ASX big four banks finished the day in the green, although there appeared to be an afternoon sell-off.

At the close of trade, Commonwealth Bank of Australia (ASX: CBA) shares were up 0.64% today, and National Australia Bank Ltd (ASX: NAB) shares closed 0.14% ahead. Westpac Banking Corp (ASX: WBC) shares were up just 0.04% at the close, while ANZ Group Holdings Ltd (ASX: ANZ) shares were 0.44% higher.

However, earlier in the day, CBA shares leapt 1.75%, NAB shares rose 1.42%, Westpac shares jumped 1.42%, and ANZ shares elevated 1.54%.

For perspective, the S&P/ASX 200 Index (ASX: XJO) climbed 0.87% today.

Let’s take a look at what may have impacted ASX big four bank shares today.

What’s happened?

ASX bank shares appeared to rise this morning following financial fears in global markets easing overnight.

Bank of America Corp (NYSE: BAC) shares rose 3% on the New York Stock Exchange (NYSE: BAC) lifted 3.03% on Tuesday in the USA, while Wells Fargo & Co (NYSE: WFC) shares lifted 2.67%.

The shares of First Republic Bank (NYSE: FRC) shares soared 29%, rebounding from major losses in the last couple of weeks.

However, some of these shares fell in after-hours trade in the United States. For example, First Republic Bank shares slid 9% in after-hours trade, while Bank of America shares fell 0.07% into the red.

This may have weighed on ASX banking shares in afternoon trade today.

Just ahead …

All eyes are on the US Fed Reserve ahead of a rates decision, due on Wednesday US-time.

Commenting on the upcoming decision, Standard Chartered head of G10 FX research Steve Englander told Reuters:

The banking sector’s near-death experience over the last two weeks is likely to make Fed officials more measured in their stance on the pace of hikes.

Meanwhile, Goldman Sachs analysts remained “confident” on the health of the ASX 200 bank shares, as my Foolish colleague James reported this morning.

Commenting on the big four, the broker said:

We remain confident in the health of the banking sector in Australia given:

i) a single, national regulator, with most of the Australian listed banks subject to the Liquidity Coverage Ratio (LCR); ii) balance sheet mix, which sees only a relatively small part of their balance sheets in a marked-to-market environment; iii) Australian bank regulatory capital positions are MTM for the impact of rate rises, and iv) strong capital positions, with fully-loaded CET1 ratios at close to 18%.

ASX 200 banking shares have been attracting a rise in investor interest recently following the banking turmoil and Europe and the United States.

As my Foolish colleague Bernd reported today, online trading of Westpac shares has lifted 350% week on week, while CBA share trading has risen 114%.

The post ASX big four bank shares close the day ahead as financial fears linger 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

• Could owning NAB shares soon include a slice of Credit Suisse?
• Why New Hope, Pilbara Minerals, Westpac, and Zip shares are pushing higher
• Goldman ‘remains confident in the health’ of ASX 200 bank shares and names it top pick
• Online trading in these ASX 200 bank stocks is surging. Here’s why
• ANZ shares could offer a dividend yield of 10% in FY23, is it a buy?

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 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/ZM2rum0

Lithium shares on the ASX were a mixed bag today, with several finishing the day in the green.

However, it wasn’t all rosy for lithium, with several lithium explorers sliding into the red.

Overall, Australian shares were moving in a positive direction today, with the S&P/ASX 200 Index (ASX: XJO) lifting 0.87%.

Let’s take a look at what weighed on ASX lithium shares today.

What happened to ASX lithium shares?

Lithium shares that finished in the green today included:

• Pilbara Minerals Ltd (ASX: PLS), leapt 2.27%
• Allkem Ltd (ASX: AKE), rose 1.56%
• Mineral Resources Ltd (ASX: MIN), jumped 1.99%
• Piedmont Lithium Inc (ASX: PLL), lifted 5.77%.

Lithium shares that fell included:

• Core Lithium Ltd (ASX: CXO) fell 3.66%
• Sayona Mining Ltd (ASX: SYA) slid 2.44%
• Lake Resources N.L. (ASX: LKE) fell 2.94%

Multiple ASX lithium shares appeared to follow the pattern of USA shares overnight. For example, Albemarle Corporation (NYSE: ALB) shares lifted 4.5%, while Livent Corp (NYSE: LTHM) rose 2.25% and Sociedad Quimica y Minera de Chile (NYSE: SQM) soared 5.7%.

Piedmont Lithium was a top performer among ASX shares today, and it also happens to have a NASDAQ listing.

Momentum in the USA may have been driven by an upbeat outlook from high-profile California governor Gavin Newsom. Speaking during a visit to the Lithium Valley, he said:

California is poised to become the world’s largest source of batteries, and it couldn’t come at a more crucial moment in our efforts to move away from fossil fuels. The future happens here first – and Lithium Valley is fast-tracking the world’s clean energy future.

However, not all news on the lithium sector was bright overnight. According to Asian Metal Inc data reported on Bloomberg overnight, lithium prices in China have halved in four months. This could be due to more global supply and China’s EV sector moderating, the publication noted.

That said, China’s lithium prices have still exploded more than 1,300% in the last two years, before retreating.

Meanwhile, Pilbara Minerals also benefited from a positive broker update from Macquarie this morning. Macquarie has maintained an outperform rating on Pilbara shares with a $7.50 price target. As my Foolish colleague James noted, Macquarie remains positive on the lithium industry.

