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ASX 200 (ASX:XJO) midday update: Fortescue crashes, IRESS sinks

The ASX 200 is ending the week in the red…
The post ASX 200 (ASX:XJO) midday update: Fortescue crashes, IRESS sinks appeared first on The Motley Fool Australia. –

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a disappointing note. The benchmark index is currently down 0.85% to 7,396.2 points.

Here’s what is happening on the ASX 200 today:

Fortescue shares weigh on ASX 200

Fortescue Metals Group Limited (ASX: FMG) shares and other mining giants are weighing heavily on the ASX 200 today. Due partly to another heavy decline in the iron ore price overnight, Fortescue’s shares are down over 9%. Also weighing on the company’s shares is a broker note out of UBS this morning. According to the note, the broker has downgraded its shares to a sell rating and cut the price target on them to a lowly $15.00.

IRESS takeover talks end

The IRESS Ltd (ASX: IRE) share price is sinking today after takeover talks with EQT collapsed. This morning the financial technology company advised that discussions between it and EQT have now concluded and the parties have been unable to agree a transaction. EQT had tabled a non-binding offer of $15.91 cash per share.

Gold miners fall

Many of Australia’s leading gold miners, such as Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM), have fallen today after the gold price dropped to a one-month low. According to CNBC, the spot gold price is down 2.3% to US$1,754.10 an ounce. Better than expected economic data in the US put pressure on the precious metal. The S&P/ASX All Ordinaries Gold index is down 3.4% at lunch.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Pointsbet Holdings Ltd (ASX: PBH) share price with a 5% gain. A number of tech shares are rising today after a positive night on the Nasdaq index. The worst performer has been the IRESS share price with an 11% decline following its takeover collapse.

The post ASX 200 (ASX:XJO) midday update: Fortescue crashes, IRESS sinks appeared first on The Motley Fool Australia.

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More reading

Why the Fortescue (ASX:FMG) share price is down 8% today
IRESS (ASX:IRE) share price sinks 13% after takeover talks end
5 things to watch on the ASX 200 on Friday

Here are the top 10 ASX shares today

This year’s ASX 200 Santa Rally to get a whopping $84bn cash boost

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 shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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