Shares of BHP Billiton Limited (ASX: BHP) are skyrocketing today. At the time of writing, they have surged more than 9% to $24.60, while they did trade as high as $24.78 shortly after the market opened.
Meanwhile, rivals Fortescue Metals Group Limited (ASX: FMG) and Rio Tinto Limited (ASX: RIO) have exploded 11.8% and 8.9% higher.
The solid gains from our iron ore miners come amid a shock rebound for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). The main bourse has jumped more than 3% after yesterday's heavy sell-off following Donald Trump's election victory.
To avoid any confusion, no, today's rise was not expected to happen. Share markets were expected to tank on the election result, but have reportedly risen as a result of the tone of Trump's victory speech.
A surging iron ore price has also provided BHP with plenty of energy today. The resource's price rose almost 4% to nearly US$71 a tonne overnight, according to The Metal Bulletin. Oil prices jumped as well, propelling other businesses such as Santos Ltd (ASX: STO) and Senex Energy Ltd (ASX: SXY) too.
If iron ore prices do continue to rise, shares of BHP Billiton and its rivals could have further to climb. Of course, the miners themselves don't have any control over the iron ore prices, which investors should keep in mind before considering investing in the sector.
