Good, in parts, is the best way to describe the resources sector over the past week, but for much of the market there were unmistakable signs of fatigue setting in after a stellar year which has just 20 trading days remaining until the Christmas shut-down.
Cash news, rather than exploration news, commanded the most interest on the Australian stock market over the past week with a flood of pre-Christmas capital raisings as small miners rushed to capitalise on strong investor-interest in the resources sector.
Battery metals, including nickel, a born-again base metal which has found a new meaning to life, starred on the Australian stock market last week, but the big news for mining investors was actually occurring 15,000km away in London.
Explorers and mine developers rushed to fill their Christmas stockings with cash this week as investor enthusiasm for resources continued to grow, perhaps aided by the return of a widely discredited term: “super-cycle”.
It was a tale of two markets in the resources sector of the Australian stock exchange this week with the top end sagging and the bottom end on fire, especially battery metals, where cobalt burned brightest.