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Market:ASX
Sector:General Mining
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Lynas leads the way for resource stocks on the ASX with BHP Billiton and Rio Tinto also higher

Thursday, February 02, 2012 by Christine Feary
Investors responded to reports that resource stocks are undervalued with their wallets, with major miners Rio Tinto, BHP Billiton and Lynas Corporation all closing higher. Investors responded to reports that resource stocks are undervalued with their wallets, with major miners Rio Tinto, BHP Billiton and Lynas Corporation all closing higher.

Renewed strength in overseas markets coupled with suggestions that resource stocks could be undervalued has pushed companies in the top 20 resource stocks by market capitalisation higher in today’s trade.

The Australian market was lifted on the back of positive leads from Europe and the United States today and carried that through, with the All Ordinaries index closing 0.9% higher.

Lynas Corporation (ASX: LYC) was given an extra boost by news that a temporary operating licence for its Advanced Materials Plant in Malaysia has been given approval.

The company took out the top position today, closing up 19.1% at $1.59.

Sporting a similarly impressive result, Bandanna Energy (ASX: BND) shares rose 16.03%% to $0.76.

Maverick Drilling (ASX: MAD) was next in line, closing the day up 6.86% at $0.545, followed by Atlas Iron (ASX: AGO), up 4.93% at $3.19 and Medusa Mining (ASX: MML), 3.57% higher at $5.81.

Mining giant Rio Tinto (ASX: RIO) managed a 2.88% increase to $70.72, while BHP Billiton (ASX: BHP) closed up 1.92% at $37.62.

PanAust (ASX: PNA) pulled of a gain of 2.86% to $3.60, Santos (ASX: STO) increased 2.55% to 13.66%, Alumina (ASX: AWC) rose 1.59% to $1.275 and OZ Minerals (ASX: OZL) gained 1.48% to $10.94.

In gold news, Iluka Resources (ASX: ILU) gained 1.54% to $17.86, Newcrest Mining (ASX: NCM) rose 1.25% to $33.92 and Alacer Gold Corporation (ASX: AQG) closed up 1.26% at $8.87.

Below the 1% mark, Fortescue Metals Group (ASX: FMG) rose 0.6% to $5.01, Woodside Petroleum (ASX: WPL) rose 0.44% to $34.15 and Extract Resources (ASX: EXT) rose 0.23% to $8.57.

The only companies to fall below the line in today’s trade were Paladin Energy (ASX: PDN), down 0.28% to $1.815, Whitehaven Coal (ASX: WHC), down 0.35% to $5.63, and Oil Search Holdings (ASX: OSH), down 0.61% to $6.52.

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