The S&P/ASX 200 Index (ASX: XJO) is back in the green on Monday, gaining 1.93%, and shares in one sector are leading the way.
The S&P/ASX 200 Materials Index (ASX: XMJ) is outperforming right now, gaining 2.65%. Stocks belonging to the sector currently make up half of the 10 best performing ASX 200 shares.
Among the market’s best performers are lithium shares. Meanwhile, the materials sector’s gold-focused constituents are struggling.
Resource giants BHP Group Ltd (ASX: BHP), Rio Tinto Limited (ASX: RIO), and Fortescue Metals Group Limited (ASX: FMG) are also outperforming.
Letâs take a closer look at whatâs going on with ASX materials giants on Monday.
ASX 200 materials shares lead on Monday
Many ASX 200 materials shares are leading the market on Monday.
It comes as lithium shares continue to rebound from last weekâs carnage. Right now, the materials sector is led by the Core Lithium Ltd (ASX: CXO) share priceâs 13% gain. Those of Lake Resources N.L. (ASX: LKE) and Liontown Resources Limited (ASX: LTR) are up 8.3% and 8.7% respectively.
Meanwhile, shares in iron ore giants BHP, Rio Tinto, and Fortescue are gaining 2.9%, 4.2%, and 4.5% respectively.
Their gains come despite iron ore futures slumping 0.6% to US$128.53 a tonne on Friday. It closed last week 2.2% lower than the week prior, according to CommSec.
However, itâs not all sunshine in the sector today. Many ASX 200 gold shares are bucking the trend to tumble lower. Evolution Mining Ltd (ASX: EVN) is leading their downfall, plummeting 20% after the company released disappointing guidance for financial year 2022.
In encouraging news for ASX investors, all 11 of the benchmark index’s sectors are currently in the green.
Hot on the materials sectorâs heels is the S&P/ASX 200 Energy Index (ASX: XEJ). It has gained 2.48% right now.
The worst performing sector right now is the S&P/ASX 200 Real Estate Index (ASX: XRE). It’s currently 0.79% higher.
The post Guess which sector is delivering the biggest gain across the ASX 200 today appeared first on The Motley Fool Australia.
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More reading
- Why is the Core Lithium share price racing 13% higher?
- Here are the top 10 ASX shares today
- Here are the 3 most heavily traded ASX 200 shares on Friday
- Why Betmakers, Block, Lake Resources, and Vulcan shares are racing higher
- âNothing has changedâ: Why the Lake Resources share price is rocketing 19% today
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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