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ASX 200 down 0.2%: Afterpay surges, gold miners jump, Fortescue sinks

Afterpay Ltd (ASX:APT) and Fortescue Metals Group Limited (ASX:FMG) shares are making a splash on the ASX 200 on Wednesday…
The post ASX 200 down 0.2%: Afterpay surges, gold miners jump, Fortescue sinks appeared first on The Motley Fool Australia. –

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At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning run. The benchmark index is currently down 0.2% to 6,757.7 points.

Here’s what is happening on the market today:

Treasury Wine US deal

The Treasury Wine Estates Ltd (ASX: TWE) share price is pushing higher today after announcing a licensing agreement to progress its United States wine business. According to the release, Treasury Wine has entered into a long-term licensing agreement with The Wine Group. This will see its popular brands such as Beringer Main & Vine, Beringer Founders’ Estate, Coastal Estates, and the Meridian range sold in the region. The deal is in line with its plans to deliver a premium-focused business in the region.

Afterpay surges higher

The Afterpay Ltd (ASX: APT) share price is surging higher today following a rebound in the tech sector. The catalyst for this was a strong night of trade on the Nasdaq index after bond yields started to ease. Also giving the Afterpay share price a boost was news that it has completed its acquisition of Pagantis. This means that its European expansion can now begin. It isn’t just Afterpay rising strongly today. A number of other tech shares are rebounding and helping to drive the S&P/ASX All Technology Index (ASX: XTX) 2.8% higher at lunch.

Gold miners jump

It has been a great day for Australian gold miners on Wednesday. The likes of Ramelius Resources Limited (ASX: RMS) and Silver Lake Resources Limited (ASX: SLR) are storming materially higher after the price of the precious metal rebounded overnight. According to CNBC, the spot gold price rose 2.1% to US$1,717.25 an ounce after bond yields pulled back. At lunch, the S&P/ASX All Ordinaries Gold index is up a sizeable 3.6%.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Ramelius share price with an impressive 11% gain. This follows the aforementioned rise in the gold price. The worst performer has been the Fortescue Metals Group Limited (ASX: FMG) share price with a 7% decline. This follows a 6% decline in the spot iron ore price overnight.

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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 AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 down 0.2%: Afterpay surges, gold miners jump, Fortescue sinks appeared first on The Motley Fool Australia.

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