Day: December 15, 2022

Why did the Sayona Mining share price dive 7% on Thursday?

An unhappy investor holding his eyes while watching a falling ASX share price on a computer screen.An unhappy investor holding his eyes while watching a falling ASX share price on a computer screen.

The Sayona Mining Ltd (ASX: SYA) share price had a tough run on the market today.

Sayona shares dropped nearly 6.82% to finish the day at 20.5 cents.

Let’s take a look at what may have impacted the Sayona Mining share price on Thursday.

What happened to Sayona Mining today?

Sayona Mining was not the only ASX lithium share to tumble today. The Core Lithium Ltd (ASX: CXO) share price descended 9.44%, while Pilbara Minerals Ltd (ASX: PLS) shares fell 11.43%.

The S&P/ASX 200 Materials Index (ASX: XMJ) also finished 1.35% in the red today.

Lithium shares followed in the footsteps of US lithium giants overnight. For example, the Albemarle Corporation (NYSE: ALB) share price descended 5.36%, while Sociedad Quimica y Minera de Chile (NYSE: SQM) shares lost 4.15%.

As my Foolish colleague Sebastian reported today, investors in growth stocks appeared to be rattled following comments from the US Federal Reserve meeting. The Fed hiked interest rates by 0.5%.

US Federal Reserve chairman Jerome Powell said:

It is our judgment today that we are not at a sufficiently restrictive policy stance yet. We will stay the course until the job is done.

Possibly also weighing on lithium shares today was news surrounding Pilbara Minerals. The team at Morgans said there is “not enough upside” for the Pilbara Minerals share price. The company placed a hold rating on Pilbara with a $4.70 price target.

Further, the company received a lower price for lithium in its latest battery material exchange (BMX) lithium auction. This lower price may be impacting investor sentiment in ASX lithium shares and, in turn, the Sayona share price.

Sayona has a 75% stake in the North American Lithium project in Quebec, Canada.

Sayona Mining share price summary

Sayona Mining shares have returned 64% in the last year.

Sayona has a market capitalisation of about $1.78 billion based on the current share price.

The post Why did the Sayona Mining share price dive 7% on Thursday? appeared first on The Motley Fool Australia.

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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.

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3 ASX All Ordinaries shares that defied today’s sell-off to leap higher

A graphic image of three upward pointing arrows with smoke coming from their bottoms, indicating the arrows are taking off just like the Althea share price todayA graphic image of three upward pointing arrows with smoke coming from their bottoms, indicating the arrows are taking off just like the Althea share price today

The All Ordinaries Index (ASX: XAO) fell 0.65% today, but three ASX shares charged higher.

The Magnis Energy Technologies Ltd (ASX: MNS), Cettire Ltd (ASX: CTT) and Avita Medical Inc (ASX: AVH) share prices all outperformed the index today.

Let’s take a look at what impacted these three ASX All Ordinaries shares.

Magnis Energy

The Magnis Energy Technologies share price climbed 1.25% today despite no news from the company. However, Magnis’ US traded OTC shares (OTC: MNSEF) climbed 2.32% overnight.

Magnis is a lithium-ion battery company with investments in lithium-ion battery cells, lithium-ion battery technology and high-performance anode materials. The company is invested in large-scale lithium-ion battery cell manufacturing projects in New York and Townsville, Queensland. In a recent investment presentation, Magnis highlighted the New York lithium battery facility has commenced commercial production. The facility is expected to produce about 15,000 cells a day at capacity.

Cettire

This company’s shares leapt 2.10% today. Cettire is a global luxury online retailer. In today’s news, Cettire has signed a commercial agreement with Zegna Group. Under the deal, Cettire will be able to integrate and sell products from Zegna on its platform. Customers of Cettire will have access to Zegna products in all of Cettire’s markets.

Commenting on the news, Cettire CEO and founder Dean Mintz said:

We are excited about our newly announced agreement with Zegna. Zegna is a world-renowned brand with a rich history originating in the heart of the luxury fashion industry.

With this collaboration, Cettire enables Zegna’s products to be directly available to a new and fast growing audience of luxury customers.

Avita Medical

Avita Medical shares jumped 1.94% today. In contrast, the ASX 200 Health Care Index (ASX: XHJ) fell 0.78%. Avita is working on a burn treatment device known as the Recell system.

Avita held its annual general meeting this week. Chairman Lou Panaccio said the company continues to be in a “strong position” when it comes to growth into new markets, corporate health and financial position. He highlighted Avita had more than US$88 million in cash reserves as at 30 September.

The post 3 ASX All Ordinaries shares that defied today’s sell-off to leap higher appeared first on The Motley Fool Australia.

