ASX 200 down 0.95%: Rio Tinto (ASX:RIO) CEO exits, Nearmap (ASX:NEA) sinks lower

Nearmap Ltd (ASX:NEA) and Rio Tinto Limited (ASX:RIO) shares are among the movers and shakers on the ASX 200 on Friday…
The post ASX 200 down 0.95%: Rio Tinto (ASX:RIO) CEO exits, Nearmap (ASX:NEA) sinks lower appeared first on Motley Fool Australia. –

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At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is following Wall Street’s lead and trading notably lower. The benchmark index is currently down 0.95% to 5,852.4 points.

Here’s what is happening on the market today:

Rio Tinto CEO to exit.

The Rio Tinto Limited (ASX: RIO) share price has been a comparatively positive performer on Friday after announcing that its CEO, J-S Jacques, has agreed to step down and leave the company. He will remain in his role until the earlier of the appointment of a new CEO or 31 March 2021. Mr Jacques is leaving following a review into the destruction of the Juukan rockshelters in May. A number of fellow executives will be leaving with him.

Tech shares sink lower again.

The tech rout wasn’t over after all. A number of popular ASX tech shares such as Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) are trading notably lower on Friday following more weakness on the tech-heavy Nasdaq index overnight. At the time of writing the S&P ASX All Technology index is down 1.6%.

Nearmap completes placement.

The Nearmap Ltd (ASX: NEA) share price has crashed lower today after the aerial imagery technology and location data company completed its fully underwritten institutional placement. Nearmap raised $72.1 million at a 4.2% discount of $2.77 to support its growth. In addition to this, Goldman Sachs downgraded its shares to a neutral rating this morning on valuation grounds.

Best and worst ASX 200 performers.

The best performer on the ASX 200 at lunch is the Whitehaven Coal Ltd (ASX: WHC) share price with a 3% gain. This follows a 1.9% rise in the thermal coal price during overnight trade. The worst performer by some distance has been the Nearmap share price with a sizeable 11% decline. This follows the completion of its institutional placement.

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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 Nearmap Ltd. and Xero. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASX 200 down 0.95%: Rio Tinto (ASX:RIO) CEO exits, Nearmap (ASX:NEA) sinks lower appeared first on Motley Fool Australia.

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