If you’re looking for some growth shares to add to your portfolio, then the two listed below could be worth a look.

Both of these ASX growth shares have been named as buys and tipped to climb materially higher from current levels. Here’s what analysts are saying about them:

Lovisa Holdings Limited (ASX: LOV)

The first ASX growth share to consider is fast-fashion jewellery retailer, Lovisa.

Thanks to the popularity of its offering and its global expansion plans, it has been tipped to grow strongly over the next decade.

For example, the team at Morgans even believe the company could “prove to be one of the biggest success stories in Australian retail.”

In light of this, its analysts have put an add rating and $24.00 price target on its shares. Based on the current Lovisa share price of $12.89, this implies potential upside of 86% for investors.

Treasury Wine Estates Ltd (ASX: TWE)

Another ASX growth share that could be in the buy zone is Treasury Wine. It is the wine giant behind a range of brands such as 19 Crimes, Penfolds, and Wolf Blass.

The last few years have been difficult for Treasury Wine and its earnings have taken a major hit. This was driven by COVID-19 headwinds and the company’s exile from China.

The good news is that things are looking up now for the wine giant. This is thanks largely to its success in the North American market. In fact, the team at Morgans believe the “foundations are now in place for TWE to deliver strong double-digit growth from 2H22 over the next few years.”

As a result, its analysts have put an add rating and $13.93 price target on the company’s shares. Based on the current Treasury Wine share price of $10.88, this implies potential upside of 28% for investors.

The post Experts name 2 ASX growth shares to buy with major upside potential appeared first on The Motley Fool Australia.

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More reading

• 2 blue chip ASX 200 shares Morgans rates as buys
• Despite recent volatility, brokers are bullish on the Treasury Wine share price
• Analysts are tipping these ASX growth shares as buys
• 3 ASX All Ordinaries shares that defied Thursday’s slump to leap higher
• This ASX 300 retail share could grow its global store network by 260%: fundie

Motley Fool contributor James Mickleboro 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 Lovisa Holdings Ltd and Treasury Wine Estates 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 BHP Group Ltd (ASX: BHP) share price has ended the week in negative territory.

At Friday’s market close, shares in the world’s largest miner slipped 3.39% to $42.52. This represents a fall of 8% to when its shares finished trading at the end of last week.

Let’s take a look at what’s weighing down the miner’s shares.

What’s happened to BHP shares?

There are a couple of reasons as to why the BHP share price sunk to a 3-week low today.

Firstly, the S&P/ASX 200 Materials Index (ASX: XMJ) backtracked 2.78% to 16,443.4 points on Friday. When looking at the past week, the index is down a sizeable 8.64%.

The sector represents 39 of the largest companies that specialise in mining, forest products and construction materials.

It appears the general negative sentiment on the BHP’s home sector is weighing down its shares.

Shares in fellow peers, Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) also closed the day in the red by 4.20% and 5.25%, respectively.

In addition, the price for iron ore is fetching at US$131.50 per tonne, down 0.75% for the day as well as touching a 3-week low.

Dragging down the price of the crucial steel-making ingredient is China’s bold move to have more influence over the commodity.

As reported in the Australian Financial Review, the Asian powerhouse is looking to set up a cartel of iron ore buyers. This would centralise purchases as well as help bring iron ore prices down.

However, the big three Australian miners aren’t convinced as China is littered with many small-time players across the countryside. Regulating this and getting them to come to the table is likely to prove extremely difficult for the Xi administration.

Only time will tell as China wants to have this initiative wrapped up by the end of this year.

BHP share price snapshot

Since the beginning of 2022, the BHP share price has travelled sideways to register a gain of 15% so far.

Although, when looking further back to the last 12 months, its shares remain flat for the period.

Listed as the biggest company on the ASX in terms of market capitalisation, BHP is roughly valued at $215.25 billion.

The post BHP share price ends Friday’s session 8% lower for the week appeared first on The Motley Fool Australia.

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More reading

• Brokers name 3 ASX shares to buy today
• ‘Force them to give us a discount’: ASX 200 mining shares lift despite China’s latest move to curb iron ore prices
• ASX 200 midday update: BHP’s NSW coal update, Link takeover on the rocks
• Why I think the BHP share price is a good buy for the long term
• BHP share price pushes higher despite coal sale fail

Motley Fool contributor Aaron Teboneras 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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The S&P/ASX 200 Index (ASX: XJO) has closed on a dire week for ASX tech stocks, in which the Novonix Ltd (ASX: NVX) share price was one of the hardest hit.

