Category: Stock Market

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.35% to 7,537.6 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:

Appen Ltd (ASX: APX)

The Appen share price is up 4% to $2.66. This may have been driven by optimism over the quarterly update from Meta Platforms. Given that the Facebook owner is one of Appen’s largest customers, its return to form could be good news for the artificial intelligence data services company.

Janus Henderson Group PLC (ASX: JHG)

The Janus Henderson share price is up 13% to $41.60. This follows the release of the fund manager’s fourth quarter update. Janus Henderson’s non-GAAP earnings per share of 61 US cents was 20 US cents ahead of consensus estimates. The company’s revenue also came in almost US$45 million higher than expectations at US$515.2 million.

Lithium Energy Ltd (ASX: LEL)

The Lithium Energy share price is up 7% to 89 cents. Investors have been snapping up this battery materials explorer’s shares following the release of an update on the Burke Graphite Project. That update reveals that assays have confirmed the project to be one of the world’s highest-grade deposits.

Pinnacle Investment Management Group Ltd (ASX: PNI)

The Pinnacle share price is up 11% to $10.40. This may have been driven by a broker note out of Morgans this morning. Although a touch underwhelmed with the investment management company’s half year results, it believes the selloff has created a good entry point for investors. As a result, the broker has upgraded Pinnacle’s shares to an add rating with a $10.75 price target.

The post Why Appen, Janus Henderson, Lithium Energy, and Pinnacle shares are charging higher appeared first on The Motley Fool Australia.

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More reading

• 3 ASX All Ords shares rocketing 10% or more today
• Why did this ASX lithium share just rocket 9%?
• ASX 200 stock Pinnacle dives 7% on earnings miss
• Why QBE, Pinnacle, Rio Tinto, and Virgin Money shares are dropping
• Why Appen, Gold Road, Healius, and Pinnacle shares are dropping today

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. has positions in and has recommended Appen and Pinnacle Investment Management Group. The Motley Fool Australia has positions in and has recommended Pinnacle Investment Management Group. 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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The CSL Limited (ASX: CSL) share price is one of the best performers of the S&P/ASX 200 Index (ASX: XJO) today, currently up by 2.9% to $313.42.

In earlier trading, the ASX healthcare share hit an intraday high of $314.28 — a new 52-week best.

This is despite news today that a rival pharmaceutical company, GSK plc (NYSE: GSK) has received approval for a competing drug from the United States Food and Drug Administration. 

GSK’s Jesduvroq (daprodustat) is the first oral treatment for anaemia caused by chronic kidney disease (CKD) in adults receiving dialysis. It’s potentially a more appealing treatment option for patients compared with CSL’s Mircera and Retacrit drugs, which are administered by injection.

What’s been happening with the CSL share price lately?

If we look back over the past month, the CSL share price has accelerated by 13% since 10 January. The S&P/ASX 200 Health Care Index (ASX: XHJ) has also moved up by 10.3%.

Over the same period, the ASX 200 has moved up by 5.75%.

With no price-sensitive news out of CSL in 2023, we can put this recent surge down to two things.

Firstly, there’s clearly some fresh energy in the market in the new year. That momentum is especially noticeable among the big ASX blue-chip shares.

Secondly, as my colleague James reported yesterday, a few new broker notes have backed the CSL share price for growth in 2023.

Morgans added CSL to its best ideas list for February with an add rating and share price target of $312.20.

The broker reckons 2023 could be epic for the CSL share price, which has languished during the pandemic.

The broker commented:

A key portfolio holding and key sector pick, we believe CSL is poised to break-out this year, a COVID exit trade, offering double-digit recovery in earnings growth as plasma collections increase, new products get approved and influenza vaccine uptake increases around ongoing concerns about respiratory viruses, with shares offering good value trading around its long term forward multiple of 31.5x.

Also this week, Morgan Stanley has reiterated its overweight rating on CSL with a $354 share price target.

CSL share price snapshot

Before the COVID-19 market crash, CSL shares were trading up around $340.

