ASX 200 tech shares are starting the week in the red, following a similar trend to the United States.

The S&P/ASX All Technology Index (ASX: XTX) dropped 1.75% today to finish at 2043.2 points. In comparison, the S&P/ASX 200 Index (ASX: XJO) fell 0.45% today.

Zooming in on the ASX tech sector, we see that Wisetech Global Ltd (ASX: WTC) was 2.33% lower at the close of trade today. The same story played out for Block Inc (ASX: SQ2), Altium Ltd (ASX: ALU) and NEXTDC Ltd (ASX: NXT), down a respective 3.18%, 2.01% and 1.99%.

So why did ASX 200 tech shares have such a bad day?

US tech shares slide

Tech shares in Australia have followed in the footsteps of their US counterparts. The Nasdaq-100 Technology Sector Index (NASDAQ: NDXT) dropped 2.81% in the US on Friday, its most recent day of trading.  

Microsoft Corporation (NASDAQ: MSFT) shares fell 1.66%, while Meta Platforms Inc (NASDAQ: FB) dropped 4.06%. Tesla Inc (NASDAQ: TSLA) shares plummeted a whopping 9.22%, and the Apple Inc (NASDAQ: AAPL) share price shed 3.86%.

Investors in US tech stocks appear to have reacted after high-profile Tesla CEO Elon Musk claimed he had a “super bad” feeling about the economy.

Further to this, the US job market tightened, fuelling speculation of further rate hikes, the Canberra Times reported. Chief ADP economist Nela Richardson was quoted as saying:

The market is trying to funnel its response through what the Fed may or may not do.

Meanwhile, back home, former technology darling Appen Ltd (ASX: APX) was booted out of the ASX 200 index today. The company’s share price dropped 3.28%.

Share price snapshot

The All Technology Index has dropped 24% over the 12 months, while it is trading 32% higher year to date.

The index has shed nearly 10% in the past month, and it has dropped 1.59% in the past week.

The post Why did ASX 200 tech shares fall today? appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium, Apple, Block, Inc., and WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has positions in and has recommended Block, Inc. and WiseTech Global. The Motley Fool Australia has recommended Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Investors keep winding up the commodity trade in 2022 with several ASX mining shares surging more than 20% during Australian market hours on Monday.

Despite the S&P/ASX 300 Metals & Mining Index (ASX: XMM) sliding more than 109 basis points today, these three ASX miners outpaced the rest of the pack.

Culpeo Minerals Ltd (ASX: CPO)

Shares in Culpeo Minerals exploded into the green on Monday, clipping a gain of more than 193% to finish the day. Investors bid up the miner’s share price after a company announcement on its Lana Corina Copper Project.

Culpeo advised it has intersected a record 173 metres at 1.05% copper and 50 parts per million of molybdenum. Results also confirmed the mineralisation continues at depth.

“The intersection of 173 metres of copper mineralisation at a grade of 1.05% is the highest-grade intercept to date from the ongoing drilling program,” CEO Max Tuesley said.

Copper has spiked back north in recent weeks and is now more than 5% higher on the month at US$4.41/lbs.

Firetail Resources Ltd (ASX: FTL)

The Firetail share price spiked more than 21% higher on Monday and closed the session at 36.5 cents. Despite no market-sensitive news for the company, investors bid up its share price at pace today.

The price of copper has raced higher in recent weeks as well, helping to drive shareholder returns for the company. Meanwhile, the gold price has stabilised at US$1,855 per troy ounce, after incurring heavy losses in recent weeks.

After making its debut in April, Firetail has traded off its IPO price and slipped 6% into the red this past month of trade.

However, investors appears to be buyers at these price levels, with today’s gain occurring on a trading volume more than three times the four-week average.

Encounter Resources Ltd (ASX: ENR)

Shares in Encounter Resources were also net winners today, securing a 29% lift at the closing bell.

Despite trading down in recent weeks, investors rallied the Encounter Resources share price after an update at its Sandover project in the Northern Territory.

The company said on Friday:

Additional surface sampling and field reconnaissance completed at Sandover in April 2022 confirmed further areas of surface copper oxide mineralisation.

The potential for lithium and other critical metals will be investigated in conjunction with copper exploration activities [at the site].

News of the update have sent Encounter shares well into the green with investors still looking to capture gains as part of the wider commodity and energy trade.

In the last 12 months, the company has secured a 14% gain after spiking more than 16% this year to date.

The post These 3 ASX mining shares surged more than 20% on Monday appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Experts are always on the lookout for ASX shares that could be opportunities. June 2022 could be a good month to go looking for some of those potential ideas.

Businesses that are expected to achieve profit growth over the long-term could be good picks. Brokers often like to assign a price target to businesses – that’s where they think the share price could be. The bigger the price target, the more that potential business could rise, if the broker is right.

