The Uniti Group Ltd (ASX: UWL) share price is shooting even higher after returning from its trading halt in late trade.

This morning the telco’s shares were up 17% before being hurried into a trading halt.

The Uniti share price has now returned to trade and is up a whopping 31% to $4.13.

Why is the Uniti share price racing higher?

Investors were bidding the Uniti share price higher this morning amid speculation that the telco was a takeover target.

This speculation has now been confirmed as being accurate following the release of an announcement out of Uniti this afternoon.

According to the release, titled Project Oatmeal, the company has entered into exclusive discussions with Morrison & Co. in relation to a $4.50 cash per share takeover proposal. This represents a 43% premium to Uniti’s last close price.

However, management has warned that these discussions are non-binding, preliminary, highly conditional, and uncertain as to an outcome.

Furthermore, the indicative proposal is subject to a number of conditions. These include satisfactory completion of the bidder’s confirmatory due diligence, unanimous recommendation of the transaction from the Uniti Board, and entry into a mutually acceptable scheme implementation agreement.

The latter contains customary exclusivity terms, conditions precedent (including but not limited to FIRB), prescribed occurrences, break fee provisions, and receipt by Morrison & Co of its required internal investment approvals.

The exclusivity period runs until 22 April. In the meantime, Uniti will keep shareholders updated in accordance with its continuous disclosure obligations. It also advised that shareholders should not take any action in relation to the proposal.

The post Uniti (ASX:UWL) share price rockets 31% after confirming takeover approach appeared first on The Motley Fool Australia.

More reading

• Why Clinuvel, Dicker Data, Healius, and Uniti shares are rising today
• ASX 200 (ASX:XJO) midday update: Uniti jumps on takeover speculation, Rio Tinto and Yancoal tumble
• Why the Uniti (ASX:UWL) share price jumped 17% before being halted
• These 2 compelling ASX shares are a buy: fund manager
• 2 punished ASX shares that don’t deserve to be (and experts are buying)

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 recommended Uniti 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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Yesterday we looked at three ASX shares brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three that have just been given sell ratings are listed below. Here’s why these brokers are bearish on these ASX shares:

Evolution Mining Ltd (ASX: EVN)

According to a note out of Macquarie, its analysts have downgraded this gold miner’s shares to an underperform rating with a $4.30 price target. Although Macquarie has increased its gold price forecasts, it isn’t enough to stop the downgrade to underperform. The broker made the move on valuation grounds following a decent rise by the Evolution share price since the end of January. The Evolution share price is currently trading at $4.36.

Magellan Financial Group Ltd (ASX: MFG)

Another note out of Macquarie reveals that its analysts have retained their underperform rating and slashed their price target on this fund manager’s shares by over a third to $12.40. This follows the release of another funds under management update which revealed that it continues to experience heavy fund outflows. Macquarie sees little scope for its shares to re-rate given its belief that material outflows are likely to persist for several quarters. The broker is now forecasting second half fund outflows of $28.5 billion. The Magellan share price is fetching $13.92 today.

Rio Tinto Limited (ASX: RIO)

Analysts at UBS have retained their sell rating and $90.00 price target on this mining giant’s shares. While the broker believes the acquisition of the remaining 49% stake in Turquoise Hill will be a positive for the operation of Oyu Tolgoi operation, it isn’t enough to a change of rating. It continues to see the risk/reward for iron ore as skewed to the downside. The Rio Tinto share price is trading at $106.91 this afternoon.

The post Leading brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

More reading

• Why are ASX 200 mining shares having such a dire day?
• Top broker gives its verdict on the Magellan (ASX:MFG) share price
• ASX 200 (ASX:XJO) midday update: Uniti jumps on takeover speculation, Rio Tinto and Yancoal tumble
• Cash machines: 6 ASX 200 shares with the highest dividend yields right now
• Rio Tinto (ASX:RIO) share price tumbles despite Oyu Tolgoi transaction news

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 Bruce Jackson.

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Shares in resources giant IGO Limited (ASX: IGO) are heading lower, trading 5.92% in the red at $11.75 apiece at the time of writing.

Whilst there’s been nothing market sensitive out of the company’s camp this past week, its share price is down 10% in that time.

The company did, however, release an update regarding its proposed acquisition of Western Areas Limited (ASX: WSA). Whilst the announcement isn’t market sensitive, it’s still worth a look.

What did IGO announce yesterday?

The company provided an update on its proposed scheme of arrangement in acquiring Western Areas. IGO said both parties are taking a closer look at the details after the price of nickel soared to record heights on 8 March.

The company had previously announced the proposed acquisition back in December last year.