During the pandemic, it fluctuated a lot, sinking beneath $250 in March 2021 and again in February 2022.

Turns out they were the best buy the dip opportunities for CSL shares. If an investor had put $50,000 into CSL at $248.50 per share 12 months ago, they’d be sitting on a handsome $13,000 capital gain (26%).

The post The CSL share price has boomed 13% in under a month. What’s going on? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Friday
• Happy days! 8 ASX 200 shares smashing new 52-week highs on Thursday
• CSL share price surges to new 52-week high on Thursday
• How I’d invest $20k in ASX 200 shares in 2023 to aim for a million
• Should I buy CSL shares before this month’s earnings update?

Motley Fool contributor Bronwyn Allen has positions in CSL. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. 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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The weekend is nearly here and the All Ordinaries Index (ASX: XAO) is rejoicing, rising 0.33% at the time of writing.

It’s being helped along by three All Ords shares that have each gained 10% or more today.

What news might have put the wind beneath their wings? Let’s take a look.

3 All Ords shares leaping more than 10% today

The Weebit Nano Ltd (ASX: WBT) share price is back with a bang. The All Ords share surged 13% to a 52-week high of $5.64 today after returning to trade shortly before the market closed on Thursday.

The stock was halted last week as the company sought court orders in relation to an administrative error.

However, it hasn’t managed to hold onto all of today’s gains. Right now, shares in Weebit Nano are swapping hands for $5.52 – 10.4% higher than its previous close.

Joining its ASX All Ords peer in posting a notable surge today is the Janus Henderson Group CDI (ASX: JHG) share price.

It peaked at $41.92 – marking a 14.1% gain. Though, it has since slipped to trade at $41.70, 13.50% higher than it closed yesterday’s session.

Its rise comes on the back of the company’s quarterly earnings. That’s despite its diluted earnings per share (EPS) falling 39% to US$2.60 the year ended 31 December 2022.

Meanwhile, its assets under management (AUM) slipped 34% to US$287.3 billion over the year, but increased 5% quarter-on-quarter.

Finally, the Pinnacle Investment Management Group Ltd (ASX: PNI) share price shot 12% higher to $10.53 earlier today. The ASX All Ords share is currently up 10.22%, trading at $10.35.

It follows yesterday’s disastrous session, which saw the stock dump 2.7% on the back of the company’s half-year earnings.

Its net profit after tax (NPAT) slumped 24% over the six months ended 31 December, coming in at $30.5 million.  Meanwhile, its dividend was slashed to 15.6 cents per share – an 11% decrease.

It’s possible market watchers took yesterday’s slump as a buying opportunity, perhaps helping bump the stock higher today.

The post 3 ASX All Ords shares rocketing 10% or more today appeared first on The Motley Fool Australia.

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More reading

• ASX 200 stock Pinnacle dives 7% on earnings miss
• Why QBE, Pinnacle, Rio Tinto, and Virgin Money shares are dropping
• Why Appen, Gold Road, Healius, and Pinnacle shares are dropping today
• Top ASX shares to buy in February 2023
• How I’d invest $20,000 in ASX shares in 2023

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 positions in and has recommended Pinnacle Investment Management Group. The Motley Fool Australia has positions in and has recommended Pinnacle Investment Management Group. 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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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decent gain. In afternoon trade, the benchmark index is up 0.3% to 7,532.2 points.

Four ASX shares that have failed to climb with the market today are listed below. Here’s why they are dropping:

Bega Cheese Ltd (ASX: BGA)

The Bega Cheese share price is down 2.5% to $3.70. This morning, this diversified food company announced that its CEO, Paul van Heerwaarden, has exited the company today. While van Heerwaarden’s departure had been previously flagged, investors appear disappointed that the transition period wasn’t longer.

Insurance Australia Group Ltd (ASX: IAG)

The IAG share price is down 1% to $4.78. This follows the release of an update on its exposure to the New Zealand storms and floods. IAG revealed that it has now received more than 15,000 claims to date across its AMI, State, NZI, and partner brands.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is down almost 4% to $12.71. Investors have been selling the gold miner’s shares following a pullback in the gold price overnight. It isn’t just Northern Star that is falling today. A large number of gold miners are trading lower. This has led to the S&P/ASX All Ordinaries Gold index falling 3.4% this afternoon.

