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The BHP share price is tumbling 3% on Friday. What’s going on?

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The BHP Group Ltd (ASX: BHP) share price is falling on Friday despite no word having been released by the company.

But at least it’s not alone. It’s joined in the red by most of its S&P/ASX 200 Index (ASX: XJO) peers.

At the time of writing, the BHP share price is $46.16, 2.51% lower than its previous close.

That’s despite the price of iron ore rising 1.4% to US$144.90 per tonne.

However, the ASX 200 is plunging 2.36%. Meanwhile, BHP’s home sector – the S&P/ASX 200 Materials Index (ASX: XMJ) ­– is underperforming.

Let’s take a look at what’s going on with the iron ore giant and its peers on Friday.

The BHP share price is following the market into the red on Friday. Though, it’s outperforming many of its ASX 200 material producing peers.

Right now, the ASX 200 materials sector is recording a 2.85% drop.

The drop is led by lithium stocks, with the AVZ Minerals Ltd (ASX: AVZ) coming in as the sector’s worst performer. Its share price is currently down 7.5%.

Other major fallers include shares in Pilbara Minerals Ltd (ASX: PLS), Sims Ltd (ASX: SGM), and Liontown Resources Limited (ASX: LTR) – each having dropped around 6%.

The BHP share price is also outperforming that of fellow resources giant, Rio Tinto Limited (ASX: RIO). It’s currently down 3.07%.

The rough day on the market follows a similarly dire session in the US.

While most of Australia slept, the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average each fell between 3% and 5%.

The US markets’ suffering followed the US Federal Reserve’s decision to raise interest rates by 0.5% in an attempt to reduce inflation.

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