South32 (ASX:S32) shares drop 16%, focus on manganese rail contract
South32 Ltd starts Wednesday at A$4.14, down 0.24% from Tuesday. Shares are 16.4% under the 52-week high of A$4.95. That 81-cent drop on 4.49 billion shares wipes out close to A$3.6 billion in equity. Market cap sits at A$18.57 billion. The decline was just under the S&P/ASX 200’s 0.33% move down to 8,787. The ASX cash market was still in pre-open as of the dateline, with usual trading set to start after the opening auction at around 10 a.m. Sydney. June 24 is a standard trading day.