Sandfire Resources Ltd (ASX: SFR)

The Sandfire share price is down almost 4% to $6.22. This appears to have been driven by broad weakness in the mining sector on Friday. Not even an update on the Motheo project in Botswana has been able to stop this copper miner’s shares from sinking into the red today. Management advised that construction of the initial 3.2Mtpa project is nearing completion and production is expected to ramp up from the June quarter.

The post Why Bega Cheese, IAG, Northern Star, and Sandfire shares are dropping appeared first on The Motley Fool Australia.

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More reading

• IAG share price sinks 5% as New Zealand flood claims pour in
• Happy days! 8 ASX 200 shares smashing new 52-week highs on Thursday
• Here are the top 10 ASX 200 shares today
• Investing in ASX 200 gold shares? Here’s what to expect from the yellow metal in 2023
• 5 things to watch on the ASX 200 on Wednesday

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. 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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S&P/ASX 200 Index (ASX: XJO) mining stocks digging up gold are in our spotlight today.

This comes as the gold price hovers near nine-month highs.

The yellow metal is currently trading for US$1,915 (AU$2,709) per troy ounce after hitting fresh nine-month highs of US$1,950 on Wednesday.

And bullion could well march higher from here, supported by its historic safe haven status as the world faces plenty of uncertainty in the year ahead.

Any further price rises would certainly be good news to ASX 200 mining stocks in the gold space.

You may have heard analysts say that gold miners are leveraged to the price of gold. That’s because the miners’ all-in-sustaining costs (AISC) are essentially fixed, regardless of the price they receive for the precious metal.

So, when the gold price marches higher, most all of those gains go straight to the bottom line.

With that said, we look at three ASX 200 mining stocks producing gold that could soar amid a rising gold price.

ASX 200 mining stock number one

Up first, we have Newcrest Mining Ltd (ASX: NCM).

The ASX 200 mining stock has a market cap of  $20.7 billion and pays a trailing dividend yield of 1.8%, fully franked.

The Newcrest Mining share price is up 9.6% in 2023, currently trading at $22.63 per share.

In the December quarter, Newcrest produced 512,000 ounces of gold at an AISC of $1,082 per ounce. That compares to the current gold price of AU$2,709.

Newcrest was recently upgraded by Morgans to an add rating with a $25.70 price target. That’s 13.8% above the current price.

According to the analysts at Morgans:

We see a dependable production and earnings base from which NCM can ride recovering gold and copper prices. Trailing its smaller gold peers, we see an emerging value proposition on offer in NCM, which benefits from mine diversification, solid margins, and long-life reserves.

James Rutledge, portfolio manager of Perpetual’s Pure Value Fund, is also bullish on the ASX 200 mining stock.

Addressing Newcrest shares, Rutledge said (courtesy of The Australian Financial Review):

The performance of the stock will no doubt be dictated by the performance of the gold price, but we see further upside to the stock as the market starts to appreciate Newcrest’s increasing exposure to copper, as well as their potential growth opportunities.

Perpetual believes investors are underappreciating Newcrest’s growth projects.

“Over the remainder of FY23, the release of studies on several growth projects such as at Havieron and Brucejack should see the market start to price in this growth,” he said.

Another gold producer that could fly higher

Another ASX 200 mining stock that could have a strong year ahead is Gold Road Resources Ltd (ASX: GOR).

Gold Road has a market cap of $1.8 billion and pays a fully franked trailing dividend yield of 0.9%.

The Gold Road Resources share price is down 6.0% in the new year, currently trading for $1.58 per share.

The ASX 200 mining stock reported that its 2023 annual production is set to ramp up to a range of 340,000 and 370,000 ounces (170,000 — 185,000 ounces attributable) at an attributable AISC between AU$1,540 and AU$1,660 per attributable ounce.

