FINWIRES · TerminalLIVE
FINWIRES

Shares of Australian Mining Majors Show Mixed Performance After JPMorgan Raises Iron Ore Price Estimate

By

Major Australian mining stocks returned a mixed performance in recent Tuesday trade after JPMorgan increased its long-term iron ore price estimate.

Shares of Rio Tinto Group (ASX:RIO) and Fortescue (ASX:FMG) gained less than 1%, while BHP Group (ASX:BHP) was fractionally lower.

JPMorgan analyst Lyndon Fagan said the bank raised its long-term real iron ore price forecast to $90 per tonne from $80, and also increased its near-term price estimate by about 5%, the Australian Financial Review reported.

The bank reportedly cited increasing cost inflation, weaker ore quality, and a Chinese steel market that has been more resilient than anticipated.

JPMorgan continues to prefer BHP and Rio Tinto, saying their valuations are still reasonable even after gains in their share price this year, while maintaining a cautious stance on Fortescue, according to the report.

Related Articles

Asia

Skylink's Attributable Profit Jumps 66% in Fiscal H2

Skylink's (SGX:XZB) profit attributable to equity holders zoomed 66% in the fiscal second half ended March 31 to SG$2.3 million from SG$1.4 million a year earlier, according to a Tuesday filing with the Singapore Exchange.Earnings per share stood at SG$0.012 compared with SG$0.2660 in the year-ago period.Revenue rose 34% year over year to SG$19.2 million from SG$14.3 million, backed by an increased fleet size of commercial vehicles for leasing.The commercial vehicle leasing company declared a final dividend of SG$0.0055 per share for the period.

$SGX:XZB
Asia

ASX Midday Sector Update: Consumer Discretionary Stocks Inch Up, Utilities Sector Struggles

Consumer discretionary stocks advanced marginally at midday Tuesday.Wesfarmers (ASX:WES) shares rose nearly 2% in recent trade.Meanwhile, the utilities sector struggled, shedding nearly 2%.Origin Energy (ASX:ORG) shares were down 2% in recent trade.

$^AXJO$ASX:ORG$ASX:WES
Asia

AVIC Heavy Machinery Plans to Sell Up to 16.7 Million Shangda Aviation Materials Shares

AVIC Heavy Machinery (SHA:600765) plans to sell up to 16.7 million shares of Shangda Aviation Materials via negotiated transfer.The shares have a book value of 86.8 million yuan as of the end of 2025, according to a Tuesday filing with the Shanghai bourse.AVIC Heavy Machinery currently holds 50 million shares of Shangda Aviation Materials, or a 13.45% stake.Shares of the manufacturer of forging, casting, hydraulic and environmental control products wer down 2% in recent trade.

$SHA:600765