Companies aren’t necessarily going to do well just because a broker thinks it’s good value, but the long-term could be promising with the plans the companies have.

Let’s look at a couple of these beaten-up ASX shares that could be opportunities.

Accent Group Ltd (ASX: AX1)

This business is one of the largest footwear retailers in Australia. It owns some brands and acts as the distributor for others.

Some of the brands that the business sells include The Athlete’s Foot, CAT, Dr Martens, Glue Store, Hoka, Kappa, Merrell, Skechers, Stylerunner, Trybe, Timberland, and Vans.

The broker UBS is one of the brokers that rates the Accent share price as a buy with a price target of $2.50. That suggests a possible rise of more than 80% over the next year.

UBS thought the recent trading update was better than expected and the profit margin may be improving.

The ASX share noted in its business update that sales performance from late February 2022 had improved compared to the 10% fall of like for like sales in the first eight weeks of the second half of FY22.

Accent also said that it has continued to focus on a full price, full margin sales strategy, which has driven an improved gross profit margin, which was ahead of both expectations and last year.

The company is taking a number of actions to grow profit, including growing its store network and growing online sales.

According to UBS, the Accent share price is valued at 9 times FY23’s estimated earnings with a potential grossed-up dividend yield of 14% in FY23.

City Chic Collective Ltd (ASX: CCX)

City Chic is another ASX share that has seen a significant decline in recent months.

This business owns a variety of brands that are targeted at plus-size women. Australia, the UK and the US are three key target markets for the business with its City Chic, Evans and Avenue businesses.

One of the brokers that really rates City Chic is Macquarie, which has a price target of $6.70 on the business. That implies a possible rise of over 200%, though many other brokers have lower (but still positive) price targets.

Macquarie points out that City Chic’s sales growth remains strong, partly as a result of the company ensuring a good inventory position. The broker thinks the business can keep growing.

At the end of April 2022, the ASX share said that in the second half to date it had achieved total sales growth of 25%, with USA total sales growth of 47%. Global partner sales growth was 465%.

The ASX share pointed out that the plus-size market is forecast to grow by around 7% per annum.

According to Macquarie, the City Chic share price is valued at 12 times FY23’s estimated earnings and it could pay a grossed-up dividend yield of 9.1% in FY23.

The post Are these 2 beaten-up ASX shares too cheap to ignore in June 2022? appeared first on The Motley Fool Australia.

More reading

• Top broker tips Accent share price to deliver 65% upside AND juicy dividends
• 2 excellent ASX dividend shares that experts rate as buys
• Why are ASX 200 retail shares climbing on Friday?
• What’s the outlook for ASX 300 retail shares in June?
• 2 ASX growth shares to buy this month: experts

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group and Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Aussie Broadband Ltd (ASX: ABB) share price has slumped this year, but could it have better days ahead?

The broadband provider’s share price has slid 20% year to date. At the close of trade on Monday, the company’s shares finished down 4.77% at $3.79.

So what is the outlook for Aussie Broadband?

Could the Aussie Broadband share price go higher?

Aussie shares climbed 17% from the first trading day of the year to 29 April before plunging dramatically at the start of May. They shed 28% alone on 2 May after the release of the company’s quarterly results.

Despite this, some analysts predict the company’s share price could take a turn for the better.

Ord Minnett recommends shareholders buy Aussie Broadband and has placed a $5.10 price target on it. This is a nearly 34.5% upside on the current share price.

Analysts claim industry data shows the company has increased its market share, as my Foolish colleague James reported.

The team at Jeffries also rates the Aussie Broadband share price as a buy with a $5 price target in early May. However, the broker cut its total broadband subscription forecast from 595,000 to 586,000.

In recent news, Aussie Broadband has opened a new national warehouse in Perth to deliver services faster across Western Australia. Managing director Phillip Britt noted this would save the company time and money:

It’s also cheaper to send items directly from the Perth warehouse to our customers in WA, rather than from our Morwell distribution centre in regional Victoria.

In the third quarter of FY22, Aussie Broadband reported a 47% year-on-year increase in broadband services to 548,911. Total services lifted 42% to 697,083, including voice, mobile and Fetch.

However, the company downgraded the guidance on its full-year earnings to between $27 million and $28 million. Previously, the company had forecast an earnings before interest, tax, depreciation and amortisation (EBITDA) of between $27 million and $30 million.

Share price snapshot

The Aussie Broadband share price has rocketed nearly 36% in the past year, but it is down 5.5% in the past month.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has lost 1.2% in the past year.

Aussie Broadband has a market capitalisation of $945.74 million based on its current share price.

The post Down 20% in 2022, is the Aussie Broadband share price a no-brainer buy? appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to buy today
• These ASX 200 companies just lost market share to a small-cap rival
• 3 quality ASX All Ordinaries shares that defied today’s sell-off

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Aussie Broadband Limited. The Motley Fool Australia has recommended Aussie Broadband Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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