Day: January 16, 2023

4 ASX All Ordinaries shares surging over 10% on Monday

A man with a beard and wearing dark sunglasses and a beanie head covering raises a fist in happy celebration as he sits at is computer in a home environment.A man with a beard and wearing dark sunglasses and a beanie head covering raises a fist in happy celebration as he sits at is computer in a home environment.

The All Ordinaries Index (ASX: XAO) is back in the green on Monday, helped along by shares in these four companies.

They’re each starting the week off on the right foot, soaring more than 10% today.

Meanwhile, the All Ordinaries Index is up 0.77%, trading at 7,598.3 points.

So, what’s driving the All Ords stocks higher today? Let’s take a look.

4 ASX All Ordinaries shares leaping more than 10% today

Leading the All Ordinaries today is lithium share Ioneer Ltd (ASX: INR). It’s launching 20.22% right now to trade at 54.7 cents a share.

The stock’s gains come amid news the company has been offered a US$700 million loan from the United States Department of Energy to help fund the development of its Rhyolite Ridge lithium-boron project in the US state of Nevada.

The project is expected to strengthen the United States’ critical mineral supply chain.

Joining the All Ordinaries lithium share in the green today is stock in Kogan.com Ltd (ASX: KGN). Shares in Kogan are up 12.9% right now, swapping hands for $4.55 apiece.

That’s despite no news having been released by the online retailer. In fact, there’s been no word from the company since CEO Ruslan Kogan said it’s on track to return to its “historic growth trajectory and profitability” in November.

The Bigtincan Holdings Ltd (ASX: BTH) share price is also bolstering the All Ordinaries Index today. It’s rising 13.59% to trade at 58.5 cents a share.

The artificial intelligence-powered software provider revealed its annual recurring revenue (ARR) surpassed $130 million in the first half of financial year 2023.

And with that, the tech stock remains on track to reach its full-year guidance of $137 million to $143 million of ARR, between $123 million and $128 million of revenue, and positive cash flow and adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA).

The final All Ordinaries share soaring more than 10% today is former market favourite Zip Co Ltd (ASX: ZIP). Shares in the buy now, pay later (BNPL) provider are gaining 10.25% right now to trade at 67.25 cents apiece.

Like Kogan before it, there’s been no word from the company to explain today’s gains. Though, it’s been on a roll so far this year. The stock has jumped 33% since the final close of 2022.

The post 4 ASX All Ordinaries shares surging over 10% on Monday 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 positions in and has recommended Bigtincan, Kogan.com, and Zip Co. The Motley Fool Australia has positions in and has recommended Bigtincan and Kogan.com. 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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BHP share price hits milestone $50 mark on Monday

a man in a hard hat and overalls raises his arms and holds them out wide as he smiles widely in an optimistic and welcoming gesture.a man in a hard hat and overalls raises his arms and holds them out wide as he smiles widely in an optimistic and welcoming gesture.

Ths S&P/ASX 200 Index (ASX: XJO)’s recent run of good form looks like it is set to continue this week. So far this Monday, the ASX 200 has gained another 0.86%, putting it within reach of 7,400 points. But the BHP Group Ltd (ASX: BHP) share price had an even better morning.

The use of the past tense is deliberate. BHP shares soared upon market open this morning, climbing to the psychologically significant $50 mark for the first time in the miner’s very long history:

It seems investors want to take this new high slowly though, with BHP only just touching the $50.00 mark, which is now the company’s rather neat new all-time record high.

But the good times didn’t end up rolling for long. At present, BHP shares have retreated from those highs and have slipped into red territory, with the miner now well under $50 at $49.54 a share.

So why did investors push BHP shares to a new record high today?

Why did the BHP share price hit a $50 new record high?

Well, it’s probably due to a couple of factors. The first is the reopening of China. The Chinese Communist Party has spent the past few months pulling off a stunning about-face on its previous and strict ‘zero-COVID’ policies.

The country now seems to be embracing a new ‘living with COVID’ policy of opening up after years of strict lockdowns and shutdowns designed to stop the spread of COVID infections.

Investors are betting that a reopened China will see the country’s economy boom. BHP is a major exporter to China. As such, this is probably partly behind the renewed optimism we have seen with BHP shares of late.

Secondly, the iron ore price itself has been on a tear lately. The base metal is currently comfortably back over US$120 a tonne after dipping as low as US$80 last year. Iron ore is BHP’s largest source of revenue, so higher prices are obviously good news for the miner.

So it’s likely that the new highs we have seen for the BHP share price today can be put down to a combination of these factors. No doubt BHP’s investors will be delighted with what the ASX brought them today.

The post BHP share price hits milestone $50 mark on Monday appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen 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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Why are ASX 200 lithium shares struggling on Monday?

Disappointed man with his head on his hand looking at a falling share price his a laptop.Disappointed man with his head on his hand looking at a falling share price his a laptop.

ASX 200 lithium shares are having a tough run on the market today.

