The
Coda Minerals Ltd (ASX: COD) share price went gangbusters today. At close of trade, shares in the mineral explorer are sitting at $1.19 each. That’s an incredible 235.21% higher than yesterday’s closing price.
This monumental price rise comes after the company announced a “significant” iron oxide copper-gold (IOCG) result at its South Australian mine. IOCG ore can contain large amounts of copper, gold, and sometimes uranium.
Let’s take a closer look at today’s news.
Why the Coda Minerals share price struck proverbial gold
In a statement to the ASX, Coda Minerals, along with its 30% ownership partner
Torrens Mining Ltd (ASX: TRN) – also up an impressive 106% today, declared “highly encouraging” preliminary results at Emmie Bluffs Deep in its Elizabeth Creek project in SA.
S&P/ASX 200 breaks above 6,800 for the first time since late February 2020
Brent crude oil price gained 40 cents to US$56.30 a barrel on expectations that U.S. President Joe Biden’s administration will deliver a massive stimulus spending that will lift fuel demand. Australia’s unemployment rate came in at 6.6% in December.
S&P/ASX 200 (INDEXASX:XJO) is rising for a third consecutive day with the index 0.68% higher at 6,816 points by 1.51 pm and breaking above the 6,800 point mark for the first time since late February 2020.
This followed a positive lead from Wall Street where the S&P 500 and the Nasdaq hit all-time highs on Wednesday after the inauguration of Joe Biden as 46th President of the United States.