3 ASX 200 mining shares going great guns on Monday

Monday is proving to be a good day for investors, with the S&P/ASX 200 Index (ASX: XJO) lifting 1.1% at the time of writing.

Leading the way are ASX 200 mining shares. The S&P/ASX 200 Materials Index (ASX: XMJ) is out in front of the Aussie bourse with a 2.4% gain right now.

And market watchers might be surprised to learn which ASX 200 mining shares are providing the sector with the biggest boosts.

3 ASX 200 mining shares outperforming the rest

Nickel Industries Ltd (ASX: NIC)

The Nickel Industries share price is launching 7.3% on Monday to trade at 96 cents.

It comes as the nickel developer updates the market on its Hengjaya Mine’s mineral resource. The measure has grown 333% since June 2020.

The mine has now been found to house around 3.7 million tonnes of nickel and 270,000 tonnes of cobalt – certainly nothing to scoff at.

Understandably, the market appears thrilled by today’s news from the ASX 200 mining share.

De Grey Mining Limited (ASX: DEG)

Joining Nickel Industries in the green is the share price of De Grey Mining.

There’s been no news from the gold developer today. However, last week it revealed the prefeasibility study outcome for its Mallina Gold Project.

On the back of the update, Macquarie analysts upped their price target for De Grey Mining shares to $1.65 on Friday, as my Fool colleague James reports.

The ASX 200 mining stock is trading 6.9% higher at $1.16 today.

Fortescue Metals Group Limited (ASX: FMG)

Finally, mining favourite Fortescue is in the green today, with its share price lifting 3.6% to $18.45.

There’s been no news from the iron ore giant for the last fortnight. Though, it’s worth noting iron ore futures lifted 2.1% to US$102.23 a tonne on Friday, marking a week-on-week gain of 7.2%.

That’s likely bolstering sentiment for the commodity and its ASX 200 iron ore mining shares today.

The post 3 ASX 200 mining shares going great guns on Monday appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Why A2 Milk, BHP, Lovisa, and Nickel Industries shares are charging higher
• Here’s why the Nickel Industries share price is racing 7% higher
• Here are the 10 most shorted ASX shares
• Here’s how long I plan to hold my Fortescue shares
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/GBLFR9Q