Three ASX 200 miners hit record highs

FORTESCUE Metals Group, Evolution Mining and Saracen Mineral Holdings have all hit all-time highs today on the ASX for the third consecutive day.
Three ASX 200 miners hit record highs Three ASX 200 miners hit record highs Three ASX 200 miners hit record highs Three ASX 200 miners hit record highs Three ASX 200 miners hit record highs

FMG shares reached an all-time high of A$13.94 intraday as the iron ore price reached a three-month high of US$93 per tonne.

Iron ore has been supported by strong Chinese demand and concerns about Brazil's COVID-19 cases, which are growing rapidly.

It's been a stunning turnaround for FMG, which traded as low as A$8.58 in early March.

Only Macquarie has a price target of more than $13 for FMG.

After its market capitalisation moved through $40 billion yesterday, the company is now worth $42.7 billion.

That values chairman Andrew Forrest's 36% stake at about $15.4 billion.

The stock closed 4.4% higher at $13.87.

Evolution shares reached a peak of $6.11, but closed 0.2% higher at $6.08.

The company broke through the $10 billion valuation mark yesterday and is now worth nearly $10.4 billion.

Evolution shares finished 2019 at $3.80 and dropped to as low as $3.36 in mid-March.

On Friday, Shaw and Partners' Peter O'Connor lifted his price target for Evolution to $6.50, the highest of any analyst.

Shares in Saracen reached $5.69 today and closed 0.2% higher at $5.63.

The stock has nearly doubled from its March 16 low of $2.91.

Canaccord Genuity analyst Tim McCormack has the highest price target for Saracen at $5.90.

The company's market cap went through $6 billion for the first time yesterday, and is now sitting at more than $6.2 billion.

Gold miners have benefited as the price of the yellow metal has risen to seven-year highs of more than US$1763 an ounce.

Spot gold last traded at $1728/oz or A$2637.70/oz.

Both Saracen and Evolution have recently made acquisitions, with Evolution paying Newmont US$375 million for the Red Lake mine in Ontario, and Saracen buying Barrick Gold's 50% share of Kalgoorlie's Super Pit for $700 million.

All three companies are among Macquarie's top picks in the ASX mining space.