leadf
logo-loader

ASX flattens then falls as iron ore drops

Iron ore miners are now making as much cash as possible by shipping their ore to China in quick time while prices are still high.

PVW Resources NL - ASX flattens then falls as iron ore drops

As predicted the ASX lost ground in morning trading – starting flat and then sliding.

The ASX was about 0.5% lower at midday with blue-chip miners and banks contributing to the decline.

Iron ore miners also fared poorly, following the overnight fall in the price of the steel-making ingredient.

Rio Tinto Limited shares were down 1.9% at time of writing to $108.55, the lowest they have been in two weeks. BHP Group Ltd is down 1.5% at $41.59 and earlier hit a nine-month low of $41.57. Fortescue Metals Groupo Limited is down to $18 after shedding $2.85 in two sessions.

Iron ore miners are now making as much cash as possible by shipping their ore to China in quick time while prices are still high.

Meanwhile, health stocks like CSL and Cochlear are higher along with gambling stocks Aristocrat and Tabcorp.

On the small cap front

PVW Resources NL (ASX:PVW) was up 2.78% today after completing the acquisition of Stark Resources Pty Ltd and the King of the West Project expansion agreement.

Galena Mining Ltd (ASX:G1A, FRA:GM6) was up 4.35% at time of writing after identifying several priority targets to begin drilling for base and precious metals in the December quarter of 2021.

Australian Potash Ltd (ASX:APC) was up 6.06% after engaging specialised power provider PWR Hybrid to build, own and operate a 35-megawatt hybrid renewable energy microgrid at its Lake Wells Sulphate of Potash Project (LSOP) in Western Australia.

Other small cap gainers

  • 9SP is up 16.67%
  • AQX is up 10%
  • ASN is up 5%
  • AON is up 5%
  • ARU is up 6.06%
  • AKM is up 4.71%
  • ARO is up 25%
  • AUN is up 5%
  • APC is up 6.06%
  • BNL is up 8.82%
  • CHN is up 5.76%
  • EMD is up 10.64%
  • GBR is up 11.29%
  • GGG is up 8.70%
  • HHR is up 12.5%
  • HRZ is up 4.17%
  • IMU is up 4.38%
  • KIN is up 4.35%
  • MXC is up 5.77%
  • M2R is up 6.58%
  • MR1 is up 7.14%
  • OAR is up 7.69%
  • OCC is up 5.33%
  • PAM is up 23.89%
  • RVR is up 5.88%
  • WAK is up 4.65%

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

Lithium Australia talks cobalt-free batteries as market hits new highs

Lithium Australia NL (ASX:LIT, OTC:LMMFF, FRA:3MW)'s Adrian Griffin discusses the popularity of cobalt-free batteries as the lithium market hits new highs. He says Lithium Australia's subsidiary VSPC is progressing its plans to establish a strategic position in the market for cobalt- and...

1 day, 12 hours ago

2 min read