ASX hydrogen shares announced some big news last month, so why did so many end June in the red?

Most ASX hydrogen shares suffered through June, with some tumbling more than 35% over the month.

Here’s how some of the market’s favourite ASX hydrogen-focused shares performed last month:

• Fortescue Metals Group Limited (ASX: FMG) – down 12.8%
• Hazer Group Ltd (ASX: HZR) – down 3.8%
• Pure Hydrogen Corporation (ASX: PH2) – down 37.14%
• Sparc Technologies Ltd (ASX: SPN) – down 31.18%
• APA Group (ASX: APA) – down 0.97%

For context, the S&P/ASX 200 Index (ASX: XJO) fell 8.9% last month while the All Ordinaries Index (ASX: XAO) slumped 9.5%.

So, what news did these ASX hydrogen shares announce in June? Read on to find out.

The latest news from ASX hydrogen shares

Some of the market’s favourite hydrogen shares had a poor month’s trade in June despite plenty of exciting news.

Pure Hydrogen, for example, was among the worst-performing ASX hydrogen shares in June. That’s despite the successful initial public offering (IPO) of Botala Energy – which is around 20% owned by Pure Hydrogen – and a favourable tribunal finding.

However, the Pure Hydrogen share price was put in the freezer late last month. It will remain frozen while the ASX makes inquiries into a presentation released by the company.

Meanwhile, ASX 200 giant Fortescue’s green energy leg Fortescue Future Industries (FFI), alongside some notable German companies, released a set of recommendations to the European nation’s government and industry. The Green Hydrogen Taskforce’s recommendations outline a roadmap for Germany to import large amounts of green hydrogen from Australia.

Speaking of FFI, there was also big news from its joint venture partner Sparc last month. The company announced progress that will ensure the commercialisation of its graphene additive coating products.

Finally, ASX hydrogen share Hazer completed construction and commissioning at its commercial demonstration plant and introduced a new CEO. While APA announced it will build a major hydrogen-blend-ready gas pipeline.

Sadly, none of that was enough to save these ASX hydrogen shares, and they all ended June in the red.

The post ASX hydrogen shares announced some big news last month, so why did so many end June in the red? appeared first on The Motley Fool Australia.

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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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended APA Group. 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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