In response to nickel’s price rally, IGO said that it, Western Areas, and an independent expert are “continuing to consider the implications, if any, on nickel market fundamentals and expectations for medium to long-term nickel prices”.

As a result of the process, there will be a slight change in the scheme’s timetable. A first court hearing will now be in April 2022, whereas the implementation date is set for May/June 2022, according to the update.

The review is important, IGO says, because its valuation of $3.36 in cash per share for Western Areas is “based on IGO’s long term view of the nickel market fundamentals and price, which has not changed”.

Despite the recent rally in nickel, the company says it won’t be revising anything in response.

“IGO has no obligation, nor any current intention to increase the consideration in response to these short-term events (although it reserves its right to do so),” the company remarked.

“IGO acknowledges the recent short-term volatility in the [London Metals Exchange] LME nickel market and price, which is primarily attributed to the Russian invasion of Ukraine, which in turn has reportedly created the need for a large industry participant to manage a nickel short position on the LME.”

Despite the outcome, IGO’s share price has continued to slip this week and has fallen off its previous high of $13.07 on 9 March, just two days after the trading activity on the LME.

Trading volume is also less than 50% of its 4-week average during today’s session and it appears the bears have it with IGO at the moment.

IGO share price summary

In the last 12 months, the IGO share price has climbed around 83% and is up 3% this year to date.

In the past week, it has slid more than 9%, taking a 3% hit over the last month of trading.

The company has a current market capitalisation of around $8.9 billion.

The post Why is the IGO (ASX:IGO) share price down 10% in a week? appeared first on The Motley Fool Australia.

More reading

• Why are ASX 200 mining shares having such a dire day?
• Four ASX nickel shares are in the green today. Here’s why
• 5 things to watch on the ASX 200 on Wednesday
• Up 17% this month, why the IGO (ASX:IGO) share price can keep gaining: broker
• The price of nickel is soaring and these ASX mining shares are cashing in

Motley Fool contributor Zach Bristow 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 Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) has reversed some of yesterday’s gains so far this Tuesday and is currently well into negative territory. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is down by 0.72% at just under 7,100 points.

But rather than dwelling on that sobering statistic, let’s instead check out the shares currently at the peak of the ASX 200’s volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume on Tuesday

Incitec Pivot Ltd (ASX: IPL)

Fertiliser and chemicals company Incitec Pivot is first up this Tuesday. Today has seen a healthy 16.15 million Incitec shares trade on the market at this point in time. There haven’t been any new developments out of this ASX 200 share so far today.

Saying that, the Incitec Pivot share price has had a big drop. It’s currently down by a nasty 2.9% at $3.69 a share. This is probably what has sparked the trading volumes we are witnessing.

Pilbara Minerals Ltd (ASX: PLS)

ASX 200 lithium producer Pilbara is next up today. We have currently seen a notable 19.86 million Pilbara shares bought and sold today. Again, we haven’t seen any news out of the company itself.

However, Pilbara has also suffered a nasty share price fall as it currently stands. Pilbara has endured a rather horrible 7.2% sell-off thus far and is currently sitting at $2.58 a share. It’s likely this steep drop is the reason why we are seeing Pilbara appear on this list.

Nickel Mines Ltd (ASX: NIC)

Last but certainly not least in terms of trading volumes, we have ASX 200 nickel share, Nickel Mines. A whopping 32.03 million of this company’s shares have swapped owners as it presently stands. That’s despite no major news out, and a flat share price at $1.15.

However, the flat share price does mask some extreme volatility we have seen with this company. Nickel Mines has had three distinct rises and falls thus far today, going as high as $1.19 a share at various points. It’s likely this volatility is behind so many shares finding a new home today. 

The post Here are the 3 most heavily traded ASX 200 shares this Tuesday appeared first on The Motley Fool Australia.

More reading

• Why are ASX 200 mining shares having such a dire day?
• These 3 ASX 200 shares are topping the volume charts on Monday
• Why Nickel Mines, Paladin Energy, Tassal, and Westgold shares are dropping
• Nickel Mines (ASX:NIC) share price slides despite Indonesian project update
• Down 14% in a month, why the Pilbara Minerals (ASX:PLS) share price is attractive right now: analyst

Motley Fool contributor Sebastian Bowen 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 Bruce Jackson.

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There are plenty of S&P/ASX 200 Index (ASX: XJO) mining shares that are seeing painful declines today.

Let’s look at some of those declines.

The BHP Group Ltd (ASX: BHP) share price is down by 4%.

It was a similar decline for the Rio Tinto Limited (ASX: RIO), which is currently down by 3.8%.

