The S&P/ASX 200 Index (ASX: XJO) hit a near 7-month high on Thursday amid comments from United States Federal Reserve chair Jerome Powell. The index closed 0.96% higher at 7,354.4 points.

Powell indicated the United States central bank will likely ease up on rate hikes as it continues to battle soaring inflation, the Guardian reports.

Wall Street took off amid the chair’s comments overnight. The Dow Jones Industrial Average Index (DJX: .DJI) rose 2.2%, the S&P 500 Index (SP: .INX) gained 3.1%, and the Nasdaq Composite Index (NASDAQ: .IXIC) lifted 4.4%.

Back home, the S&P/ASX 200 Materials Index (ASX: XMJ) led, soaring 2.6%.

The S&P/ASX 200 Real Estate Index (ASX: XRE) and the S&P/ASX 200 Utilities Index (ASX: XUJ) also outperformed, rising 1% and 1.1% respectively.

Meanwhile, the S&P/ASX 200 Energy Index (ASX: XEJ) dumped 0.8% despite stronger oil prices.

The Brent crude oil price gained 2.9% to US$85.43 a barrel overnight while the US Nymex crude oil price lifted 3% to US$80.55 a barrel.

All in all, nine of the ASX 200’s 11 sectors closed higher on Wednesday. But which share recorded the biggest jump? Keep reading to find out.

Top 10 ASX 200 shares countdown

Gold company Ramelius Resources Limited (ASX: RMS) led the way on Wednesday, gaining 10.5% as gold stocks outperformed.

Today’s biggest gains were made by these shares:

ASX-listed company	Share price	Price change
Ramelius Resources Limited (ASX: RMS)	$0.945	10.53%
Block Inc (ASX: SQ2)	$99.96	7.38%
Pinnacle Investment Management Group Ltd (ASX: PNI)	$9.29	7.27%
South32 Ltd (ASX: S32)	$4.29	6.72%
Evolution Mining Ltd (ASX: EVN)	$2.86	6.32%
Xero Limited (ASX: XRO)	$74.99	6.16%
West African Resources Ltd (ASX: WAF)	$1.225	6.06%
Capricorn Metals Ltd (ASX: CMM)	$4.45	5.95%
Champion Iron Ltd (ASX: CIA)	$6.73	5.82%
Silver Lake Resources Limited (ASX: SLR)	$1.28	5.79%

Our top 10 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.

(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

• Why Appen, Evolution Mining, Rio Tinto, and Xero shares are racing higher
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Xero share price hurtles higher on bullish broker note
• Stock market correction: A once-in-a-lifetime chance to get rich?
• Why are ASX tech shares having such a cracking run on Thursday?

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, Pinnacle Investment Management Group, and Xero. The Motley Fool Australia has positions in and has recommended Block, Pinnacle Investment Management Group, and Xero. 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/cEdh6Bw

November started off brilliantly for the Insurance Australia Group Ltd (ASX: IAG) share price, but it soon took a sharp turn.

Stock in the insurance giant launched to a 52-week high on 2 November – peaking at $5.09. However, it soon handed back the gains that brought it there, falling to a low of $4.69 earlier this week.

After ending October at $4.90, the IAG share price tumbled 2.45% to finish November at $4.78.

For comparison, the S&P/ASX 200 Index (ASX: XJO) lifted 6.13% last month. Meanwhile, the company’s home sector, the S&P/ASX 200 Financials Index (ASX: XFJ), rose 1.14%.

So, what might have gone wrong for the IAG share price? Let’s take a look.

What weighed on the IAG share price in November?

Interestingly, there’s been no price-sensitive word from IAG to explain its share price’s recent underperformance. Indeed, the last time the market heard from the company was amid its annual general meeting in late October.

Though, it’s worth noting severe flooding continued in parts of New South Wales last month while South Australia and Victoria suffered extreme weather events.

The company said it received more than 4,000 claims from the events between 12 November and 22 November.

And more storms could be heading our way. The company warned Australia is entering its annual severe thunderstorm season this week, with a particular focus on the damage hail can cause.

Also interestingly, other ASX 200 insurance providers performed well over the month just been.

The QBE Insurance Group Ltd (ASX: QBE) share price lifted 5.15% last month while the Suncorp Group Ltd (ASX: SUN) share price rose 4.47%.

Still, the IAG share price is outperforming the broader market year to date despite its recent struggles. The stock has lifted 6.7% year to date and 7.7% over the last 12 months.

For comparison, the ASX 200 has slumped 3% since the start of 2022 and lifted 1% over the last 12 months.