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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 positions in and has recommended Avita Medical. The Motley Fool Australia has recommended Avita Medical and Cettire. 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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2 explosive ASX growth shares to buy for 2023: analysts

A woman sits in a quiet home nook with her laptop computer and a notepad and pen on the table next to her as she smiles at information on the screen.

A woman sits in a quiet home nook with her laptop computer and a notepad and pen on the table next to her as she smiles at information on the screen.

Are you looking for growth options for 2023? If you are, you may want to look at the two ASX growth shares listed below.

Here’s why analysts are saying that these are growth shares to buy right now:

Altium Limited (ASX: ALU)

The first ASX growth share to look at is this printed circuit board (PCB) focused electronic design software provider.

Altium appears well-positioned for long term growth thanks to its industry-leading platform and a number of tailwinds which are underpinning ever-increasing demand for electronic design software.

These tailwinds include the rapidly growing artificial intelligence and internet of things markets, which are leading to a proliferation of electronic devices of all shapes and sizes globally.

One broker that believes the Altium share price is good value at the current level is Jefferies. Its analysts currently have a buy rating and $42.32 price target on its shares.

Temple & Webster Group Ltd (ASX: TPW)

Another ASX growth share that could be in the buy zone is Temple & Webster. It is a leading online furniture and homewares retailer.

Temple & Webster has been tipped to grow strongly over the long term thanks to its strong position in a retail category that is still in the early stages of shifting online.

Goldman Sachs highlights that the category in Australia remains under-penetrated online relative to other markets with 16.5% of sales made online versus 28% in the UK and 25% in the United States.

Another positive is that this side of the retail market has higher barriers to entry, which bodes well for Temple & Webster’s future as more and more sales move online.

In light of this, it is forecasting strong sales growth over the next few years and has put a buy rating and $7.50 price target on its shares.

The post 2 explosive ASX growth shares to buy for 2023: analysts appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium and Temple & Webster Group. The Motley Fool Australia has recommended Temple & Webster 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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Should you buy Wesfarmers stock before it pops?

A man clasps his hands together while he looks upwards and sideways pondering how the Betashares Nasdaq 100 ETF performed in the 2022 financial yearA man clasps his hands together while he looks upwards and sideways pondering how the Betashares Nasdaq 100 ETF performed in the 2022 financial year

The Wesfarmers Ltd (ASX: WES) share price hasn’t been doing too much ‘popping’ of late. Wesfarmers stock remains one of the worst-performing blue-chip shares in 2022 thus far.

The retail and industrial conglomerate is down more than 20% year to date, including today’s 1.1% drop to $47.66 a share.

This sustained fall in the value of the Wesfarmers share price over the past 12 months or so is a rather unusual occurrence in the company’s long history as an ASX share, as you can see below:

This company has historically been a top ASX blue-chip performer, and bounced back relatively quickly during the COVID crash of 2020, climbing back to its February 2020 highs by July of that year.

So by now, the value investors out there might be paying attention. Could this drop we have seen in 2022 be a buying opportunity for Wesfarmers shares? Is this company primed for a big pop next year?

Is Wesfarmers stock about to pop?

Well, at least one broker thinks so. As we covered earlier this week, ASX broker Morgans reckons Wesfarmers shares are primed for a popping. Morgans currently rates Wesfarmers as an add, with a 12-month share price target of $55.60.

If that were to be realised over the next year, it would represent an upside of 16.8% from where the shares are today. That would indeed be quite a popping, if Morgans is on the money.

The broker reckons Wesfarmers represents good value today thanks to its top-notch portfolio of Australian retailers.

Here’s some more of what Morgans had to say about its optimistic share price target:

WES possesses one of the highest quality retail portfolios in Australia with strong brands including Bunnings, Kmart and Officeworks. The company is run by a highly regarded management team and the balance sheet is healthy.

We believe WES’s businesses, which have a strong focus on value, remain well-placed for growth despite softening macro-economic conditions.

Morgans is also expecting Wesfarmers to keep its dividends rising over the coming years too. It is expecting a total of $1.82 per share in fully-franked dividends in FY 2023, rising to $1.89 per share in FY 2024.

So Morgans clearly thinks Wesfarmers shares are a bargain buy right now. But only time will tell if the broker’s assessment proves to be accurate.

In the meantime, the current Wesfarmers share price gives this ASX 200 blue-chip share a market capitalisation of $54.67 billion, with a dividend yield of 3.78%.

The post Should you buy Wesfarmers stock before it pops? appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has positions in Wesfarmers. 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 Wesfarmers. 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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