The Fortescue Metals Group Limited (ASX: FMG) share price is down by 4.6%.

The Mineral Resources Limited (ASX: MIN) share price is currently down 4.7%.

Canadian miner Champion Iron Ltd (ASX: CIA) has seen its share price decline by 7.8%.

It’s not just iron ore miners that are suffering from the sell-off.

The Lynas Rare Earths Ltd (ASX: LYC) share price is down 7.2%.

The Pilbara Minerals Ltd (ASX: PLS) share price is down 6.5%. Elsewhere in the lithium sector, the Liontown Resources Ltd (ASX: LTR) share price is down 6% and the Allkem Ltd (ASX: AKE) share price is down almost 6%.

The Sandfire Resources Ltd (ASX: SFR) share price is down 5.6%, the IGO Ltd (ASX: IGO) share price is down 5.5% and the South32 Ltd (ASX: S32) share price is down 4.6%.

What is causing all of this negativity about ASX 200 mining shares?

Whilst most of the western world has moved into a ‘stay open’ frame of mind about COVID-19, China is taking a different approach with the Omicron variant.

The country is locking down certain regions to try to limit the spread of COVID-19.

According to reporting by various media, including the Australian Financial Review, these lockdowns are in important economic areas of China, which has shaken the confidence of investors and it will “almost certainly hit economic growth”, meaning that demand for commodities could be lower.

Shenzhen is one of the places that have been locked down, which is a city with 17.5 million people.

It’s not just ASX 200 mining shares that are being hurt during the current volatility.

There is also a concern about oil demand as well. That’s why the Santos Ltd (ASX: STO) share price is down 3.8% and the Woodside Petroleum Limited (ASX: WPL) share price is down 2.9%.   

What next?

Commodities are almost impossible to predict and share price movements are hard to forecast as well.

The BHP share price may be down 4% today, but it is still up by close to 7% in 2022 in the year to date.

Brokers at Macquarie believe that BHP shares have upside, partly thanks to strong commodity prices for nickel and copper. The Macquarie price target on BHP is $60.

The post Why are ASX 200 mining shares having such a dire day? appeared first on The Motley Fool Australia.

More reading

• Why have ASX copper shares been struggling lately?
• Why is the Fortescue Metals (ASX:FMG) share price sliding 5% today?
• ASX 200 (ASX:XJO) midday update: Uniti jumps on takeover speculation, Rio Tinto and Yancoal tumble
• Why is the BHP (ASX:BHP) share price down 4% today?
• Cash machines: 6 ASX 200 shares with the highest dividend yields right now

Motley Fool contributor Tristan Harrison owns Fortescue Metals Group Limited. 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 Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is currently down 0.7% to 7,100.5 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is down 12% to $6.67. This follows a very poor night of trade for a number of commodities underpinning its world-class Julimar Ni-Cu-PGE Project. This includes nickel and palladium, with the latter recording a double-digit decline over the last 24 hours.

Santos Ltd (ASX: STO)

The Santos share price has tumbled 3.5% to $7.29. Investors have been selling Santos and other energy shares following a sharp pullback in oil prices overnight. Prices have dropped to around US$100 a barrel amid talks between Russia and Ukraine, as well as new COVID lockdowns in China which may dampen demand.

Yancoal Australia Ltd (ASX: YAL)

The Yancoal share price is down a sizeable 19% to $4.20. The majority of this decline is attributable to the coal miner’s shares going ex-dividend this morning for its massive 70.4 cents per share final dividend. Eligible shareholders can look forward to receiving this dividend at the end of next month on 29 April.

Zip Co Ltd (ASX: Z1P)

The Zip share price has continued its slide and is down a further 9% to a 52-week low of $1.41. This is despite there being no news out of the buy now pay later provider on Tuesday. The Zip share price has now lost a massive 67% since the start of the year and 83% over the last 12 months. But if the team at UBS is on the money, Zip’s shares could still have further to fall. It recently slapped a sell rating and $1.00 price target on the company’s shares.

The post Why Chalice Mining, Santos, Yancoal, and Zip shares are dropping appeared first on The Motley Fool Australia.

More reading

• Why is the crude oil price tumbling and which ASX 200 shares are being impacted?
• Zip share price down 6% to another 52-week low
• Why is the Yancoal (ASX:YAL) share price plummeting 17% today?
• ASX 200 (ASX:XJO) midday update: Uniti jumps on takeover speculation, Rio Tinto and Yancoal tumble
• 5 things to watch on the ASX 200 on Tuesday

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 ZIPCOLTD FPO. 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 Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) isn’t having the best day so far this Tuesday. At the time of writing, the ASX 200 is down by 0.71% at just under 7,100 points. But even though the ASX 200 isn’t having the best time of it today, the same can’t be said of the Commonwealth Bank of Australia (ASX: CBA) share price.

