MARKET TALK: Miners Rise As Australian PM Reportedly Quits

23rd Jun 2010 13:25

1225 GMT [Dow Jones] Miners are on the rise in London after Sky TV reports that the Australian Prime Minister has agreed to resign from his post. Traders note that miners with links to the region are rallying hard. BHP Billiton is +0.6% and Rio Tinto is +0.8%. Furthermore, the FTSE 350 mining sector is now +0.6%, having started the session in the red. A trader says the news is bound to be positive for miners, particularly as this may open the gates for further negotiation regarding the proposed super-profits tax, which has hampered miners of late. Says though much uncertainty still surrounds this sector. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 23, 2010 08:25 ET (12:25 GMT)