Day: September 7, 2022

Latin Resources share price follows ASX sell-off amid ‘excellent high‐grade lithium’ news

A wide-smiling businessman in suit and tie rips open his shirt to reveal a green t-shirt underneathA wide-smiling businessman in suit and tie rips open his shirt to reveal a green t-shirt underneath

Flat was the new up today with the Latin Resources Ltd (ASX: LRS) share price holding its ground for most of the day, despite the sharp market sell-off. That is, until the last two minutes of trade, when Latin Resources shares finally succumbed.

The ASX lithium junior finished down 4.35% at 11 cents at the close of trade after posting encouraging drilling results.

Latin Resources share price yields to the gloom

The news wasn’t enough to shield it from the 1.4% drop in the All Ordinaries (ASX: XAO) on Wednesday. But the Latin Resources share price isn’t alone, given that ASX mining shares are among the biggest losers on the market today.

The wooden spoon goes to the Hastings Technology Metals Ltd (ASX: HAS) share price. It collapsed 18.08% to $4.44. The Chalice Mining Ltd (ASX: CHN) share price isn’t far behind with its 13.04% plunge.

Latest drill results

Fortunately for the Latin Resources share price, management announced it struck more high-grade lithium at its Colina prospect in Brazil.

The miner’s latest drilling results include 26.88m @ 1.40% Li2 O from 94m, 28.80m @ 1.16% Li2 O from 307m and 10.00m @ 1.05% Li2 O from 186m.

Previous work in the area identified a “lithium corridor” that covered a distance of 4km. The Colina prospect is south-east of Latin Resources’ flagship Salinas Lithium project.

On track to the next share price catalyst

Latin Resources’ exploration manager Tony Greenaway said:

Our latest results continue to show excellent high‐grade lithium intersections and continuity of the pegmatites along strike and down dip. We are well on schedule to deliver our maiden JORC resource in December which is an exciting milestone for the company.

I am also pleased to have our regional teams out mapping at Salinas South where we know we have more outcropping pegmatites. Our plan is to work‐up these areas to drill‐ready status, and then in the near term commence drilling to begin testing these new areas.

Powering up the Latin Resources share price

The miner has completed more than one-third of the planned 100 drill holes. The results to date continue to confirm the continuity of grade and thickness of the Colina pegmatites at depth.

The Salinas Lithium Project in the pro‐mining district of Minas Gerais, Brazil. Latin Resources is also developing the Catamarca Lithium Project in Argentina.

Lithium is the flavour of the month for ASX investors due to surging demand for electric vehicles. The mineral is a key ingredient in batteries and some experts believe there won’t be enough supply to meet demand for years to come.

Latin Resources share price snapshot

This explains why the Latin Resources share price has rallied 156% over the past year. In contrast, the All Ordinaries has fallen 11% while the S&P/ASX 300 Metals & Mining (ASX: XMM) dipped 6.8% over the period.

But Latin Resources isn’t the only ASX lithium share that is racing ahead. The Allkem Ltd (ASX: AKE) share price has climbed 45% and the Pilbara Minerals Ltd (ASX: PLS) share price advanced 84% in the last 12 months.

The post Latin Resources share price follows ASX sell-off amid ‘excellent high‐grade lithium’ news appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of August 4 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Motley Fool contributor Brendon Lau has positions in Allkem Limited, and Pilbara Minerals Ltd. 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.

from The Motley Fool Australia https://ift.tt/jaXIcvf

Arafura defies sell-off in ASX mining shares to stay buoyant. Is this why?

A boy sits on his dad's shoulders, both are flexing their biceps in unison.A boy sits on his dad's shoulders, both are flexing their biceps in unison.

The Arafura Resources Limited (ASX: ARU) share price kept its head above water on Wednesday.

At the end of the day, shares in the rare earth minerals exploration company settled at 34 cents apiece, bang on the same price they closed at yesterday. That may not sound like much to cheer about, but in the context of the broader market, it is.

The S&P/ASX 200 Index (ASX: XJO) was tenderised today, with the benchmark index wiping off 1.43% from yesterday. Notably, the materials sector shouldered a fair chunk of the selling.

Several big ASX mining shares, such as BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG), experienced falls in excess of 2.3%. So, why is it that the Arafura Resources share price stood tall?

Joining an index comes with its perks

Firstly, there were details regarding the issuing of performance rights to leadership today. However, there was no material information from the small-cap exploration company. In light of this, we need to search further to find what might have supported Arafura while other shares fell.

On Monday, The Motley Fool Australia reported on Arafura’s inclusion in the S&P/ASX 300 Index (ASX: XKO) as per the September quarterly rebalance. During that session, the hopeful neodymium and praseodymium producer rallied 17%.

There is a chance that Arafura Resources enjoyed continued buying on Wednesday as index funds sought to replicate the proposed rebalanced benchmark.

At the close, the company had witnessed more than 11.8 million shares swap hands. This far surpasses the average value of around 8.1 million.

What else could be fuelling the Arafura share price?

Another factor that might have helped Arafura shares fend off selling pressure is the elevated interest in rare earth shares.

Toward the end of August, Andrew ‘Twiggy’ Forrest’s Wyloo Metals revealed its intentions to invest in Hastings Technology Metals Ltd (ASX: HAS). The fellow rare earth explorer would be using some of the funds received by Wyloo to take a stake in Canadian-listed magnet maker Neo Performance Materials.