Lithium shares in the red today include:

  • Core Lithium Ltd (ASX: CXO), plunging 5%
  • Sayona Mining Limited (ASX: SYA), sliding 1.3%
  • Liontown Resources Ltd (ASX: LTR), down 4%
  • Allkem Ltd (ASX: AKE), falling 0.2%

However, the Pilbara Minerals Ltd (ASX: PLS) share price is bucking the trend today, up 1.25% after falling 1% into the red in earlier trade. For perspective, the S&P/ASX 200 (ASX: XJO) is climbing 0.76% today.

What’s going on?

Lithium demand sentiment could be weighing on ASX 200 lithium shares. Lithium is an essential component of Electric vehicle (EV) batteries.

The lithium hydroxide price has fallen 0.73% to US$81,300 on the London Metal Exchange. Meanwhile, lithium carbonate has slid 0.44% to CNY 447,500.

Meanwhile, news emerged on Friday that Tesla Inc (NASDAQ: TSLA) had cut the prices on the majority of its electric cars. As my Foolish colleague Mitch reported, the major price changes could signal EV demand may be less than previously forecast.

However, this move will mean more of Tesla’s vehicles will be eligible for a US federal tax credit, The New York Times reported. Tesla also slashed EV prices by up to 13% in China last week, the Verge reported.

Lithium giant Sociedad Quimica y Minera de Chile (NYSE: SQM) fell 1.58% on the New York Stock Exchange on Friday, while Albermarle Corporation (NYSE: ALB) shares slid 0.4%. Meanwhile, a recent broker downgrade could be continuing to weigh on Core Lithium shares today. Goldman Sachs placed a “sell” rating on the Core Lithium share price with a 95 cent price target. Analysts are concerned Core Lithium “looks relatively expensive” versus peers and raised concerns about the company’s Finniss project. Goldman said:

We see production risk as the Finniss project moves through ramp up on project complexity (moving between different open pits and underground configurations), and the required exploration/resource upside to support capacity expansion/life extension currently priced into the stock looks significant.

Share price snapshot

The Core Lithium share price climbed 19% in the last year.

The Allkem share price has risen nearly 9% in the past 52 weeks.

Liontown Resources shares have slid 13% in the past year.

Pilbara Minerals shares have jumped 8% in the last year.

Sayona Mining shares have soared 50% in the last year.

The post Why are ASX 200 lithium shares struggling on Monday? appeared first on The Motley Fool Australia.

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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…

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*Returns as of January 5 2023

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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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Why is the Fortescue share price being hammered on Monday?

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.

Just days after the Fortescue Metals Group Limited (ASX: FMG) share price cracked a new 52-week high, the stock is plummeting to come in as one of the S&P/ASX 200 Index (ASX: XJO)’s worst performers.

The Fortescue share price is down 2.68% at the time of writing, trading at $22.19 – 4% lower than the 12-month high it reached in Friday’s session.

For comparison, the ASX 200 is enjoying a day in the green. It’s up 0.77% right now while the S&P/ASX 200 Materials Index (ASX: XMJ) is nearly flat, rising 0.06%.

So, what’s going so wrong for the iron ore giant on Monday? Let’s take a look.

Fortescue share price tumbles on Monday

The Fortescue share price is tumbling into the week amid news China has vowed to crack down on illegal activity capable of driving up iron ore prices, the Sydney Morning Herald reports.

Such activities include “fabricating and disseminating information on price increases, hoarding and price gouging”, the nation’s National Development and Reform Commission said, via the publication.

It comes as the price of the steel-making ingredient hit a seven-month high of more than US$122 a tonne on Friday – a 4.9% week-on-week increase.

The material’s rising value was likely partially driven by China’s reopening and moves to bolster the nation’s real estate sector.

The Fortescue share price is far from alone in the red on Monday. Here’s how some of the market’s other iron ore favourites are performing:

  • The BHP Group Ltd (ASX: BHP) share price is down 0.18% right now, trading at $49.55
  • The Rio Tinto Limited (ASX: RIO) share price is also down 0.44% at $121.75

Shareholders reportedly concerned about Fortescue governance

Meanwhile, Fortescue founder and executive chair Dr Andrew Forrest is back in the headlines this week, with the Australian Financial Review reporting some of the company’s major shareholders are concerned about its governance amid an exodus trend among its executives.

Chief financial officer Ian Wells was the latest leader to announce his departure from the company, resigning last week.

Its rotating door of leaders has reportedly left shareholders uneasy about Forrest’s control over the company. As well as serving as executive chair, the billionaire has a 30% stake in the ASX 200 iron ore giant.

The publication also alleges that non-executive director and former Olympian Lord Sebastian Coe, who indirectly bought $98,621 worth of the company’s stock last month, did so amid pressure from investors. Shareholders were quoted as pushing Forrest to ensure Coe had “skin in the game”.

The post Why is the Fortescue share price being hammered on Monday? 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 January 5 2023

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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 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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