ASX Round-Up: Iron Companies Begin 2015 on a Positive Note

- January 2nd, 2015

On the first day of trading for 2015, the S&P/ASX 200 gained 0.5 percent, hitting 5,435.9 points. The rise came after the index closed up 1.1 percent for the year.

On the first day of trading for 2015, the S&P/ASX 200 (INDEXASX:XJO) gained 0.5 percent, hitting 5,435.9 points, according to The Sydney Morning Herald. The rise came after the index closed up 1.1 percent for the year.

“The year ahead promises to be a very interesting year for marketings and economies given the United States Federal Reserve is likely to raise interest rates for the first time in eight years and the sharp decline in oil prices seen over the past six months,” National Australia Bank Chief Markets Economist Ivan Colhoun told the Herald.

Junior iron ore miners had a successful open to the year, as the spot price for iron ore rose for the third session in a row. Now that the spot price is above $70, companies are more likely to break even than they have been in the past few months. One company that fared well was Atlas Iron (ASX:AGO), which rose 39.4 percent to trade at $0.23, the Herald said, making it the top gainer on the S&P/ASX 200. Fortescue Metals Group (ASX:FMG) also gained, rising 3.3 percent to trade at $2.83.

On the other side of the market, mineral explorer and gold producer Stone Resources Australia (ASX:AAM) lost 50 percent to trade at $0.001.

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