Interest in rare earth mining shares has been elevated in recent times as China ties have loosened. As a result, countries have been seeking ways to reduce their reliance on the People’s Republic for the key material.

The post Arafura defies sell-off in ASX mining shares to stay buoyant. Is this why? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Arafura Resources Limited right now?

Before you consider Arafura Resources Limited, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Arafura Resources Limited wasn’t one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

See The 5 Stocks
*Returns as of August 4 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

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.

from The Motley Fool Australia https://ift.tt/en1gkxU

Here are the top 10 ASX 200 shares today

An old-fashioned panel of judges each holding a card with the number 10An old-fashioned panel of judges each holding a card with the number 10

The S&P/ASX 200 Index (ASX: XJO) took its lead from Wall Street on Wednesday, plummeting to a seven-week low. The index closed 1.42% lower at 6,729.30 points.

It came after the S&P 500 Index (SP: .INX) and Dow Jones Industrial Average Index (DJX: .DJI) fell 0.4% and 0.5% respectively overnight. Meanwhile, the Nasdaq Composite Index (NASDAQ: .IXIC) slipped 0.7%.

Leading the ASX 200’s downfall was the S&P/ASX 200 Energy Index (ASX: XEJ), falling 2.9%. It followed a mixed night for oil prices.

The Brent crude oil price fell 3% to US$92.83 a barrel overnight while the US Nymex crude oil price  lifted 0.1% to US$86.88 a barrel.

The S&P/ASX 200 Materials Index (ASX: XMJ) also plunged 2% after iron ore futures slid 0.9% to US$97.61 a tonne and gold futures lifted 0.6% to US$1,712.90 an ounce.

Only two sectors recorded a gain on Wednesday. The biggest lift was posted by the S&P/ASX 200 Information Technology Index (ASX: XIJ). It rose 0.3% despite the tech-heavy Nasdaq Composite’s Tuesday losses.

But which share outperformed all others on Wednesday? Let’s take a look.

Top 10 ASX 200 shares countdown

Today’s top performing ASX 200 share was ResMed Inc (ASX: RMD). Find out more about the medical device and software developer and what it’s been up to lately here.

Today’s biggest gains were made by these ASX shares:

ASX-listed company Share price Price change
ResMed Inc (ASX: RMD) $33.51 4.23%
Virgin Money UK CDI (ASX: VUK) $2.53 3.27%
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) $17.41 3.02%
Elders Ltd (ASX: ELD) $11.80 2.79%
Link Administration Holdings Ltd (ASX: LNK) $4.31 2.62%
Graincorp Ltd (ASX: GNC) $8.30 2.47%
Janus Henderson Group CDI (ASX: JHG) $34.35 2.32%
Core Lithium Ltd (ASX: CXO) $1.525 2.01%
Computershare Limited (ASX: CPU) $24.57 1.95%
Megaport Ltd (ASX: MP1) $7.40 1.93%

Our top 10 ASX 200 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of August 4 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

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 Link Administration Holdings Ltd, MEGAPORT FPO, and ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. The Motley Fool Australia has recommended Elders Limited and MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/C9j5JEl

Why are ASX 200 mining shares getting blasted on Wednesday?

A businessman's head explodes.A businessman's head explodes.

It’s a bloodbath among S&P/ASX 200 Index (ASX: XJO) mining shares today, with many of the market’s biggest materials stocks tumbling.

Stock in resources giant BHP Group Ltd (ASX: BHP) is plummeting 2.1% at the time of writing.

Its heavyweight peers, Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG), are also suffering. Their share prices have fallen 1.45% and 2.2%, respectively.

So, what’s weighing on most of the market’s favourite ASX 200 mining shares today? Let’s take a look.

ASX 200 mining shares tumble on Wednesday

The ASX 200 is suffering on Wednesday, having fallen 1.4% right now. And the S&P/ASX 200 Materials Index (ASX: XMJ) is among its worst performing sectors.

The materials sector is currently down 1.69%, with only a few stocks defying its sell-off.

Lithium stocks Lake Resources NL (ASX: LKE) and Core Lithium Ltd (ASX: CXO) are currently in the green, lifting 1.66 and 1.67% respectively.

The share prices of Lynas Rare Earths Ltd (ASX: LYC), Incitec Pivot Ltd (ASX: IPL), and Orora Ltd (ASX: ORA) are also gaining, having risen 0.89%, 0.68%, and 0.31% respectively.

But, aside from a select few, most ASX 200 mining shares are tumbling lower.

Their suffering follows a rough night for commodity prices. While certain base metals, including copper, lead, and nickel, posted slight gains overnight, iron ore slumped.

Iron ore futures fell 0.9% to US$97.61 a tonne amid continuing reports of COVID-induced lockdowns and restrictions in China. Gold futures, however, lifted 0.6% to US$1,712.90 per ounce.

Today’s worst performing ASX 200 mining share is Chalice Mining Ltd (ASX: CHN). Its share price has dumped 12.13% at the time of writing.

The post Why are ASX 200 mining shares getting blasted on Wednesday? appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of August 4 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

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 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.

from The Motley Fool Australia https://ift.tt/uAqLjBM