chairman, Andrew Forrest had dipped into the market to pick up 4 million shares last week. That takes his current holding to 1,037,479,247 shares or 33% of the company. Mr Forrest had previously bought shares at average prices of $4.87 and $3.98 in May and June this year, respectively.
Arrium Ltd (ASX: ARI) ex-OneSteel, also bounced on the China news, rising 10.4% to 26.5 cents. Arrium has diversified into iron ore production as well as steel making, and has seen its share price crushed since January, losing more than 84%, including today's gain. Still, Arrium is no bargain, combining a capital intensive steel business with a higher cost iron ore operation – which is unlikely to lead to fantastic performance over the long term.
