At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is charging higher. The benchmark index is currently up 1% to 7,122.8 points.
Here’s what is happening on the ASX 200 today:
Rio Tinto shares tumble
The Rio Tinto Limited (ASX: RIO) share price has come under pressure on Thursday and is tumbling notably lower. This decline has been driven by the mining giant’s shares trading ex-dividend this morning for its enormous $6.63 per share fully franked final dividend. Eligible shareholders can now look forward to receiving this payout next month on 21 April.
Gold price weigh on the ASX 200
Gold miners Newcrest Mining Ltd (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) are falling today after a sizeable pullback in the gold price overnight. This was caused by investors switching back to risk assets after investor sentiment improved. It isn’t just Newcrest and Northern Star that are falling. The S&P/ASX All Ords Gold index is down 3% at the time of writing.
Tech and travel rebounds
The beaten down tech and travel sectors have been on form on Thursday after investor sentiment improved following a pullback in oil prices. This has led to shares such as Flight Centre Travel Group Ltd (ASX: FLT) and Zip Co Ltd (ASX: Z1P) charging higher today. In respect to the tech sector, the S&P ASX All Technology index is up an impressive 3.4%.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Block Inc (ASX: SQ2) share price with an 8% gain. This follows a similarly strong gain by its US listed shares overnight. The worst performer has been the Nickel Mines Ltd (ASX: NIC) share price with an 11% decline. This morning Credit Suisse downgraded the company’s shares to a neutral rating and cut its price target to $1.34. It suspects that investor sentiment may suffer due to its relationship with the embattled Tsingshan.
The post ASX 200 (ASX:XJO) midday update: Rio Tinto goes ex-div, tech and travel shares rebound appeared first on The Motley Fool Australia.
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More reading
- Here’s why the Rio Tinto (ASX:RIO) share price is sliding 7% today
- Here’s why the Newcrest (ASX:NCM) share price is in the red today
- Why did the Flight Centre (ASX:FLT) share price have such a volatile time in 2022?
- Warning: Only 4 ASX shares just added to ASX 300 are profitable
- Is the Nickel Mines (ASX:NIC) share price chaos a buying opportunity?
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 and has recommended Block, Inc. and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Block, Inc. 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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