ASX 200 down 0.3%: BHP & Rio Tinto rise, big four banks drop, Zip sinks

BHP Group Ltd (ASX:BHP) and Zip Co Ltd (ASX:Z1P) shares are on the move on the ASX 200 on the Tuesday…
The post ASX 200 down 0.3%: BHP & Rio Tinto rise, big four banks drop, Zip sinks appeared first on The Motley Fool Australia. –

Worried young male investor watches financial charts on computer screen

At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is giving back some of Monday’s strong gains. At the time of writing, the benchmark index is down 0.3% to 6,665.2 points.

Here’s what has been happening on the market today:

Bank shares act as a drag.

After helping to drive the ASX 200 index higher on Monday, the big four banks are helping drag it lower on Tuesday. At lunch, all four banks are in the red and weighing heavily on the performance of the benchmark index. The worst performer in the group has been the National Australia Bank Ltd (ASX: NAB) share price. Its shares are down 1.3% at the time of writing.

Gold miners charge higher.

One area of the market that is performing particularly well today is the gold sector. Thanks to a rise of almost 3% in the spot gold price, investors have been bidding the gold miners higher. This has led to the likes of Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) pushing higher and driving the S&P/ASX All Ordinaries Gold index up 3% at lunch.

Mining giants rise.

BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) shares are defying the market weakness and are storming higher today. Investors have been buying their shares after the iron ore price climbed higher. According to Metal Bulletin, seaborne prices rose due to solid demand in steel markets and positive sentiment after the New Year holiday. The price of 62% fines iron ore lifted 3% to US$165.29 per tonne.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Tuesday has been Ramelius Resources Limited (ASX: RMS) share price with a 7% gain. This follows the release of a strong second quarter update. The worst performer on the index has been the Zip Co Ltd (ASX: Z1P) share price with a 4% decline. This is despite there being no news out of the buy now pay later provider. Though, it is worth noting that short interest is rising strongly.

Where to 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 are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

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 ZIPCOLTD FPO. 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.

The post ASX 200 down 0.3%: BHP & Rio Tinto rise, big four banks drop, Zip sinks appeared first on The Motley Fool Australia.

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!