Bell Potter recently raised Gold Road to a buy rating with a price target of $1.95 per share. That’s 22% above the current price.

In December, analysts at Celeste Funds Management came out with a positive note on Gold Road, saying the miner can offer investors “low-cost gold exposure”.

According to Celeste:

Gold Road presents an attractive growth profile through increasing grade at Gruyere, and their investment in De Grey Mining Limited (ASX: DEG) offers significant growth optionality.

Which brings us to…

The third ASX 200 mining stock focussed on gold

The third ASX 200 mining stock in our spotlight that could have a big year ahead of it is Evolution Mining Ltd (ASX: EVN).

Evolution Mining has a market cap of $5.9 billion and pays a trailing dividend yield of 1.8%, fully franked.

The Evolution share price is up 9.2% in 2023, currently trading at $3.25.

In its December quarterly results, Evolution reported a 3% increase in gold production to 166,404 ounces and a 27% reduction in AISC to AU$1,099 per ounce.

The gold miner maintained its FY23 production and AISC guidance at 720,000 ounces and AU$1,240 ounces, give or take 5%.

In mid-January, Fairmont Equities managing director Michael Gable said he expected the ASX 200 mining stock to see further share price increases in 2023.

“We’re bullish about the outlook for gold in volatile and uncertain times across the globe,” Gable said.

He added:

Evolution is one of the biggest gold miners on the ASX. The share price has risen from $1.81 on October 21, 2022, to trade at $3.33 on January 12, 2023. We expect the upward trend to continue. In our view, any short-term weakness presents a buying opportunity.

The post The gold price is near 9-month highs. Could these ASX 200 mining stocks be set to soar? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today
• Why Centuria Office, Deep Yellow, Newcrest, and Xero shares are racing higher today
• 5 things to watch on the ASX 200 on Thursday
• Investing in ASX 200 gold shares? Here’s what to expect from the yellow metal in 2023

Motley Fool contributor Bernd Struben 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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The Coles Group Ltd (ASX: COL) share price will be one to watch this month.

That’s because on 21 February the supermarket giant is scheduled to release its half year results.

Should you buy Coles shares before its results?

Opinion is divided on Coles shares ahead of its results release.

In the bear corner stands Goldman Sachs, which has a sell rating and $14.90 price target on its shares. This implies potential downside of 18% for investors over the next 12 months.

Goldman prefers Woolworths Group Ltd (ASX: WOW) and expects it to outperform Coles in the near term. It explained:

We expect WOW 2Q23 sales and 1H23 margins to outperform COL on more positive mix driven pricing, continued growth of Cartology and lower step-up in new supply chain implementation cost. We forecast WOW to grow 1H23 EBIT +12% YoY vs COL flat.

Bullish view

In the bull corner you’ll find Morgans with an add rating and $19.50 price target. This suggests that Coles shares could rise almost 8% from current levels.

It likes Coles due to its solid balance sheet, defensive qualities, and favourable trends in consumer shopping habits. The broker commented:

Trading on 20.6x FY23F PE and 4.0% yield, we continue to see COL as offering good value with the company’s solid balance sheet and defensive characteristics putting it in a good position to navigate through a weaker economic environment. The unwinding of local shopping should also help further market share gains.

It is also worth noting that Credit Suisse is positive on Coles.

So much so, earlier this week the broker upgraded the company’s shares to an outperform rating with an improved price target of $19.31. It expects Coles to benefit greatly from food inflation and is forecasting strong earnings growth this year.

The post Should I buy Coles shares before this month’s ASX earnings update? appeared first on The Motley Fool Australia.

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More reading

• Goldman reveals the ASX shares that could surprise to the upside (and downside) this reporting season
• ASX shares investors rejoice! RBA says inflation has now peaked
• ‘Attractive stock’: Fundie names one ASX share to buy, one to watch, one to avoid
• Here are the top 10 ASX 200 shares today
• Leading brokers name 3 ASX shares to buy today

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. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Coles Group. 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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The Lithium Energy Ltd (ASX: LEL) share price is ending the week on a high on news of “exceptional” drilling results.

