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S&P/ASX 200 opens flat but loses 0.8% over the morning session

Yesterday’s seventh consecutive positive session for the ASX 200 looks to have been the last.

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ASX 200 is down 47.8 points or -0.8% to 6,237.2 points at 11.51am

S&P/ASX 200 (INDEXASX:XJO) is on track to snap its consecutive run of green days after the market opened flat but lost over 40 points during the morning session.

The S&P 500 Index (INDEXSP:.INX) was up 0.21% and the Nasdaq Composite (INDEXNASDAQ:.IXIC) was up 0.60% last night but it wasn’t enough to spur an eighth positive day.

Syrah squeezing the shorts, or at least trying to

Syrah Resources Ltd (ASX:SYR) who operates a graphite mine in Mozambique is up 11.5% to $1.325 today after confirming it is meeting or slightly beating its recently released guidance.

This time last year, the stock's share price was over $3.00 and its short base was over 30%.

Since then the short base has decreased to around 17%, although this still has it has one of the top shorted stocks on the ASX.

Iron ore miners cooling off

After some very strong runs, Australia's iron ore miners, Rio Tinto (ASX:RIO), BHP, (ASX:BHP) and Fortescue Metals (ASX:FMG) are taking a breather today.

Fortescue is down the most, off 2% to $7.63, however, the stock was $6.50 at the beginning of last week.

US markets enjoy another positive session

 

 

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