At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.45% to 7,493.5 points.
Here’s what is happening on the ASX 200 today:
Iron ore price tumbles
BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) shares are under pressure on Tuesday and weighing heavily on the ASX 200. This has been driven by a sizeable decline in the iron ore price overnight. According to Metal Bulletin, the benchmark iron ore price fell US$13.55 a tonne or 9.3% to US$131.50 a tonne. This follows Chinese authorities taking a stricter stance against steelmakers on steel production curbs and the start of sintering restrictions.
Flight Centre shares storm higher
The Flight Centre Travel Group Ltd (ASX: FLT) share price is storming higher today after being upgraded by analysts at Credit Suisse this morning. According to the note, the broker has upgraded the company’s shares to an outperform rating with an improved price target of $19.00. It made the move partly in response to the positive progress being made with the vaccine rollout.
Telstra rated as a buy
The Telstra Corporation Ltd (ASX: TLS) share price is trading lower today despite being the subject of a bullish broker note. According to the note out of Ord Minnett, its analysts have retained their buy rating and $4.50 price target on the telco giant’s shares. It believes the company is reaching an inflection point now that its mobile average revenue per user metric is rising and the NBN rollout is reaching an end.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Tuesday has been the Flight Centre share price with a 6% gain. This follows the aforementioned broker note out of Credit Suisse. Going the other way, the worst performer on the ASX 200 has been the Appen Ltd (ASX: APX) share price with a 4% decline. This appears to have been driven by profit taking after a strong gain in recent sessions.
The post ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher appeared first on The Motley Fool Australia.
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More reading
- The Lynas Rare Earths (ASX:LYC) share price is soaring 4% on Tuesday
- Flight Centre (ASX:FLT) share price storms 6% higher on broker upgrade
- Telstra (ASX:TLS) share price struggles amid possible union action
- Fortescue’s big fall, job ad numbers disappoint and rates in focus. Scott Phillips on Nine’s Late News
- Transurban (ASX:TCL) share price could get boost from WestConnex rumour
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Appen Ltd. The Motley Fool Australia owns shares of and has recommended Appen Ltd and Telstra Corporation Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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