Are you interested in adding some ASX growth shares to your portfolio in November? If you are, you may want to look at the two listed below that have recently been named as buys.

Here’s what you need to know about them:

Allkem Ltd (ASX: AKE)

The first ASX growth share that could be a buy this month is Allkem.

Allkem is the lithium giant that owns a collection of quality projects across several product types. These operations include Olaroz, Mt Cattlin, and the Sal de Vida brine project.

Lithium certainly is a great commodity to be working with right now. With lithium prices at sky high levels and tipped to stay that way in the near term, Allkem appears well-positioned to deliver bumper earnings in the coming years. Particularly given management’s plan to grow its production 3x by 2026 and command a 10% share of global lithium production over the long term.

Macquarie is very positive on the company’s outlook and has an outperform rating and $21.00 price target on its shares.

Temple & Webster Group Ltd (ASX: TPW)

Another ASX growth share that has been named as a buy is Temple & Webster.

It is Australia’s leading pure-play online retailer of furniture and homewares.

Temple & Webster has been growing at a strong rate for a number of years thanks to the shift to online shopping. And with the shift in this category still in its early stages compared to other categories, the company appears well-placed to continue benefiting and growing strongly for some time to come.

Goldman Sachs expects that to be the case. In addition, the broker highlights that the category favours scale players, requires a specialised approach to e-commerce, and has higher barriers to entry. This all bodes well for Temple & Webster.

Goldman has a buy rating and $7.55 price target on the company’s shares.

The post 2 excellent ASX growth shares that analysts say are buys appeared first on The Motley Fool Australia.

(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

• Which ASX 200 mining shares managed to dig up gains in October?
• 3 ASX All Ords shares starting the week on fire
• Here are the 10 most shorted ASX shares
• Are non-producing ASX lithium companies now way over-priced?
• How I’d aim to find under-the-radar ASX shares that are pandemic-era bargains

Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. 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/qUQYCPn

This one ASX mining share has been up and down like a yo-yo today.

The WA1 Resources Ltd (ASX: WA1) share price finished 24.62% in the red after soaring higher in earlier trade.

This morning, WA1 Resources shares exploded out the blocks, soaring 46.73% from $1.99 to $2.92. For comparison, the S&P/ASX 200 Materials Index (ASX: XMJ) fell 2.96% today.

Let’s take a look at what went on with this ASX mining share today.

ASX mining share resumes trading

WA1 Resources shares soared a staggering 1,321% between market close on 21 October and 1 November.

On Tuesday, the company’s shares were placed on ice after exploding 60% earlier in the day. WA1 entered a trading halt voluntarily after receiving a price query from the ASX.

Today, WA1 Resources resumed trading after releasing its response to the ASX volume query after the market closed on Wednesday. The company confirmed it is in compliance with the listing rules.

In its response, the company pointed to “substantial recent media coverage” of the company’s discovery at the West Arunta project in Western Australia.

As announced by the company on 26 October, WA1 Resources has discovered a mineralised carbonatite system at the mine.

WA1 told the ASX assay results for six other drill holes at the project are due to be received next week. These results will be released following a comprehensive review by the company.

On 27 October, WA1 Resources released a corporate overview of the company, including the maiden drill program. The company’s mission is to “discover a tier one deposit in WA’s unexplored regions and create value for all stakeholders”.

WA1 Resources listed on the ASX on 8 February this year.

WA1 Resources share price snapshot

The WA1 Resources share price has soared 650% in the year to date. In the past month, the company’s shares have skyrocketed by 868%.

For perspective, the ASX 200 Materials Index has gained nearly 4% in the past year.

This ASX mining share has a market capitalisation of about $43.5 million based on today’s closing price.

The post Up 47% and down 25% in one day, what’s with this ASX mining share? appeared first on The Motley Fool Australia.

(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

• Why was this ASX mining share placed on ice after exploding 60% today? 
• 3 ASX mining shares going gangbusters on Thursday

Motley Fool contributor Monica O’Shea 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/7Y9uZJC

The Piedmont Lithium Inc (ASX: PLL) share price closed 4.59% lower today amid a broad sell-off across Australian and US markets.

Shares of the integrated lithium business closed trading for 93 cents each.

The materials sector was the worst performer on Thursday, with the S&P/ASX 200 Materials Index (ASX: XMJ) losing 2.96%.

