The resources sector tops all sectors this week.
The post Guess which sector this week’s top performing ASX 200 shares all come from appeared first on The Motley Fool Australia. –
The S&P/ASX 200 Index (ASX: XJO) is looking to finish the week 0.86% higher at 7335.3.
Taking charge of this week’s gains is the resources sector, with the S&P/ASX Materials (INDEXASX: XMJ) rallying 4.44%.
Encouragingly, it isn’t just iron ore miners driving gains.
ASX 200 shares in lithium, gold and mining services have also posted solid gains throughout the week.
Top performing ASX 200 shares this week
Fortescue Metals Group Limited (ASX: FMG)
First off the ranks is none other than Fortescue.
Shares in the iron ore major have posted gains in the last eight consecutive trading sessions.
In this week alone, the Fortescue share price has rallied 8.42% to $25.88, far outpacing the broader ASX 200.
If Fortescue rallies another 1.5% from current levels, it would retest its 8 January record high of $26.40.
Supporting the resurgence of Fortescue shares is the iron ore spot price.
According to Market Index, iron ore prices have been steadily grinding higher, from US$213/tonne at the start of the month to US$218.68.
Orocobre Limited (ASX: ORE)
The Orocobre share price rallied 7.32% this week to $7.25 and briefly hit a new record high of $7.48 on Wednesday.
Orocobre alongside its ASX 200 lithium peers has experienced a particularly strong push on Tuesday, thanks to a strong rally in lithium-related peers such as Albemarle and Tesla.
Galaxy Resources Limited (ASX: GXY)
Similarly, the Galaxy share price also lifted 7.55% this week, marking a new record high of $4.24 on Wednesday.
The lithium sector has been running hot in recent weeks, likely propped up by a surge in demand for the battery making metal.
Fastmarkets reiterates this supply tight narrative with producers saying: “Everything needs to be settled before mid-June, otherwise buyers can barely find anything on the spot market”.
Mineral Resources Limited (ASX: MIN)
Mineral Resources deserves an honourable mention, despite rallying just 2.95% to $59.97 this week.
The company has been able to enjoy the best of both worlds, as a fast-growing iron ore miner and emerging lithium producer.
In an extraordinary display of strength, the Mineral Resources share price has logged 8 consecutive week-on-week gains since 24 May.
The company is Australia’s 5th largest iron ore producer, with ambitious plans to more than triple its iron ore production from 20 million tonnes per annum (Mtpa) to 90 Mtpa over the next five years, according to its half-year results.
Mineral Resources also operates two lithium joint venture assets, with high profile partners including Ganfeng and Albemarle.
The post Guess which sector this week’s top performing ASX 200 shares all come from appeared first on The Motley Fool Australia.
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