ASX 200 opens lower: BHP, RIO, FMG fall on weak iron ore prices

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ASX 200 opens lower: BHP, RIO, FMG fall on weak iron ore prices

 ASX 200 opens lower: BHP, RIO, FMG fall on weak iron ore prices
Image source: bluebay,Shutterstock

Highlights

  • The ASX 200 opened 0.39% or 29.4 points down at 7,497.7 with local miners trading in red due to falling iron ore prices.
  • Six out of the 11 sectors are trading higher today with the Metals and Mining sector being the biggest loser, shedding 2.29%.
  • Weebit Nano has requested the ASX for a voluntary suspension of its shares until 9 September 2021 on the back of a pending corporate announcement.

On Thursday, the Australian share market again opened lower, with local miners such as BHP, RIO and FMG witnessing selling pressure in the early trade due to weaker iron ore prices. Iron ore prices for 62% Fe fell 5.9% to US$143.55 per megatonne. However, a strong lead from the NASDAQ Composite on Wall Street has propelled domestic technology stocks higher.

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At the opening tick, the ASX 200 was trading 0.39% or 29.4 points down at 7,497.7. New Zealand's benchmark index, the NZX 50 was trading 0.1% down at 13,230.4 by 12 AM NZST.  

September kicked off with confident buying in technology stocks in the US. NASDAQ closed Wednesday’s session at another record high, while the S&P 500 surged higher but fell short to mark a fresh lifetime high.

The Dow Jones fell 0.14%, to 35,312.53, while the S&P 500 was up 0.03% to 4,524.09. The NASDAQ Composite closed the session 0.33% up at 15,309.38.

Related article: S&P 500, Nasdaq gain as tech, real estate stocks rise

How has the market performed so far?

As of 10:30 AM AEST, the ASX 200 recovered a bit from the opening losses and was trading 0.28% or 21 points lower at 7,506.1. The ASX All Ordinaries index was also down 0.19% or 14.5 points to 7,798.5.

Data Source: ASX Website (as of 2 September 2021, 10:30 AM AEST)

The top ASX 200 losers for the day so far were BHP Group (ASX:BHP) and Abacus Property Group (ASX:ABP), both falling 6.84% and 3.88%, respectively. On the flipside, stocks which are trying to resist the fall are Corporate Travel Management Limited (ASX:CTD) and ARB Corporation Limited (ASX:ARB), both gaining 3.98% and 2.91%, respectively.

Coming to the market breadth, six out of the 11 sectors are trading higher today. The Metals and Mining sector is the biggest loser, shedding 2.29%, while the Consumer Discretionary is the biggest gainer, gaining 0.33%. 

Newsmakers

Flight Centre Travel Group Limited (ASX:FLT) has entered into a joint venture with Tokyo-based NSF Engagement Corporation to expand its corporate travel business in Japan. Japan is now the 97th country for the company in which it operates.

Image Source: Copyright © 2021 Kalkine Media Pty. Ltd.

Senex Energy Limited (ASX:SXY) has signed a gas sales agreement with Opal, under which it will supply Opal with up to 12 petajoules (PJ) of natural gas for up to six years. The agreement has broadened the scope of the company’s supply of natural gas.

Weebit Nano Limited (ASX:WBT) has requested the ASX for a voluntary suspension of its shares until 9 September 2021 on the back of a pending corporate announcement. The details of the announcement are yet to be declared.

Read more: COVID-19: Victoria lockdown stretched by three weeks

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