Broadcom named strategic vendor for Walmart virtualization solutions
Investing.com-- Shares of Australia’s iron ore producers like BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) rose on Friday after Brazilian peer Vale (NYSE:VALE) reported a second‑quarter profit drop that was smaller than markets had feared.
Vale posted net profit of about $2.12 billion for the quarter, a decline of 24% from a year earlier. That was slightly better than analyst expectations of a sharper fall. Its stronger‑than‑anticipated performance helped to ease some concerns over the outlook for iron ore prices.
In Sydney trading, Rio Tinto Ltd (ASX:RIO) shares rose around 1% as investors took some comfort from the minor surprise in Vale’s results, amid hopes of stabilising commodity prices.
Earlier this week, Rio Tinto reported its weakest first‑half profit in five years, with underlying earnings down 16%.
BHP Group Ltd (ASX:BHP) shares rose 0.9%, while Fortescue (ASX:FMG) stock jumped 1.5%.