BHP drags down mining stocks

THE market reaction to BHP’s half-year result dragged down the entire resources sector today.

BHP drags down mining stocks BHP drags down mining stocks BHP drags down mining stocks BHP drags down mining stocks BHP drags down mining stocks

BHP’s London shares dropped by 4.8% overnight as the market digested the lower-than-expected profit result and higher-than-expected debt.

Shares in the company lost 4.9% in Australia.

Deutsche Bank downgraded the stock to neutral, while Citi downgraded its recommendation to hold off the back of the result.

The ASX 200 finished less than 3 points higher as Metals & Mining slumped by 3%.

Also weighing on the index was Fortescue Metals Group, which dropped by 4.7% after releasing a half-year profit slightly ahead of expectations.

Sandfire Resources, which reported a strong December half yesterday, was one of the better performers in the mid-tier, ...

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