Resource stocks rally

RESOURCE stocks surged today on the Australian bourse with the mining majors leading the charge, while talk of China’s sovereign wealth fund and local steelmakers bidding for Rio Tinto has been quashed.

The S&P-ASX 200 ended the day up 2.2% at 6471.4, its biggest gain since September 19, while the All Ordinaries closed 2.2% higher at 6533.