Other ASX lithium shares were also not spared from the downturn. Here’s a quick look at how they performed:

• Pilbara Minerals Ltd (ASX: PLS) down 1.37%
• Mineral Resources Limited (ASX: MIN) down 3.12%
• Allkem Ltd (ASX: AKE) down 2.49%

The broader Australian market took a hit too, with the S&P/ASX 200 Index (ASX: XJO) losing 1.84%.

Of course, most of the damage here at home is also reflected in the slide of US markets overnight.

The Nasdaq Composite (NASDAQ: .IXIC) lost 3.36% and made a new five-day low. The S&P 500 Index (SP: .INX) lost a significant amount too, down 2.50%.

Markets are reeling amid comments made by Federal Reserve chairman Jerome Powell overnight. Let’s cover the highlights.

What did Powell say?

My Foolish colleague Bernd notes that while the 0.75% rate hike may have been expected and largely priced in, nobody could have anticipated that Powell would make such hawkish comments in a press conference after the Fed meeting took place.

He said inflation remains high and he has the expectation that interest rates will continue to rise to get it under control.

Powell said:

The level of rates that we estimated in September, the incoming data suggests that’s actually going to be higher. There is no sense that inflation is coming down… We’re exactly where we were a year ago.

The bigger picture, though, is that Powell also thinks the Fed’s chances of preventing a recession while getting inflation under control are becoming increasingly less likely.

When asked if he believes the chance of the Fed executing a ‘soft landing’ has been affected, Powell replied: “Has it narrowed? Yes. Is it still possible? Yes.”

Powell added:

The inflation picture has become more challenging over the course of this year, without a question. That narrows the path to a soft landing.

Piedmont Lithium share price snapshot

The Piedmont Lithium share price is now down 6% in the past two days after also falling 1.5% on Wednesday.

However, its shares are up 27% year to date. That’s a steep gain over the S&P/ASX 200 Index, which is down around 8% over the same period.

The company’s market capitalisation is around $1.55 billion.

The post Why did the Piedmont Lithium share price plunge on Thursday? appeared first on The Motley Fool Australia.

(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

• These were the best ASX lithium shares to buy in October
• 4 ASX lithium shares surging more than 10% today
• Guess which ASX lithium company is the biggest holder of Sayona Mining shares?
• Why Challenger, Novonix, Piedmont Lithium, and Woodside shares are racing higher
• 3 ASX lithium stocks leaping higher on big news

Motley Fool contributor Matthew Farley 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/FHYP13z

The South32 Ltd (ASX: S32) share price finished in the red alongside other ASX mining shares today after the United States interest rate decision caused the broader market to panic.

The South32 share price dived 3.16% to close Thursday’s session at $3.68.

The S&P/ASX 200 Materials (ASX: XMJ) was the worst-performing sector index today, down 2.96%.

The S&P/ASX 200 Index (ASX: XJO) fell 1.84%.

Let’s look at what happened.

South32 share price feels the heat

The fourth consecutive 0.75% increase in US interest rates isn’t great news for ASX mining shares.

Nor is the Fed Chair’s comment that “incoming data since our last meeting suggest that the ultimate level of interest rates will be higher than previously expected”. Mic drop.

US rates are now at their highest level since the global financial crisis in 2008.

What the US does in its economy tends to have a major flow-on effect on the rest of the world. That includes international commodity markets, many of which trade in US dollars.

The main metals that South32 mines are aluminium, manganese, nickel, and coal.

The first three are holding up okay but the price of coal has slipped 6.6% over the past week and 9.5% over the past month, according to Trading Economics data.

That might not sound dramatic but the market has been in a lather over ASX coal shares for some time. The coal price is up almost 130% over the past year. It hit a historical peak of above US$430 per tonne in September. So, investors have been hyped.

But the coal price has since fallen. Maybe this downturn might have investors taking profits now?

We note that South32 is one of the highest-traded shares on the ASX 200 today.

South32 share price falling since May

The South32 share price is down 9.6% in the year to date.

As my Fool colleague Tristan reported this week, South32 shares are down 28% in five months.

The post Why did the South32 share price melt more than the market today? appeared first on The Motley Fool Australia.

(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

• Here are the top 10 ASX 200 shares today
• Why is the Rio Tinto share price faring worse than the ASX 200 today?
• How is the Qantas share price avoiding today’s carnage?
• Here are the 3 most traded ASX 200 shares on Thursday
• Why is the BetaShares Nasdaq 100 ETF taking a thrashing today?

Motley Fool contributor Bronwyn Allen 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/HnQUGT8