ASX 200 up 1.35%: Gold miners and Fortescue rocket higher, big four banks tumble

Fortescue Metals Group Limited (ASX:FMG) and Macquarie Group Ltd (ASX:MQG) shares are making waves on the ASX 200 on Monday…

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a strong gain. The benchmark index is currently up a sizeable 1.35% to 5,477.2 points.

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

Big four banks drop lower.

The ASX 200 may be charging higher, but the same cannot be said for the big four banks. At lunch all four banks are trading lower and are acting as a drag on the market. The Westpac Banking Corp (ASX: WBC) share price is the worst performer in the group with a decline of almost 1%. Investors may have concerns that the Reserve Bank could take rates into negative territory in the near future.

Gold miners rocket higher.

One area of the market which is performing particularly strongly is the gold mining industry. Newcrest Mining Limited (ASX: NCM) and the rest of the gold miners are rocketing higher today after the gold price hit a seven-year high on Friday and then continued its ascent on Monday. At the time of writing the S&P/ASX All Ordinaries Gold index is up a massive 5.9%.

Fortescue record high.

The Fortescue Metals Group Limited (ASX: FMG) share price climbed 7% to a record high of $13.40 this morning. Investors have been buying the iron ore producer's shares after the price of the steel making ingredient climbed above US$90 a tonne. Solid demand in China and production disruptions in Brazil have supported the iron ore price. Fortescue remains on course to deliver record shipments and profits in FY 2020.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Monday has been the Saracen Mineral Holdings Limited (ASX: SAR) share price with a 10% gain. Investors have been buying its shares after the rise in the gold price. The worst performer has been the Macquarie Group Ltd (ASX: MQG) share price with a decline of over 3%. A good portion of this decline is attributable to its shares trading ex-dividend this morning.

NEW! 5 Cheap Stocks With Massive Upside Potential

Our experts at The Motley Fool have just released a FREE report detailing 5 shares you can buy now to take advantage of the much cheaper share prices on offer. One is a diversified conglomerate trading 40% off it's all time high, all while offering a fully franked dividend yield of over 3%… Another is a former stock market darling that is one of Australia's most popular and iconic businesses. Trading at a significant discount to its 52-week high, not only does this stock offer massive upside potential, but it also trades on an attractive fully franked dividend yield of almost 4%.

Plus, this free report highlights 3 more cheap bets that could position you to profit in 2020 and beyond.

Simply click here to scoop up your FREE copy and discover the names of all 5 cheap shares.

But you will have to hurry because the cheap share prices on offer today might not last for long.

YES! SEND ME THE FREE REPORT!

Returns as of 7/4/2020

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. 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.

More on ⏸️ TMF AMP

laptop, newspaper, ipad, coffee and hands holding iphone
⏸️ TMF AMP

ASX 200 Weekly Wrap: ASX has week of high volatility

Here on our ASX 200 Foolish Weekly Wrap, we look at the things that moved the S&P/ASX 200 Index and…

Read more »

cup of coffee next to newspaper open to stock market page
⏸️ TMF AMP

ASX 200 Weekly Wrap: Blue chip shares pull ASX 200 back over 6,000 points

Here on our ASX 200 Foolish Weekly Wrap, we look at the things that moved the S&P/ASX 200 Index and…

Read more »

⏸️ TMF AMP

ASX 200 Weekly Wrap: Rocketing BNPL shares fail to stop ASX 200 slide

Here on our ASX 200 Foolish Weekly Wrap, we look at the things that moved the S&P/ASX 200 Index and…

Read more »

hand selecting wooden letter tiles to spell the word july
⏸️ TMF AMP

Top ASX Stock Picks for July 2020

We asked our Foolish writers to pick their favourite ASX stocks to buy in July 2020. Here is what they…

Read more »

⏸️ TMF AMP

ASX 200 Weekly Wrap: ASX retreats as confidence wanes

Here on our ASX 200 Foolish Weekly Wrap, we look at some of the ASX 200 shares that moved the…

Read more »

⏸️ TMF AMP

ASX 200 Weekly Wrap: ASX back in the green

Here on our ASX 200 Foolish Weekly Wrap, we look at the things that moved the S&P/ASX 200 Index and…

Read more »

⏸️ TMF AMP

ASX 200 Weekly Wrap: ASX bears take control as market volatility returns

Here on our ASX 200 Foolish Weekly Wrap, we look at some of the ASX 200 shares that moved the…

Read more »

⏸️ TMF AMP

ASX 200 Weekly Wrap: ASX bulls crash through 6,000 points

Here on our ASX 200 Foolish Weekly Wrap, we look at some of the things that moved the S&P/ASX 200…

Read more »