Mining ETF Shares Drop Following China Fears

Date : 06/10/2018 @ 00:57
Source : Dow Jones News
Stock : BHP Group Limited (BHP)
Quote : 34.82  -0.12 (-0.34%) @ 16:12
BHP share price Chart

Mining ETF Shares Drop Following China Fears

iShares MSCI Global Sele... (AMEX:PICK)
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Shares in exchange-traded funds PICK and COPX dropped by 1.5% and 2.3% respectively on Friday morning as wobbles in China meant negative sentiment knocked the stocks of some of their top holdings.

--ETF iShares MSCI Global Metals & Mining Producers (PICK) counts Anglo American PLC (AAL.LN), Glencore PLC (GLEN.LN) and BHP Billiton PLC (BLT.LN) among its top holdings, while ETF Global X Copper Miners (COPX) includes companies like Chile's Antofagasta PLC (ANTO.LN).

--In particular, London-listed shares of Anglo American and BHP were down 4.1% and 3.5% at 1,671.60 pence and 1,641.80 pence respectively, while Antofagasta was down 4.7% at 833.40 pence.

--Analysts at Liberum and UBS say that general concerns around China--including weak housing data and lower-than-expected purchasing managers' index--are likely to blame for fall in the large miners' share price, rather than anything stock specific.

--According to issuer BlackRock, PICK has net assets of $403.7 million. COPX, issued by Mirae Asset Global Investments, has net assets of $79.1 million.


Write to Oliver Griffin at; @OliGGriffin


(END) Dow Jones Newswires

October 05, 2018 10:42 ET (14:42 GMT)

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