ASX 200 falls, BHP rises, Afterpay sinks

The S&P/ASX 200 Index (ASX:XJO) fell today. Iron ore miners including BHP Group (ASX:BHP) went up, but Afterpay Ltd (ASX:APT) shares sank.

white arrow dropping down representing the 10 most shorted shares on the ASX

Image source: Getty Images

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

The S&P/ASX 200 Index (ASX: XJO) fell 0.2% today to 7,034 points.

Here are some of the highlights from the ASX today:

Afterpay Ltd (ASX: APT) and other BNPL

The Afterpay share price was among the worst performers in the ASX 200 today, dropping by around 6%.

Many of the other buy now, pay later operators also dropped today. The Zip Co Ltd (ASX: Z1P) share price fell 6%, the Sezzle Inc (ASX: SZL) share price declined 2%, the Splitit Ltd (ASX: SPT) share price dropped 2.6% and the Laybuy Holdings Ltd (ASX: LBY) share price dropped over 4%.

BHP Group Ltd (ASX: BHP) and other iron miners

The iron ore continues to remain elevated with strong demand from China. This is helping the big iron ore miners' profit stay higher for longer than what was expected by analysts.

The BHP share price went up more than 1% as investors remain bullish on the miners.

Looking at the other two big players, the Rio Tinto Limited (ASX: RIO) share price went up around 1% and the Fortescue Metals Group Limited (ASX: FMG) share price rose more than 1% as well.

Bingo Industries Ltd (ASX: BIN)

The Bingo share price went up more than 6% today in reaction to an agreed takeover.

Bingo revealed that it has entered into a scheme implementation deed with Macquarie Infrastructure and Real Assets and its managed funds (MIRA).

The main takeover option is an offer of $3.45 cash per Bingo share, reduced by any special dividend paid.

The ASX 200 share's board intends to pay a fully franked special dividend of $0.117 per share which will unlock franking credits of up to $0.05 per Bingo share.

Bingo's independent board committee and other Bingo recommending directors unanimously recommend the takeover.

The deal represents a 33% premium to the Bingo one-month volume weighted average price up to and including 18 January 2021. The acquisition earnings before interest, tax, depreciation and amortisation (EBITDA) multiple for the 12 months to December 2020 is 19.5 times.

Frank Kwok, head of MIRA Asia-Pacific said:

We believe the proposal we have developed in collaboration with Bingo will deliver real value for Bingo's shareholders. The proposal recognises Bingo's achievements and position in the marketplace, with a strong asset base and highly capable management team.

With MIRA's significant experience investing in and operating recycling and waste management businesses around the world, we look forward to bringing our expertise to support the team in delivering Bingo's next phase of growth.

Bingo shareholders will be given the opportunity to vote on the scheme at the scheme meeting which is expected to be held in July 2021. The takeover would be implemented shortly after that.  

Tristan Harrison owns shares of Fortescue Metals Group Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Sezzle Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Broker Notes

10 Aussie stocks to buy in FY 2026

Let's see which shares analysts think could be buys in the upcoming financial year.

Read more »

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing end to the trading week for investors this Friday.

Read more »

A young boy points and smiles as he eats fried chicken.
Share Gainers

3 ASX All Ords shares smashing the benchmark this week

Investors are sending these three ASX All Ords shares rocketing 18% to more than 29% this week. But why?

Read more »

watch
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

Disappointed man with his head on his hand looking at a falling share price his a laptop.
Share Fallers

Why APA, Flight Centre, Reece, and Transurban shares are falling today

These shares are having a tough finish to the week. But why?

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Alliance Aviation, BHP, Boss Energy, and Orthocell shares are racing higher

These shares are ending the week on a positive note. But why?

Read more »

Mum playing with her baby boy holding him on her tummy as she lays down while smiling about the Bubs share price going up today
Broker Notes

Following two unfortunate incidents, what's Macquarie's price target on Monash IVF shares?

Is Monash IVF a buying opportunity?

Read more »

A happy male investor turns around on his chair to look at a friend while a laptop runs on his desk showing share price movements
Broker Notes

Macquarie tips 18% return for this ASX 200 stock

The broker thinks this blue chip's profits are going to rebound in FY 2026.

Read more »