The post Why did the IAG share price have such a lousy November? 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

• Will ASX 200 shares bottom before the year is out? Here’s Macquarie’s ‘best guess’
• 2 ASX 200 shares that could be too cheap to ignore: fund manager
• The IAG share price has smashed the ASX 200 this year. Is it too late to buy?
• Why did the IAG share price just hit a new 52-week high?
• 3 ASX 200 shares hitting new heights today

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 Insurance Australia Group. 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/JfwDbA7

November was a shocking month for the Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price, despite the broader market’s recovery.

The smallest of the big four banks’ stock tumbled 2.46% last month.

After closing October at $25.56, ANZ shares plunged to finish November at $24.74.

For comparison, the S&P/ASX 200 Index (ASX: XJO) rose 6.13% over the 30 days to 30 November.

So, what weighed so heavily on the ANZ share price last month? Let’s take a look.

What went wrong for the ANZ share price in November?

Interestingly, there was no obvious news that might have dragged on the ANZ share price last month.

Though, its worst day on the market ­– 7 November – saw the stock dump around 4.6%. That was the day ANZ traded ex-dividend, meaning new investors wouldn’t receive its upcoming 74 cent final dividend.

It was also, interestingly, the same day Westpac Banking Corp (ASX: WBC) dropped its full-year earnings.

ANZ also made headlines last month on news it would contribute $42 million to settle a class action related to the sale of three consumer credit products. The bank was one of numerous parties caught up in the legal action. The settlement amount was covered by already-held provisions.

The final major news from the ASX 200 bank dropped last week when it announced it will cease its business in Myanmar, citing “increasing operation complexity”. The nation has been under military rule since early 2021.

Another factor to consider when dissecting the ANZ share price’s November struggles is its brilliant October performance. It outperformed the ASX 200, gaining 10% compared to the index’s 5% rise, that month.

Additionally, the S&P/ASX 200 Financials Index (ASX: XFJ) also underperformed in November, gaining just 1.1%.

Taking another step back, the ANZ share price has been underperforming for most of 2022. It has dumped 10% year to date and is currently 6% lower than it was this time last year.

Comparatively, the ASX 200 is down 3% year to date and has lifted 1% over the last 12 months.

The post Why did the ANZ share price tumble in November while the ASX 200 gained 6%? 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

• The 3 best-performing ASX 200 bank shares in November revealed
• The 10 ASX 200 shares responsible for 60% of all Aussie dividends last quarter
• Bought $1,000 of ANZ shares 10 years ago? Here’s how much dividend income you’ve received
• Which ASX 200 bank share stands to benefit the most from ‘good borrowers’?
• If I’d invested $10,000 in ANZ shares a year ago, here’s how much I’d have now

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 recommended Westpac Banking. 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/BeWO3Hq

The Core Lithium Ltd (ASX: CXO) share price had a disappointing time in November.

The lithium developer’s shares fell 2.1% over the period to end the month at $1.36.

This compares unfavourably to the ASX 200 index, which rose 6.1% last month.

What happened to the Core Lithium share price last month?

Things were actually looking very positive for the Core Lithium share price for the first half of the month. In fact, its shares climbed as much as 35% to a record high of $1.88 on 14 November.

This was driven by optimism over the outlook for lithium thanks to the electric vehicle boom. And with Core Lithium on the cusp of commencing production at the Finniss Lithium Project in the Northern Territory, investors were betting on it generating bumper free cash flow in the near future.

The company also announced the transportation of its first spodumene direct shipping ore (DSO) product from the project. Core CEO Gareth Manderson labelled it a milestone for Core. He said:

The transportation of DSO today is another signification milestone for Finniss, and is a very positive step towards our objective to export from Darwin Port before the end of the year.

The decline

Unfortunately, the Core Lithium share price didn’t stay at those lofty levels for long. A day after hitting a record high, it started its downward trend and wiped out its month to date gains and some more.

This appears to have been driven by bearish notes out of Credit Suisse and Goldman Sachs warning that lithium prices were heading meaningfully lower.

In addition, analysts at Macquarie downgraded Core Lithium’s shares to a neutral rating with a $1.80 price target. Its analysts are concerned that the Finniss project could be delayed following high level management departures and bad weather. In fact, the broker suspects that production could be delayed until FY 2024.

Here’s hoping for a better showing from the Core Lithium share price in December.

The post Why did the Core Lithium share price end the month lower after being up 35%? 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

• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Can you guess which 3 ASX 200 lithium shares led the charge in November?
• 2 ASX lithium shares to buy, and 3 to sell: brokers
• Why has the Core Lithium share price crashed 30% in 12 days?
• Here are the 3 most heavily traded ASX 200 shares on Tuesday

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 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/VKskwbv