Assays from the company’s Burke Graphite Project have confirmed its one of the world’s highest-grade deposits.

The Lithium Energy share price has leapt 9.04% to trade at 90.5 cents on the back of the announcement.

Let’s take a closer look at the latest from the ASX lithium and graphite developer.

ASX lithium stock soars on graphite find

Lithium Energy is having a great Friday on the ASX, as its share price soars on news of its graphite project – previously found to be capable of producing battery-grade product.

Assay results from seven of 29 holes drilled at the outback Queensland project have now been received, showing intercepts of more than 20% total graphitic carbon. The company’s release states:

These grades are exceptionally high when compared with most other known graphite deposits globally.

Lithium Energy is also moving to begin assessing a potential purified spherical graphite anode manufacturing facility in Australia. Such a facility could use Burke graphite as feedstock.

Assays from the remaining 22 holes completed at the project are pending. Meanwhile, the company is gearing up to kick off drilling 150 kilometres away.

Around 2,000 metres of reverse circulation drilling and 200 metres of diamond drilling are planned for its Corella Tenement in the coming months.

Beyond graphite, the company has a 90% interest in Argentina’s Solaroz Lithium Project.

It announced it had encountered significant intersections of highly conductive brines in the lithium project’s northern section earlier this week.

Lithium Energy share price snapshot

The Lithium Energy share price has had a great start to 2023 on the ASX. It has gained around 26% so far this year. Though, that still leaves it 6% lower than it was this time last year.

The company currently boasts a market capitalisation of around $56 million.

The post Why did this ASX lithium share just rocket 9%? appeared first on The Motley Fool Australia.

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More reading

• ASX investors are buying up the Betashares Nasdaq 100 ETF. Should you?
• Could this BNPL share be wiped from the ASX?
• Why are ASX 200 iron ore shares being hammered hard on Friday?
• I’d start spending $500 a month on ASX 200 shares to retire early
• IAG share price sinks 5% as New Zealand flood claims pour in

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The Betashares Nasdaq 100 ETF (ASX: NDQ) has been very popular with investors recently.

For example, according to CommSec data, the tech-focused exchange-traded fund (ETF) came third on the list of most traded ASX shares on its platform last week.

Furthermore, the vast majority of these trades were buys. The data shows that a whopping 78% of trades were buy orders from retail investors, with just 22% sell trades.

The good news for those buyers is that the Betashares Nasdaq 100 ETF has been in fine form this week, rising 4.5% over the period. Great timing from them!

As you can see below, after having its best January in 20 years, the ETF has now gained an impressive 10.5% since the start of the year.

Should I buy the Betashares Nasdaq 100 ETF?

If you take another look at the chart above, you’ll see that although the ETF is up strongly this year, it is still trading meaningfully lower than its highs.

I believe that this indicates that it isn’t too late for investors to put money into the ETF today. Especially with inflation starting to ease, interest rate hikes coming to the end of their cycle, and the quality on offer in the ETF.

When you buy the Betashares Nasdaq 100 ETF, you are buying a slice of the 100 largest non-financial companies on the famous NASDAQ-100 Index (NASDAQ: NDX). This includes the likes of Alphabet, Apple, Amazon, Meta, Microsoft, Netflix, and Tesla.

I feel that these are arguably some of the highest quality companies on the planet and have very bright long term growth prospects. And while it may take time for their shares to reach previous highs, I have little doubt they will eventually be scaling new heights and dragging the Betashares Nasdaq 100 ETF along for the ride.

All in all, I would be buying this ETF today if I were not already a unitholder.

The post ASX investors are buying up the Betashares Nasdaq 100 ETF. Should you? appeared first on The Motley Fool Australia.

