Resources send market higher

The Australian share market has opened the day stronger on the back of rising mining stocks.

The Australian share market has opened the day stronger on the back of rising mining stocks.

Several major mining companies started the day with improved numbers.

BHP Billiton rose $1.77, or 6.53%, to $28.88 while major rival Rio Tinto added $2.24, or 5.15%, to $45.71.

Fortescue was also up 16 cents, or 6.43%, to $2.65, and One Steel gained eight cents, or 4.91%, to 1.71.

Much of the gain has been attributed to the Australian resource sector’s optimism that a Chinese economic stimulus package will boost Wall Street as well as demand for commodities.

For the share market at large, the All Ordinaries Index was up 41 points to 3,167, and the ASX 200 was 42 points higher to 3,208.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.