Further, Goldman Sachs is also optimistic about Allkem shares. In a note to investors on Monday, Goldman kept a buy rating on Allkem shares with a $15.40 price target.

Commenting on Allkem, Goldman said:

Allkem has one of the best production outlooks in our lithium coverage, with broad-based growth optionality, second only to Mineral Resources on an LCE basis when including downstream hydroxide production on an equity basis.

The post What was with ASX lithium 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(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Top brokers name 3 ASX shares to buy today
• Why New Hope, Pilbara Minerals, Westpac, and Zip shares are pushing higher
• Why is the Pilbara Minerals share price having such a top run today?
• Is the Core Lithium share price a buy at 84 cents?

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 positions in and has recommended Macquarie 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/L1gKlUQ

The S&P/ASX 200 Index (ASX: XJO) spent a second consecutive day in the green on Wednesday, lifting 0.87% to close at 7,015.6 points.

It came as the market prepared to learn of the United States Federal Reserve’s next interest rate move. Meanwhile, investors around the globe appear to have regained some confidence following recent banking chaos, which continued this week with UBS’s planned acquisition of Credit Suisse.

Back home, the S&P/ASX 200 Energy Index (ASX: XEJ) outperformed today, gaining 4.2% amid rising oil prices. The price of the black liquid improved around 2% overnight.

The S&P/ASX 200 Information Technology Index (ASX: XIJ) also performed well, lifting 1.3% today.

But not all sectors were winners. The S&P/ASX 200 Real Estate Index (ASX: XRE) posted a 0.4% tumble and gold shares slumped alongside the yellow metal’s value amid improved confidence in the banking sector.

So, with all that covered, let’s take a look at which ASX 200 shares posted the biggest gain on Wednesday.

Top 10 ASX 200 shares countdown

For the second consecutive day, New Hope Corporation Limited (ASX: NHC) took out the index’s top spot. Its share price gained 5.3% today to close at $5.60.

The coal producer posted its first-half earnings yesterday, revealing its profits doubled over the period.

These shares made today’s biggest gains:

ASX-listed company	Share price	Price change
New Hope Corporation Limited (ASX: NHC)	$5.60	5.26%
Woodside Energy Group Ltd (ASX: WDS)	$32.80	5.2%
Beach Energy Ltd (ASX: BPT)	$1.35	4.65%
Domain Holdings Australia Ltd (ASX: DHG)	$3.40	4.29%
Magellan Financial Group Ltd (ASX: MFG)	$8.32	3.87%
AUB Group Ltd (ASX: AUB)	$25.75	3.58%
Webjet Limited (ASX: WEB)	$6.94	3.58%
Karoon Energy Ltd (ASX: KAR)	$2.04	3.55%
Costa Group Holdings Ltd (ASX: CGC)	$2.36	3.51%
Block Inc (ASX: SQ2)	$115.15	3.5%

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

• Rising Flight Centre share price delivers 25% gains to SPP investors in a week
• Invested $1,000 in this ASX 200 share two years ago? Here’s how much passive income you’ve earned
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why is the Zip share price soaring 7% today?
• Why is the New Hope share price up 5% and leading the ASX 200 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 positions in and has recommended Block. The Motley Fool Australia has positions in and has recommended Block. The Motley Fool Australia has recommended Aub Group and Costa 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/vkDmKQV

The Sandfire Resources Ltd (ASX: SFR) share price was a positive performer on Wednesday.

The copper miner’s shares ended the day almost 3% higher at $5.77.

This compares favourably to the ASX 200 index, which closed the day almost 0.9% higher at 7,015.6 points.

Can the Sandfire share price keep rising?

One leading broker that believes this copper miner’s shares have plenty left in the tank is Morgans.

According to a note from the start of this month, the broker has put an add rating and $6.50 price target on its shares.

Based on the current Sandfire share price, this implies potential upside of almost 13% over the next 12 months.

Past the point of peak investor concern

While Morgans acknowledges that things have been tricky for Sandfire over the last 12 months, it believes the worst is now behind it. The broker commented:

SFR has been a complex proposition as it navigates major change to its production base/geographic exposure, balance sheet and share register. The halving in European power prices (from peak), strong execution at Motheo (mitigating ‘Africa risk’) and the shoring up of the balance sheet suggests SFR is well past the point of peak investor concern, reflected in recent strength.

Another positive, according to Morgans, is that the ASX 200 index will soon lose a fellow copper miner, OZ Minerals Limited (ASX: OZL). It is in the process of being acquired by BHP Group Ltd (ASX: BHP).

If this deal completes, it will leave Sandfire as the only major copper producer on the ASX 200 index. It suspects that this could lead to “the likely re-cycling of copper hungry funds out of OZL by mid-year – support ongoing interest/ price performance in SFR.”

A final positive is that with the broker forecasting an improvement in margins in the near future, it believes that dividends could be back on the menu soon. It adds:

We forecast growth in MATSA’s margins into FY24 and in group EBITDA through to FY25, supporting incremental de-gearing and the ability to re-consider dividends from FY24.

All in all, the broker appears to believe this makes the Sandfire share price good value at current levels.

The post Here’s what Morgans is saying about the Sandfire share price 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

• 3 top ASX mining shares I’d buy right now
• Here are the top 10 ASX 200 shares today
• 3 ‘quality’ ASX shares to buy now before they rocket: experts
• Sandfire share price slides as profits turn to losses

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/iLb1fcp