CAPITAL MARKETS

Markets buoyed by manufacturing data

S&P 500 closes at fresh high

Staff reporter
 Antofagasta’s majority-owned Antucoya copper operation in Chile

Antofagasta’s majority-owned Antucoya copper operation in Chile

The Caixin data, which gives an independent snapshot of China's manufacturing sector, rose from 52.8 in July to 53.1 in August, indicating the fastest expansion since January 2011 .

"The index has now risen for four months in a row, reflecting that the manufacturing sector continued to recover from the impact of the pandemic, and that the momentum of the recovery remained strong," Caixin Insight Group senior economist Dr Wang Zhe said.

In the US, the Institute for Supply Management's manufacturing PMI was up 1.8 percentage points to 56 in August, the fourth consecutive month of growth.

PMI readings above 50 indicate expansion.

The S&P 500 reached yet another record closing high, up 0.75% to 3,526.65.

The spot gold price rose above US$1,990 an ounce earlier but was back at $1,964/oz at the time of writing.

There were mixed moves among mining equities in Toronto.

South America-focused Orosur Mining (TSX: OMI) gained 35.7% and Brazil-focused Horizonte Minerals (TSX: HZM) gained 20.8%, both on no news.

Meanwhile base metals producer Nexa Resources (TSX: NEXA) lost 11.9% and advanced gold junior Midas Gold (TSX: MAX) fell 7.4%, also on no announcements.

Finally, mining majors were well-supported following a bank holiday in London, with Fresnillo up 4.55%, Glencore up 2.16% and both Anglo American and Antofagasta gaining about 1.3%.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.