XYZ, CXO and FMG: Three ASX 200 Struggle on Thursday

January 23, 2025 05:19 PM AEDT | By Team Kalkine Media

XYZ, CXO and FMG: Three ASX 200 Struggle on Thursday — Image source: shutterstock

Block Inc (ASX:XYZ)

Block Inc’s share price dropped 3.5% to $140.15 following a decline in its NYSE-listed shares overnight. The reason for the sell-off remains unclear, though profit-taking seems to be a plausible explanation, given that Block’s shares have gained approximately 30% over the past six months. Investors may have decided to lock in profits, leading to today’s dip.

Core Lithium Ltd (ASX:CXO)

Core Lithium shares declined 3.5% to 9.65 cents after the company released a disappointing quarterly update. Operations at its Finniss lithium project remain suspended, resulting in no production during the quarter. While the company remains optimistic about the future, investors reacted negatively to the temporary halt in production.

Fortescue Ltd (ASX:FMG)

Fortescue's share price slipped almost 2% to $18.68 despite the mining giant reporting record shipments in its latest quarterly update. During the second quarter, Fortescue shipped 49.4 million tonnes (Mt) of iron ore, bringing its first-half shipments for FY2025 to 97.1 Mt—a 3% increase compared to the same period in FY2024 and the company’s highest-ever half-year shipments.

Management reaffirmed its full-year shipment guidance of 190Mt to 200Mt and maintained its Hematite C1 cost guidance at US$18.50–US$19.75 per wet metric tonne. However, broad weakness in the mining sector overshadowed the otherwise positive results, leading to the decline in Fortescue’s share price.

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