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Mining stocks soared -- Fortescue up 23%

Photo: Shutterstock.

Shares in mining companies soared today on the back of rising commodity prices.

Mining stocks as a group were up 3%. Those with an exposure to iron ore rose fast.

Fortescue Metals closed 23.7% higher at $3.08, Atlas Iron surged 46.6% to $0.022 and BC Iron 52% to $$0.19.

BHP continued its strong run from last week when it shares added 13.6%. Today the world’s biggest miner was almost 5% to $18.55. Rio Tinto rose 3.5% to $46.47 and South32 6.2% to $1.44.

Iron ore has risen 40% to $53.75 a tonne from a record low of $38.30 in December.

Global oil prices rose by 4% for a 8.5% rise over the last week, helping to push energy companies higher.

Woodside Petroleum closed 2.4% higher at $27.66 and Santos was up 1.5% at $3.96.

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