United Minerals up 35% on Pilbara iron ore news

Shares in United Minerals surged more than 35 per cent today after the explorer, formerly United Kimberly Diamonds, released preliminary results showing the potential for high-grade iron ore at its Pilbara Iron Project.

Shares in United Minerals jumped 35.6 per cent, or 8 cents, to 30.5 cents with more than 3 million shares changing hands.

United Minerals said an initial field mapping and grab sampling program at its Pilbara Iron Project had revealed high grade surface mineralisation of up to 65 per cent iron.

The explorer said it had identified three initial drill targets.

DJ Carmichael & Co dealer Mike Munro said the results were a positive step for the group.

"Anything above 60 per cent is generally good grade," he said.

Another big mover was WorleyParsons, which jumped 4 per cent, or 79 cent, to $20.70 after hitting $20.88 earlier in the day. The trading, on healthy turnover of 1.5 million shares, was fuelled by speculation in the market that the engineering group would be the next Australian company to receive a takeover offer.

The local share price run came against a lacklustre day on the broader market with the ASX-200 retreating from record highs, closing 31.8 points lower to 5559.7. The all ordinaries shed 30.6 points to 5541.6.