Why have the miners surged on Thursday and Friday?

Are the miners worth your attention in 2014?

Ryan Newman (TMFNewmy)

Ryan Newman (CFA) is the Director of Research of The Motley Fool Australia, and Portfolio Manager for the Pro and North Star services. Ryan’s interest in investing and stocks began at a young. His journey with The Motley Fool started first as a member but when the company first came to Australia he joined the team as one of our writers. Recognising his investing talent and passion, it wasn’t long before he was approached to join the investing team as a research analyst on Pro. Ryan is passionate about learning and continual development. He earned his Chartered Financial Analyst (CFA) designation in 2022, and has completed his Bachelor of Accounting and his Graduate Certificate of Corporate Finance. Ryan loves spending time with his young family as well as non-fiction reading, catching the latest movies and following his sports team, the St Kilda Saints (AFL).

Published January 17, 2014 2:47 pm AEDT

Australia's largest miners have extended their gains today after surging on Thursday, to lead the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) to a 1.2% gain.

BHP Billiton Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) are each up 2.8%, 1.1% and 2.3% respectively, after climbing between 2.1% and 3.8% yesterday. Meanwhile, Woodside Petroleum Limited (ASX: WPL) and Newcrest Mining Limited (ASX: NCM) have also risen strongly.

There was plenty of news on Thursday to spur the gains on. Rio Tinto reported a lift in full-year iron ore production whilst also reducing capex by over $1 billion (the target had been $750 million), while Fortescue signed a gas transportation agreement in which it contracted Monadelphous Group (ASX: MND) to build the pipeline. Woodside Petroleum also posted a lift in full-year production, which saw its shares climb 2.7% yesterday and a further 1.1% today.

Foolish takeaway

Following on from a poor 2013, a number of analysts are bullish on the resources sector this year, amid expectations of an improving global outlook and strong demand for commodities.

Automatic Renewal

By taking up this offer, you will also be enrolled in our auto-renewal program, which is our way of making your ongoing subscription easier by ensuring uninterrupted service. Don't worry, though – you're not locked in, and can cancel your auto-renewal at any time before each 'anniversary' date without question or penalty.