Market re-rating on the back of the huge jump in negotiated iron ore prices + awareness by analysts on the ongoing strength of this commodities super cycle bull market.
Profit estimates for the likes of RIO & BHP will be regularly adjusted - UPWARDS ... and the share price will track that trend.
Big funds and o/seas investors are gobbling up scrip at current 'cheap' prices as we are only at the foothills of a huge, and ongoing commodities boom that will dwarf past historic booms in raw materials.
China and India have insatiable appetities for raw materials as they move from the "rickshaw age" to the age of the internal combustion engine. Yep ... a gross oversimplification but the gist of what I am on about is a truism and a driver of the share price of blue chip resource stocks.
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Last
$116.46 |
Change
-0.350(0.30%) |
Mkt cap ! $43.23B | |||
| Open | High | Low | Value | Volume |
| $117.00 | $118.08 | $116.46 | $165.6M | 1.414M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 5136 | $116.46 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $116.49 | 1320 | 1 |
View Market Depth
| Last trade - 16.10pm 17/07/2024 (20 minute delay) ? |
| RIO (ASX) Chart |