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.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

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.

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.

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 App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!