ASX 200 | A B C D E F G H I J L M N O P Q R S T U V W X
TO MAKE THE WORLD SMARTER, HAPPIER, AND RICHER.
Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.
BHP, Rio Tinto, and Fortescue are dragging on their sector today.
You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More
S&P/ASX 200 Index (ASX: XJO) mining shares are dragging on the market on Friday, adding to their longer-term poor performance.
The S&P/ASX 200 Materials Index (ASX: XMJ) is currently the market’s second-worst performing sector behind the S&P/ASX 200 Energy Index (ASX: XEJ), slumping 1.14%. It’s also fallen around 13% over the last month.
Among today’s biggest weights are resources giants BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO). They’re down around 2.3%, 1.7%, and 1.6% respectively.
For context, the ASX 200 is trading 0.3% higher right now.
Let’s take a closer look at what might be dragging down ASX 200 mining giants on Friday.
ASX 200 mining shares are struggling on Friday after commodity prices dived overnight, marking an abysmal quarterly performance.
The value of zinc led the downturn, falling 6.2% in Thursday’s session overseas while that of nickel slumped 4.7% to US$22643.00 per tonne. Copper prices also fell 1.7% to US$8254.25 a tonne.
Those movements included, metal prices tumbled between 20% and 40% in the June quarter, according to CommSec. That led copper to record its worst quarterly performance since 2011.
Iron ore futures also continued its multi-session slump, falling 0.1% to reach US$130 per tonne.
Though, it’s not all bad news out of the sector this morning.
The Regis Resources Limited (ASX: RRL) share price is launching 10.2% higher amid reports Fortescue Metals’ Andrew Forrest was aiming to buy an additional 15% hold in the company.
However, Forrest has since abandoned any such plans after failing to snap up the stake for $168 million, reports The Australian.
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Will July be a better month for this lithium share?
A plethora of good news wasn't enough to save this lithium stock from the June sell-off event.
Ioneer joined the Nasdaq last night. Here's how it performed...
This lithium share won't be returning to trade on Friday...
Why are social media bots going after Lynas?
What's driving up the share price of these explorers today?
The buyback trail continues in 2022 with CSR's latest announcement.
We take a look at what's dragged down the one-time ASX favourites in recent weeks.
In this FREE STOCK REPORT, Scott Phillips, and his team at Motley Fool’s Share Advisor have released a special free report, detailing 5 ASX stocks that they think could be fantastic stocks to own as investors prepare for their retirement.
Sign Up for Take Stock Investment news, stock ideas, and more, straight to your inbox.
Get Started Investing You can do it. Learn about investing with our Investing Education hub.
Win at Retirement Our latest articles and strategies for the post-work life you want.
Listen to Our Podcast Hear our experts take on shares, the market & how to invest.
Join Our Premium Community Join our flagship membership service, Share Advisor.
To make the world Smarter, Happier, And Richer
Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show and premium investing services. The Motley Fool launched its Australian presence in 2011, and since then has grown to reach over 1 million Australians.
Read more about us >
This Service provides only general, and not personalised financial advice, and has not taken your personal circumstances into account. The Motley Fool Australia operates under AFSL 400691. For more information please see our Financial Services Guide. Please remember that investments can go up and down. Past performance is not necessarily indicative of future returns. The Motley Fool Australia does not guarantee the performance of, or returns on any investment.
© 2010 - 2021 The Motley Fool Australia Pty Ltd. All rights reserved.
Australian Financial Services Licence (AFSL): 400691
The Motley Fool Australia, PO Box 104, Isle of Capri, Qld 4217
Contact Details: Phone: (03) 8592 4841 Email: [email protected] Our friendly customer service team will happily get back to you as soon as they can.