ASX 200 midday update: Fortescue & Pro Medicus sink, gold miners rise

Here’s what is happening on the ASX 200 today…
The post ASX 200 midday update: Fortescue & Pro Medicus sink, gold miners rise appeared first on The Motley Fool Australia. –

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. The benchmark index is down 0.7% to 7,472.4 points.

Here’s what is happening on the ASX 200 today:

Fortescue shares crash lower

The Fortescue Metals Group Limited (ASX: FMG) share price is trading sharply lower on Monday. However, this has nothing to do with iron ore prices and everything to do with its upcoming dividend. This morning the mining giant’s shares traded ex-dividend for its fully franked $2.11 per share final dividend. Eligible shareholders can look forward to receiving this dividend on 30 September.

Gold miners storm higher

One area of the market performing positively today has been the gold sector. Thanks to a solid rise in the gold price on Friday night, the likes of Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) shares are pushing notably higher. The precious metal was given a boost by weak US economic data. This has eased tapering fears and boosted safe haven assets.

Pro Medicus shares tumble

The Pro Medicus Limited (ASX: PME) share price is tumbling lower today after being downgraded by a leading broker. According to a note out of Goldman Sachs, it has downgraded the health imaging company’s shares to a sell rating with a $54.00 price target. Goldman made the move on valuation grounds, believing it is hard to justify the premium the Pro Medicus share price is trading on.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Appen Ltd (ASX: APX) share price with a 4.5% gain. This is despite there being no news out of the artificial intelligence data services company. The worst performer has been the Fortescue share price with a 9.5% decline after going ex-dividend.

The post ASX 200 midday update: Fortescue & Pro Medicus sink, gold miners rise appeared first on The Motley Fool Australia.

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More reading

Which ASX shares are leading the way on the ASX 300?

Nuix (ASX:NXL) faces yet another indignity
Why Tyro (ASX:TYR) and SeaLink (ASX:SLK) share prices could be moving up
Will ASX 200 shares be rocked by RBA taper talk tomorrow?

Why the Fortescue (ASX:FMG) share price is crashing 11% today

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 Appen Ltd and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Appen Ltd and Pro Medicus Ltd. 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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