End of Day Report – Thursday 4 July: Resources Lead the ASX Higher

The ASX 200 has finished the day up 92 points (1.2%) to 7832 as resources kicked back to life. After weeks of selling pressure iron ore giants, copper, lithium and gold saw risk-off buying. Iron ore shot to a one-month high taking BHP and RIO up 2.6%. FMG up 3.2%. Lithium stocks bounced of lows. PLS up 2.1%. LRS and LTR left behind. Positive news from the space as BYD opened the first south-east Asian factory in Thailand. SFR gained 3.2% in the copper space and weak economic data from the US took bullion higher. EVN and BGL up 4.1% and 6.5%. BGL the top performer in the index today. NST missing out only up 0.7%. REITs followed a similar logic as US bond yields fell. GMG and SCG up 2.1% and 0.6%. Oil stocks continued to do well, spurred by takeover rumours for STO, up 4.2%. Rare earths also jumped after Arafura +11% (held in Henry’s Portfolio) received approval for a $115m German loan. LYC up 2.7%. Coal stocks took a breather, NHC falling 4.6% dampening enthusiasm.

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