Guess which sector this week's top performing ASX 200 shares all come from

The resources sector tops all sectors this week.

| More on:
ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is looking to finish the week 0.86% higher at 7335.3.

Taking charge of this week's gains is the resources sector, with the S&P/ASX Materials (INDEXASX: XMJ) rallying 4.44%.

Encouragingly, it isn't just iron ore miners driving gains.

ASX 200 shares in lithium, gold and mining services have also posted solid gains throughout the week.

Top performing ASX 200 shares this week

Fortescue Metals Group Limited (ASX: FMG)

First off the ranks is none other than Fortescue.

Shares in the iron ore major have posted gains in the last eight consecutive trading sessions.

In this week alone, the Fortescue share price has rallied 8.42% to $25.88, far outpacing the broader ASX 200.

If Fortescue rallies another 1.5% from current levels, it would retest its 8 January record high of $26.40.

Supporting the resurgence of Fortescue shares is the iron ore spot price.

According to Market Index, iron ore prices have been steadily grinding higher, from US$213/tonne at the start of the month to US$218.68.

Orocobre Limited (ASX: ORE)

The Orocobre share price rallied 7.32% this week to $7.25 and briefly hit a new record high of $7.48 on Wednesday.

Orocobre alongside its ASX 200 lithium peers has experienced a particularly strong push on Tuesday, thanks to a strong rally in lithium-related peers such as Albemarle and Tesla.

Galaxy Resources Limited (ASX: GXY)

Similarly, the Galaxy share price also lifted 7.55% this week, marking a new record high of $4.24 on Wednesday.

The lithium sector has been running hot in recent weeks, likely propped up by a surge in demand for the battery making metal.

Fastmarkets reiterates this supply tight narrative with producers saying: "Everything needs to be settled before mid-June, otherwise buyers can barely find anything on the spot market".

Mineral Resources Limited (ASX: MIN)

Mineral Resources deserves an honourable mention, despite rallying just 2.95% to $59.97 this week.

The company has been able to enjoy the best of both worlds, as a fast-growing iron ore miner and emerging lithium producer.

In an extraordinary display of strength, the Mineral Resources share price has logged 8 consecutive week-on-week gains since 24 May.

The company is Australia's 5th largest iron ore producer, with ambitious plans to more than triple its iron ore production from 20 million tonnes per annum (Mtpa) to 90 Mtpa over the next five years, according to its half-year results.

Mineral Resources also operates two lithium joint venture assets, with high profile partners including Ganfeng and Albemarle.

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Resources Shares

a sad looking engineer or miner wearing a high visibility jacket and a hard hat stands alone with his head bowed and hand to his forehead as he speaks on a mobile telephone out front of what appears to be an on site work shed.
Resources Shares

Down 14% in 2024, why is the BHP share price sliding again today?

ASX 200 investors are bidding down the BHP share price on Wednesday.

Read more »

A mining employee in a white hard hat cheers with fists pumped as the Hot Chili share price rises higher today
Resources Shares

These ASX 200 mining stocks could rise 40% to 50%

Analysts think these miners are dirt cheap at current levels.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Fortescue share price leaps 5% as electric machinery makes a milestone

Fortescue is charging ahead with its electric mining ambitions.

Read more »

rising mining asx share price represented by happy woman miner in hard hat
Resources Shares

Why the BHP share price crushed the benchmark this week

BHP shareholders enjoyed a rewarding week.

Read more »

A man wearing a hard hat and high visibility vest looks out over a vast plain where heavy mining equipment can be seen in the background.
Dividend Investing

Here is the profit forecast to 2026 for BHP shares

Let’s unearth how much profit this miner could make.

Read more »

Female miner standing next to a haul truck in a large mining operation.
Resources Shares

Is the worst of the selling now over for ASX iron ore shares?

ASX iron ore giants like BHP, Rio Tinto and Fortescue rebounded this week after falling hard in 2024.

Read more »

Three satisfied miners with their arms crossed looking at the camera proudly
Resources Shares

Why are ASX 200 mining shares smashing the benchmark on Wednesday?

Rio Tinto, BHP and Fortescue shares are all charging higher today.

Read more »

Two miners standing together.
Resources Shares

Why is the South32 share price getting battered today?

ASX 200 investors are bidding down South32 shares today.

Read more »