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More reading

• Need passive income? Turn $5,000 into $800 every month
• Invested $1,000 in the Betashares Nasdaq 100 ETF (NDQ) 5 years ago? Here’s how much dividend income you’ve earned
• 2 of the best ETFs for beginner investors to buy now
• 3 ASX ETFs you might not know pay dividends
• 3 popular ETFs that could be top picks right now

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Motley Fool contributor James Mickleboro has positions in BetaShares Nasdaq 100 ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet, Amazon.com, Apple, BetaShares Nasdaq 100 ETF, Meta Platforms, Microsoft, Netflix, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has positions in and has recommended BetaShares Nasdaq 100 ETF. The Motley Fool Australia has recommended Alphabet, Amazon.com, Apple, Meta Platforms, and Netflix. 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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The Openpay Group Ltd (ASX: OPY) share price isn’t returning to the ASX boards as planned on Friday.

This morning, the embattled buy now pay later (BNPL) provider requested that its shares remain suspended.

What’s going on with this ASX BNPL share?

Unfortunately for its shareholders, there’s a reasonable possibility that Openpay could never trade on the ASX again.

According to its suspension request, the non-payment of the company’s utilisation notice by 31 January means that Openpay has breached the covenants of loan agreements with senior secured lenders.

Management has advised that constructive discussions are underway with its senior secured lenders, and a sub-committee of non-conflicted directors anticipate that negotiations will allow the company to make an announcement and end the suspension.

What’s the issue?

Openpay ended the last quarter with a cash balance of approximately $17 million after burning through $18 million of cash during the three months.

Clearly, if it were to do the same in the current quarter, it would run out of money.

However, the company has unused finance facilities of $41 million, which would boost its total available funding to $58 million. This would give it 3.19 quarters of funding according to its cash flow report.

The issue is getting hold of these funds. No explanation has been provided, but it appears as though its financiers aren’t overly keen to put this money up. Which is understandable given how far away Openpay seems to be from becoming profitable. If it ever will be.

All in all, it wouldn’t be overly surprising if this ASX BNPL share follows the lead of Laybuy Group Holdings Limited (ASX: LBY) and delists from the Australian share market in the near future given the sad state it is in.

The post Could this BNPL share be wiped from the ASX? appeared first on The Motley Fool Australia.

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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. 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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Some of the S&P/ASX 200 Index (ASX: XJO)’s biggest names are among its worst performers on Friday as iron ore shares plummet.

It follows a rough slog for iron ore futures overnight as Chinese inventories remain high, perhaps suggesting demand for the steel-making ingredient could underwhelm.

It likely comes as no surprise, then, that the mining sector is suffering today.

The S&P/ASX 200 Materials Index (ASX: XMJ) is currently down 1.62% – coming in as the worst performer among the ASX 200’s 11 sectors. That’s compared to the index’s 0.31% gain.

Let’s take a closer look at what’s going wrong for ASX 200 iron ore shares on Friday.

What’s going wrong for ASX 200 iron ore shares?

Here’s how many of the market’s major iron ore shares are performing on Friday:

• The BHP Group Ltd (ASX: BHP) share price is down 2.47%, trading at $47.645
• The Fortescue Metals Group Limited (ASX: FMG) share price has dumped 1.75% to reach $21.85
• The Rio Tinto Ltd (ASX: RIO) share price is falling 2.24% to hit $122.62

The drop follows a rough night for the red metal. Iron ore futures plunged 1.9% to US$123.95 a tonne overnight amid continuously high Chinese inventories.

That may have undermined expectations China’s move away from its COVID-19-zero policy could bolster demand for iron ore.

The nation is the world’s largest iron ore consumer and has reportedly recently doubled down on its property sector, thereby bolstering demand for steel and, likely in turn, iron ore.

However, China’s National Development and Reform Commission noted its intent to “crack down” on activities designed to boost the price of the metal last month.

Of course, the higher the price of iron ore, the more earnings iron ore miners will realise from their production.

While today is proving to be a rough one for the ASX 200 giants, their year-to-date performance has been strong. The Fortescue share price has gained 7% since the start of 2023, while that of BHP and Rio Tinto have both lifted 5%.

The post Why are ASX 200 iron ore shares being hammered hard on Friday? appeared first on The Motley Fool Australia.

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• Here are the top 10 ASX 200 shares 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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