Shares of BHP Billiton Limited SURGE as iron ore tops US$70

Credit: Nathan Vill

Shares of BHP Billiton Limited (ASX: BHP) are skyrocketing today. At the time of writing, they have surged more than 9% to $24.60, while they did trade as high as $24.78 shortly after the market opened.

Meanwhile, rivals Fortescue Metals Group Limited (ASX: FMG) and Rio Tinto Limited (ASX: RIO) have exploded 11.8% and 8.9% higher.

The solid gains from our iron ore miners come amid a shock rebound for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). The main bourse has jumped more than 3% after yesterday’s heavy sell-off following Donald Trump’s election victory.

To avoid any confusion, no, today’s rise was not expected to happen. Share markets were expected to tank on the election result, but have reportedly risen as a result of the tone of Trump’s victory speech.

A surging iron ore price has also provided BHP with plenty of energy today. The resource’s price rose almost 4% to nearly US$71 a tonne overnight, according to The Metal Bulletin. Oil prices jumped as well, propelling other businesses such as Santos Ltd (ASX: STO) and Senex Energy Ltd (ASX: SXY) too.

If iron ore prices do continue to rise, shares of BHP Billiton and its rivals could have further to climb. Of course, the miners themselves don’t have any control over the iron ore prices, which investors should keep in mind before considering investing in the sector.

How 1 Man Made 100x His Money After 50

Few know, that as Warren Buffett blew out the candles on his 50th birthday cake, he had just 1% of his current fortune. Think about it: At an age when most give up hope, Buffett was just getting started on the remaining 99% of his fortune. Goes to show you that it's never too late for you to potentially get rich. Which is why we've gathered the strategies we learned from Buffett, distilled them down to 11 simple lessons, and put it in an exclusive report for you to claim. Just click here to learn more about this handy investing guide.

Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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.