- The S&P/ASX 200 benchmark index ended lower on Wednesday, dropping 0.53% to 6,992.70.
- Nine out of eleven significant sectors ended the day in red, Materials being one of them.
- This article features five leading ASX-listed materials stocks and their respective performances on the ASX today.
The materials sector has been quite volatile in the past couple of days. Today, the S&P/ASX 200 Materials sector (INDEXASX:XMJ) ended at 15,868.1 points after losing 166.9 points or 1.041% on the ASX. The volatility in the materials sector could be due to the rising prices of the commodity.
Why are commodity prices soaring?
Iron ore: Iron ore prices have been heading higher for the past couple of months due to the increased demand for the mineral across the globe.
Lithium: Lithium is another metal that is seeing good demand as the manufacturing of electronic vehicle batteries is increasing.
Here in this article, we will be discussing five leading ASX-listed mining giants- BHP Group, Rio Tinto, Fortescue, Mineral Resources, and South32 and see how their stocks have fared on the ASX today.
BHP Group Limited (ASX:BHP)
Shares of Australian mining giant BHP Group Limited (ASX:BHP) ended 1.339% lower at AU$38.300 per share on the ASX today (10 August).
BHP recently announced that it has proposed to acquire 100% issued share capital in OZL through a scheme of arrangement. The cash consideration for acquiring OZL shares is AU$25 per share.
However, the execution of the proposal is subjected to some conditions such as the completion of due diligence, entering into a scheme implementation agreement and both OZL board and shareholders’ approval in the absence of a superior proposal.
Meanwhile, BHP’s share price has fallen by 27.08% on the ASX in a year. Its YTD-based share price dropped by 9.63% (as of 4:10 PM AEST on the ASX today).
Rio Tinto Limited (ASX:RIO)
Renowned mineral explorer Rio Tinto Limited (ASX:RIO) shares too ended in red, shedding 0.211% at AU$99.180 per share on the ASX today.
Headquartered in Melbourne, Rio is an ASX-listed mining company dealing in production of copper, gold, iron ore, coal, aluminium, borates, titanium dioxide, etc. The company currently holds a market capitalisation of AU$36.89 billion.
Meanwhile, Rio’s share price has fallen almost by 23.20% on the ASX in a year’s time. On the other hand, Rio’s YTD-based share price fell slightly by 0.51% (as of 4:10 PM AEST on the ASX today).
Fortescue Metals Group Ltd (ASX:FMG)
Australian iron ore mining giant Fortescue Metals Group Ltd (ASX:FMG) also closed in the red territory today. The share price stood at AU$18.830 per share after shedding off 0.633%.
In a recent announcement, Fortescue shared its quarterly activities report for the June quarter ended on 30 June 2022. During the given period, Fortescue delivered 189.0mt in FY22, which exceeded the company’s full-year guidance.
Fortescue generated a strong cash flow of US$5.2 billion with net debt of US$0.9 billion in the June quarter.
Meanwhile, Fortescue’s share price has fallen over 16% on the ASX within the last 12 months. On the other hand, Fortescue’s YTD-based share price fell over 5%.
Image source: © Milslav78 | Megapixl.com
Mineral Resources Limited (ASX:MIN)
Australia-based mining company Mineral Resources Limited (ASX:MIN) shares ended bearish on Wednesday. The stock shed 2.002% to end at AU$58.730 apiece.
Today Mineral Resources announced that it is likely to share its FY22 financial results on 29 August 2022.
Mineral Resource was recently included in the S&P/ASX 50 index, followed by the June quarterly review by the S&P Dow Jones Indices.
Meanwhile, Mineral Resources’ share price has fallen by 2.62% on the ASX over the last 12 months. On the contrary, Mineral Resources’ YTD-based share price gained by 0.09% (as of 4:10 PM AEST on the ASX today).
South32 Limited (ASX:S32)
The diversified mining company, South32 Limited (ASX:S32), shares ended 0.512% down at AU$3.880 per share.
The Perth-based mining company is likely to announce its FY22 results on 25 August 2022.
In the last one year, South32’s share price appreciated by 31.97% on the ASX. On the other hand, South32’s YTD-based share price fell by 4.67% (as of 4:10 PM AEST on the ASX today).