Insights

3 ASX 200 mining shares defying today’s sell-off to surge higher

The big miners suffered some hefty losses in yesterday’s trade amid concerns China’s COVID-zero policies could suffocate its voracious appetite for iron ore.
The post 3 ASX 200 mining shares defying today’s sell-off to surge higher appeared first on The Motley Fool Australia. –

S&P/ASX 200 Index (ASX: XJO) mining shares are some of the standout performers today.

While the ASX 200 is down around 0.6% in early afternoon trade, the BHP Group Ltd (ASX: BHP) share price is up 1.62%.

Meanwhile, Fortescue Metals Group Ltd (ASX: FMG) is up 2.23% while Mineral Resources Ltd (ASX: MIN) has gained 1.54%.

So, why are the big miners doing the heavy lifting today?

Bargain hunting and resurgent iron ore

It looks like the three ASX 200 mining shares named above are predominantly benefiting from two aligned factors.

First, after falling 9.7% yesterday, iron ore prices gained 2.4% overnight to US$138.95 per tonne.

Both BHP and Fortescue earn a large portion of their revenue from iron ore, while mining services company Mineral Resources has a strong focus on miners digging up the industrial metal.

Second, and tied into yesterday’s sharp fall in iron ore prices, it looks like investors may be doing some bargain hunting following some big drops in the top miners during yesterday’s trading.

Yesterday the BHP share price closed down 5.8%, Fortescue shares lost 6.9%, and the Mineral Resources share price fell a painful 9.5%.

Atop the bargain hunting and bounce in iron ore prices, Mineral Resources could also be benefiting from some positive broker coverage out this morning.

Bell Potter reported that it is maintaining its buy rating on the ASX 200 mining share, with a $70.00 price target. That’s 27% above the current Mineral Resources share price.

The broker was also positive about Mineral Resource’s US$1 billion offering of senior unsecured notes, calling it “further confirmation of MIN’s commitment to the transformational portfolio of growth projects”.

How have these ASX 200 mining shares been tracking?

Two of the three big miners listed above have handily outperformed the benchmark this year.

While the ASX 200 has lost 4.3% since the opening bell on 4 January, Fortescue shares have gained 4.6% and the BHP share price has rocketed 11% higher.

Mineral Resources shares, however, have struggled, with the ASX 200 mining share losing around 2% year-to-date.

The post 3 ASX 200 mining shares defying today’s sell-off to surge higher appeared first on The Motley Fool Australia.

Should you invest $1,000 in BHP right now?

Before you consider BHP, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and BHP wasn’t one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

More reading

Own the Vanguard Australian Shares High Yield ETF? Here’s what you’re invested in

5 things to watch on the ASX 200 on Wednesday

Why Chalice Mining, EML Payments, Mineral Resources, and South32 shares are tumbling

Here are the 3 most heavily traded ASX 200 shares on Tuesday

Sinking iron ore price sends ASX 200 mining shares tumbling

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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

  • This field is for validation purposes and should be left unchanged.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US & HK* Trades. Click Here!