BUZZ-Australian mining stocks rise on China stimulus prospects, strong iron ore prices

Reuters
03-17
BUZZ-Australian mining stocks rise on China stimulus prospects, strong iron ore prices

** Shares of Australian mining stocks .AXMM rise 1.9% to hit highest level since March 6

** Sub-index on track for their second consecutive day of gains

** China's State Council announced plans to stimulate domestic consumption on Sunday, likely helping local mining stocks on potential boost to commodity prices

** Iron ore futures prices hit 2-week high on Friday, helped by resilient demand and expectations of additional stimulus measures from China IRONORE

** Shares of top miners BHP Group BHP.AX and Rio Tinto RIO.AX rise 1.8% and 1.9%, respectively

** Fortescue shares FMG.AX rise 4.2% to hit their highest level since February 28

** AXMM up 1.6% this year, as of last close vs a 4.5% fall in the benchmark index .AXJO

(Reporting by John Biju in Bengaluru)

((John.Biju@thomsonreuters.com;))

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