ASX 200 to rise; BHP, Rio Tinto to surge on higher iron ore prices

Highlights

  • Australian share market is expected to edge higher on Monday despite Wall Street ending last week on a subdued note.
  • The ASX 200 is expected to open the week 2 points higher, according to the latest SPI futures.
  • On Wall Street, the Dow Jones rose 0.1%, the S&P 500 climbed 0.15%, and the NASDAQ traded flat.

The Australian share market is expected to edge higher on Monday despite Wall Street ending last week on a subdued note. The ASX 200 is expected to open the week 2 points higher, according to the latest SPI futures.

                 

ASX 200 rises; BHP, Rio Tinto surge on higher iron ore prices

 

On 24 September 2021, the broader Australian market ended in red. While the ASX 300 fell by 0.40% to 7,345.90, the ASX 200 declined by 0.37% to 7,342.60. 

Image Source: ASX website, as of 24 September 2021

Eagers Automotive Ltd will go ex-dividend on Monday. Here are the stocks that will go ex-dividend in rest of September 2021:

Image Source: Respective ASX-listed company reports

Wall Street remained under pressure throughout the last week since Chinese real estate giant Evergrande Group was on the brink of a major default. In addition, the US Federal Reserve’s sooner-than-expected timeline for stimulus tapering also weighed on the markets. Earlier last week, Fed said that it was withdrawing its bond-buying program by November, which may follow an interest rate hike.

  • The S&P 500 was up 0.15% to 4,455.48.
  • The Dow Jones rose 0.10% to 34,798.00.
  • The NASDAQ Composite fell 0.03% to 15,047.70.
  • The small-cap Russell 2000 was down 0.49% to 2,248.07.

Image Source: @ 2021 Kalkine Media

Image Source: @ 2021 Kalkine Media

Meanwhile, BHP Group Ltd, Fortescue Metals Group Ltd, and Rio Tinto Ltd could trade higher on Monday after the benchmark iron ore price inched higher. The spot benchmark iron ore price was up 2.4% to US$111.33 a tonne, according to Metal Bulletin.

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