Australia’s S&P/ASX 200 (Index: ^AXJO)(ASX: XJO) and ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) indices finished higher on Tuesday.
Here’s a short recap of the Australian market:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.09% to 6,135.80
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.08% to 6,241.50
- AUD/USD at US 78.6 cents
- Gold at US$1,322.50 an ounce
- Oil at US$61.90 a barrel
The biggest gain in the ASX200 today came from Sims Metal Management Ltd (ASX: SGM), which rose by 3.38%. Goldman Sachs revealed a positive note and maintained its conviction buy rating and set the price target at $17.74, higher than the current price of $17.42.
The iron ore price has reached its highest for a long time, hitting US$76.99 per ton. This has boosted Rio Tinto Limited’s (ASX: RIO) share price by 2.38% today.
Lithium miners continue to do well with Galaxy Resources Limited (ASX: GXY) and Pilbara Minerals Ltd (ASX: PLS) up by 3.16% and 2.70% respectively. Investors are betting big on electric vehicles becoming a huge part of everyday life in the future.
Here are some of today’s top stories:
- Vale Mike King
- Why the boom in speculative mining shares is a sign for caution
- Why the beaten-down retail sector could deliver an earnings surprise in February
- Macquarie Group Ltd has downgraded these mining stocks despite the commodities rally
- The Ripple (XRP) price just crashed
Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Retail Food Group Limited. The Motley Fool Australia has recommended Australian Pharmaceutical Industries Limited and LIVETILES FPO. 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.