Evolution Mining Ltd (ASX:EVN) and Fortescue Metals Group Limited (ASX:FMG) shares are on the move on the ASX 200 on Monday…
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At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. The benchmark index is currently down 0.1% to 6,759.8 points.
Here’s what is happening on the market today:
Tech shares drag on the ASX 200
The tech sector is acting as a drag on the ASX 200 again on Monday. At lunch the S&P/ASX All Technology Index (ASX: XTX) is down just over 1% following declines by the likes of Afterpay Ltd (ASX: APT) and Altium Limited (ASX: ALU). Investors have been selling tech shares after a jump in bond yields on Friday night led to the tech-focused Nasdaq index tumbling lower.
Fortescue brings forward carbon neutrality plans
The Fortescue Metals Group Limited (ASX: FMG) share price is sinking lower today after weakness in iron ore prices offset news that it plans to become carbon neutral sooner than expected. According to the release, the iron ore producer is aiming to be carbon neutral by 2030. This is 10 years earlier than first expected. The iron ore price lost 5% of its value last week amid steel production curbs in China.
The Evolution Mining Ltd (ASX: EVN) share price is pushing higher today after investors responded positively to a new acquisition. According to the release, the gold miner has signed a definitive agreement to acquire Canada-based Battle North. Evolution has agreed to pay C$2.65 per share in cash, which equates to a total consideration of approximately C$343 million. Battle North is the owner of the Bateman Gold Project in Ontario, which neighbours some of Evolution’s tenements in the region.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price with a 4% gain. This is despite there being no news out of the medical device company. The worst performer has been the GWA Group Ltd (ASX: GWA) share price with a 5% decline. The building products company’s shares are being dumped out of the ASX 200 at the next rebalance.
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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 recommends Altium. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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