CBA shares are seemingly oblivious to the woes of the broader market today. The ASX’s largest bank share is currently up a very healthy 1.72% so far today at $103.74 a share. It’s not just CBA either. The other three major ASX banks are all in the green as well. Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group Ltd (ASX: ANZ) are also up by more than 1%. Indeed, the ASX financials sector is currently the top-performer on the markets today.

Today’s move means that CBA shares are now up just over 8.5% in the past week. So what’s going on here?

Well, it’s not entirely clear. There hasn’t been any major ASX news out of CBA over the past week, or indeed out of the ASX bank sector, that might convincingly explain this sharp rise.

What’s behind the strong CBA share price today?

But there have still been some developments. Yesterday, the bank announced that it had appointed two new general managers in its Major Client Group. The Major Client Group was established in 2020 to provide “dedicated lending and banking solutions to large and complex businesses nationally across a diverse range of industries”.

Craig McQuillen is the new general manager in this capacity for Victoria, while Jon Coombes will represent Queensland.

In some other minor news today, CBA has also announced that it has become the first Australian bank to be recognised under the International Sustainability and Carbon Certification (ISCC) scheme. The ISCC is reportedly a “voluntary sustainability certification scheme that facilitates sustainable practices in primary production industries, such as agriculture”.

It aims to provide supply chains with certified proof that agricultural commodities are being sustainably produced. As well as in a manner that “meets community expectations for environmentally, socially, and economically sustainable production”.

So it’s unclear whether either of these announcements is helping push up the CBA share price this week. Perhaps they are. Or perhaps CBA is just rising alongside the other ASX banks. But whatever the underlying cause, it certainly has been a strong day, and week, for this ASX bank.

At the current CBA share price, the ASX 200 banking giant has a market capitalisation of $174.05 billion, with a dividend yield of 3.62%.

The post The CBA share price has soared 8% in a week. What’s happening? appeared first on The Motley Fool Australia.

More reading

• Why ASX 200 bank shares are storming higher today
• The CBA (ASX:CBA) share price has gone nowhere in 10 months… time to buy?
• Top brokers name 3 ASX shares to sell next week
• Why has the CBA (ASX:CBA) share price climbed 7% so far this month?
• Own CBA (ASX:CBA) shares? Here’s why the bank’s boss is ‘very optimistic’ for 2022

Motley Fool contributor Sebastian Bowen 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 recommended Westpac Banking Corporation. 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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ASX copper shares have been struggling lately as fast-rising copper prices have come off the boil.

The red metal hit multi-year highs of US$10,674 (AU$14,765) per tonne on 4 March. It’s been mostly downhill since then.

Overnight, spot copper prices dropped another 2.4% to US$9,935 per tonne. That’s down 7% in less than 2 weeks, according to data from Bloomberg.

And ASX copper shares are feeling the pressure.

The Oz Minerals Ltd (ASX: OZL) share price, for example, is down 3.61% at the time of writing and down 12% since the opening bell on 7 March, the first trading day since copper prices spiked to multi-year records.

Meanwhile, Sandfire Resources Ltd (ASX: SFR) is down 6.23% so far today and down 11.2% since 7 March.

Why are copper prices sliding?

It’s not just copper prices falling. Almost every industrial and precious metal gave up some ground overnight.

While different forces are impacting the range of tradeable metals, copper could be coming under additional pressure with news of the fast-spreading Omicron variant in China.

As China is maintaining its zero-COVID policies, this is seeing major new lockdowns imposed within the Middle Kingdom. Amongst the latest restrictions, the city of Shenzhen and the province of Jilin have been placed under lockdown.

With copper widely used across a range of industrial activities, any significant slowdown from the world’s number 2 economy and most populous nation could impact its midterm demand and place downward pressure on prices.

How have these 2 ASX copper shares been tracking?

Both ASX copper shares have fallen over the past month.

The Oz Minerals share price is down 5.4% since 15 February.

Sandfire shares have fared considerably worse.

Off the back of recently released half year results that came in below expectations, the ASX copper share is down 29% since this time last month.

For some context, the S&P/ASX 200 Index (ASX: XJO) is down 1.5% over that same period while the S&P/ASX 200 Materials Index (ASX: XMJ) has slipped 4.4%.