The battery materials and technology stock plunged 19.94% over the market’s four-day week. As of Friday’s close, the Novonix share price is $2.50.

For context, the ASX 200 tumbled 6.6% in that time, and the S&P/ASX 200 Information Technology Index (ASX: XIJ) slumped 9.8%.

Let’s take a closer look at what went wrong for Novonix and its ASX 200 technology peers this week.

What went wrong with the Novonix share price this week?

The Novonix share price struggled this week alongside many of the market’s favourite tech stocks.

Block Inc (ASX: SQ2), Xero Limited (ASX: XRO), and WiseTech Global Ltd (ASX: WTC) dropped 25%, 11%, and 9% respectively.

The tech sector’s tumble came on the back of a similar downturn on Wall Street in the United States.

Since the US market closed on Thursday (Friday Aussie time), the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) has slipped 9.4%.  

Meanwhile, the benchmark S&P 500 plummeted into bear market territory during Monday’s session overseas.

That likely lead the broader Australian market to tumble when it opened after the Queen’s Birthday long weekend on Tuesday.

Interestingly, Novonix’s stock actually gained on Thursday and Friday, lifting 1.2% over the consecutive sessions.

However, it fell 8% on Tuesday and was the ASX 200’s worst performer on Wednesday, plunging 14%.

This week’s downturn included, the Novonix share price has fallen 72% since the start of 2022. It’s also 76% lower than it was this time last year.

The post Novonix share price loses 20% in dire week for ASX 200 tech stocks appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 bank shares slide to 52-week lows on Friday
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• Why is the Coles share price getting off lightly today?
• ASX 200 midday update: GUD crashes, tech shares tumble
• Down 20% today: Why the GUD share price is crashing to a 6-year low

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc., WiseTech Global, and Xero. The Motley Fool Australia has positions in and has recommended Block, Inc., WiseTech Global, and Xero. 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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ASX tech shares have had their returns levelled this year as investor confidence retracts and liquidity dries up. It only takes a glance at the S&P/ASX All Technology Index (ASX: XTX) to quantify the extent of the damage — down 40% year-to-date.

The disastrous tech sector performance carried over into Friday as the market descended a further 1.8%. In turn, investors are looking at a hellacious 6.7% fall in the benchmark index over one short trading week.

However, one ASX tech share defied the odds to secure an eight-year high today.

Which ASX tech share is rising above the rest?

Shares in Silex Systems Ltd (ASX: SLX) finished Friday 5.8% higher at $2.01. If you haven’t heard of the company before, you’d be forgiven. At a market capitalisation of $407.4 million and a relatively obscure business, the company isn’t exactly a household name.

Yet, the lack of public notoriety hasn’t stopped the Silex share price from skyrocketing over the past month. Outstripping many of its ASX tech share peers, the company has ascended more than 50% during the month gone by.

Silex Systems is a research and development company specifically focused on various applications of its own laser enrichment technology. One of those applications is the enrichment of uranium for use in nuclear energy power generation.

Given the lack of price-sensitive announcements this month, it seems possible that the heightened interest in this ASX tech share could be due to the evolving energy crisis hitting Australia. Despite the country never having a nuclear power station, interest in the alternative source has been renewed by runaway prices in electricity and gas markets.

The two major political parties are in opposition with each other over the idea of pursuing nuclear energy. However, with energy bills set to soar, the public interest in a potentially cheaper energy source is rampant.

On 2 June, Silex announced it had executed a non-binding letter of intent between its joint venture partner and Constellation Energy Generation LLC. Notably, Constellation is the largest producer of carbon-free energy in the United States, operating 23 nuclear power stations.

Investors in this ASX tech share will no doubt be watching how the energy crisis develops with a keen eye.

The post Amid the carnage, this ASX tech share just hit an 8-year high appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 bank shares slide to 52-week lows on Friday
• TechnologyOne share price is a buy ahead of profit growth acceleration: broker
• Fortescue share price sinks 5% as iron ore price slides
• Why Block, Fortescue, GUD, and Humm shares are sinking today
• Brokers name 3 ASX shares to buy today

Motley Fool contributor Mitchell Lawler 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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