Thanks to another surge in iron ore prices on Friday the Aussie market should open the week with a strong 42 point gain later today.
That was after Eurozone shares rose 0.7% on Friday and the US S&P 500 jumped 0.9% to a new record high on expectations that softer jobs growth in the US will boost prospects for more fiscal stimulus.
The 42 point or 0.6% gain for the ASX 200 later today could be a start of a big day of trading with iron ore prices leaping more than 5% to more than $US145 a tonne, the market should open strongly, as it did on Thursday after Wednesday’s jump in prices. (See separate story).
The market finished 0.3% high on Friday at 6,634.1 to start December with a four-day rise.
Friday saw, Rio shares close up 0.9% for the day to close at $113.20 and take its gains for the week to nearly 11%. BHP rose 0.6% to end at $41.50 for a 7% rise for the week.
Fortescue Metals shares closed 0.2% down at $20.61 on Friday but still ended up nearly 11% for the week thanks to the huge 13.3% on Thursday.