The post Why have ASX copper shares been struggling lately? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Tuesday
• These ASX 200 shares trade ex-dividend tomorrow. Here’s what you need to know
• 3 under-the-radar commodity prices soaring since the Ukraine crisis
• Why has the Oz Minerals (ASX:OZL) share price surged 11% in 4 days?
• Why Dubber, Evolution, Sandfire, and Zip shares are dropping

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 Bruce Jackson.

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The Magellan Financial Group Ltd (ASX: MFG) share price is having a very difficult time in 2022.

Since the start of the year, the struggling fund manager’s shares are down by over a third.

This left the Magellan share price trading at a multi-year low of $13.41 earlier today.

Is the Magellan share price in the buy zone?

The team at Morgans has been looking over the fund manager’s most recent funds under management (FUM) update and has given its verdict on the Magellan share price.

The broker notes that Magellan’s outflows have continued, with a further $5 billion redeemed over the last two and a half weeks.

Combined with market movements, this has left its FUM at $69.1 billion, which is down 10.5% during the period. This comprises global equities FUM of $39.2 billion, infrastructure FUM of $20.4 billion, and finally Australian equities FUM of $9.5 billion.

Unfortunately after bleeding funds in recent months, Morgans isn’t convinced that the trend will be stopping any time soon.

It commented: “Stabilisation of the Retail FUM base will be key for the business (A$1.4bn of outflows in CY22 to-date). We expect ongoing outflows, however note there is risk of acceleration given persistent relative underperformance in the Global fund.”

And while the broker does see some value in the Magellan share price, the risk/reward on offer is not sufficient enough for it to be more positive.

Morgans explained: “Further meaningful outflows look inevitable, and until the more severe downside risks ease and there is increased certainty in the FUM base, we continue to see the risk/reward as unfavourable.”

In light of this, the broker has retained its hold rating and cut its price target by a sizeable 28% to $15.78.

The post Top broker gives its verdict on the Magellan (ASX:MFG) share price appeared first on The Motley Fool Australia.

More reading

• Cash machines: 6 ASX 200 shares with the highest dividend yields right now
• ASX 200 (ASX:XJO) midday update: Elders jumps, Magellan and Zip tumble
• Magellan (ASX:MFG) share price hits multi-year low after fund outflows accelerate
• Here’s why the Magellan (ASX:MFG) share price fell 7% today and could keep falling
• Leading brokers name 3 ASX shares to sell 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 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 Bruce Jackson.

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The Fortescue Metals Group Ltd (ASX: FMG) share price is well in the red on the ASX today.

The company’s shares are currently swapping hands at $17.125, a 5.07% fall. In comparison, the  S&P/ASX 200 Index (ASX: XJO) is down 0.56% at the time of writing.

Let’s take a look at what could be impacting the Fortescue share price.

Iron ore prices

Iron ore prices appear to be impacting the Fortescue share price today. Fortescue exported more than 93.1 million tonnes of iron ore in H1 FY22.

However, global iron ore prices have plunged recently amid resurgent COVID-19 lockdowns in China, according to a report on NAB trade. A climb in infections is raising concerns about China’s projected economic growth, the report stated.

Iron ore’s top traded May contract on the Dalian Commodity Exchange dropped 7% to 759.50 yuan (AU$166.43) a tonne, the Australian Financial Review reported. The iron ore April contract on the Singapore Exchange also fell 8.8% to $US143.80 per tonne. This is a two week low.

At the same time, the share price of fellow ASX miner Rio Tinto Ltd (ASX: RIO) is down more than 4% at the time of writing, currently trading at $106.66. BHP Group Ltd (ASX: BHP) shares are also down more than 4%.

In other news, Fortescue founder Andrew ‘Twiggy’ Forrest met with Egypt’s Prime Minister on Monday. As my Foolish colleague Tristan reported, the meeting explored potential green hydrogen opportunities.

Fortescue on the ASX recap

The Fortescue share price has lost 16% in the past year. It’s fallen 24% in the past month alone, shedding 10.6% year to date.

Meanwhile, the benchmark ASX index has returned nearly 5% over the past 12 months.

Fortescue has a market capitalisation of about $53 billion based on its current share price.

The post Why is the Fortescue Metals (ASX:FMG) share price sliding 5% today? appeared first on The Motley Fool Australia.

More reading

• Cash machines: 6 ASX 200 shares with the highest dividend yields right now
• What’s going on with Fortescue (ASX:FMG), green hydrogen and the Egyptian prime minister?
• Top brokers name 3 ASX shares to sell next week
• Guess which 3 ASX 200 shares are among the top 10 dividend payers in the world
• Own Fortescue (ASX:FMG) shares? Here’s why the miner has just hired the RBA’s deputy governor

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 Bruce Jackson.

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