The S&P/ASX 200 Index (ASX: XJO) is lower on Tuesday, despite plenty of stocks trading higher.
At the time of writing, the benchmark index is down 0.29% to 8,600 points. It was much weaker earlier, falling as low as 8,490.9 points before recovering some lost ground.
At the latest check, 111 ASX 200 shares were trading higher, compared with 87 lower and 2 unchanged.
Usually, that would be enough to help the index, but the selling is landing in some of the market’s largest stocks.
Here’s the latest.
A few heavyweights are doing the damage
Today, the main pressure is coming from the big miners.
BHP Group Ltd (ASX: BHP) shares are down 2.08% to $59.965 at the time of writing.
Rio Tinto Ltd (ASX: RIO) shares are also weaker, falling 1.62% to $181.59, while Fortescue Ltd (ASX: FMG) shares are down 3.56% to $19.80.
The weakness comes as investors stay cautious on the resources sector.
Iron ore is still sitting near US$101 a tonne after falling over the past month, while demand from China and broader global growth signals remain in focus.
Gold miners are also weighing on the market.
Northern Star Resources Ltd (ASX: NST) shares are down 4.50% to $18.985, even though gold is slightly higher today at around US$4,337 an ounce.
Banks are not offering enough support
The big banks aren’t giving the ASX 200 much help either.
Commonwealth Bank of Australia (ASX: CBA) shares are up 0.11% to $161.07, which is helping limit the damage.
But the other major banks are not following it higher.
Westpac Banking Corp (ASX: WBC) shares are down 0.52% to $34.63, National Australia Bank Ltd (ASX: NAB) shares are down 1.09% to $36.19, and ANZ Group Holdings Ltd (ASX: ANZ) shares are down 0.26% to $34.03.
There are still buyers around
There are still plenty of green screens away from the miners and banks.
Wesfarmers Ltd (ASX: WES) shares are up 1.57% to $80.17 at the time of writing, while Telstra Group Ltd (ASX: TLS) shares are 2.52% higher at $5.09.
Woolworths Group Ltd (ASX: WOW) shares are also stronger, rising 2.19% to $36.47, while CSL Ltd (ASX: CSL) shares are up 1.46% to $99.34.
QBE Insurance Group Ltd (ASX: QBE) is also in the green, with its shares up 1.43% to $22.99.
The number of stocks rising shows investors are still buying selectively. But with the big miners and banks still weighing down the benchmark, the ASX 200 remains stuck in the red.
The post Here’s why the ASX 200 is falling despite a sea of green appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL and Wesfarmers. The Motley Fool Australia has positions in and has recommended Telstra Group and Woolworths Group. The Motley Fool Australia has recommended BHP Group, CSL, and Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.