S&P/ASX 200 off to a strong start to October led by iron ore miners

House Democrats in the US have delayed a vote on their US$2.2 trillion stimulus package to give Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin one more day to reach a deal.

Oakdale Resources Ltd - S&P/ASX 200
Brent crude futures rose 3 cents to US$42.33 a barrel on hopes of a bipartisan deal on the stimulus package

S&P/ASX 200 (INDEXASX:XJO) is off to a great start to October by rising 95 points or 1.62% to 5910 by about 12.45 pm.

This follows a positive lead from Wall Street which rallied yesterday on hopes of US Congress getting closer to another stimulus package to help boost the economy.

Iron ore rallies

Iron ore prices surged 5% overnight on hopes of increased demand following China's Golden Week holidays, which run from October 1 to October 8.

BHP Group Ltd (ASX:BHP) rallied 2.87% to $36.62, Rio Tinto (ASX:RIO) rose 2.47%  to $96.65 and Fortescue Metals (ASX:FMG) surged 3.13% to $16.81.

Home prices data

The CoreLogic Home Value Index of national home prices fell by just 0.1% in September compared to last month. However, prices are up 4.8% over the year.

Interestingly, home prices are up almost 5% over the year in all capital cities except Perth.

While stock levels are around 25% below the five-year average, demand has eased in line with a weaker job market.

Both supply and demand are expected to rise over the coming months with modest single digit annual growth rates of national home prices seen as likely.

Top gainers

Today’s top gainers on the ASX include Oakdale Resources Ltd (ASX:OAR) (+28.57%), TNT Mines Ltd (ASX:TIN) (+12.20%), Tempus Resources Ltd (ASX:TMR) (+12.50%), Element 25 Ltd (ASX:E25) (+12.42%), Elementos Limited (ASX:ELT) (+25.00%), Cape Lambert Resources Limited (ASX:CFE) (+14.29%) and Red River Resources Limited (ASX:RVR) (+14.29%).

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