Category: Stock Market

Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Aristocrat Leisure Limited (ASX: ALL)

According to a note out of Citi, its analysts have retained their buy rating and $41.00 price target on this gaming technology company’s shares. While the broker acknowledges that Aristocrat’s digital business is facing tough trading conditions, it believes its land-based business continues to perform well. So much so, the broker feels it could surprise the market with its earnings. The Aristocrat share price is trading at $34.80.

Metcash Limited (ASX: MTS)

A note out of Ord Minnett reveals that its analysts have upgraded this wholesaler’s shares to a buy rating with an improved price target of $5.00. This follows the release of a solid trading update at its annual general meeting this week which revealed that its sales have been strong early in FY 2023. The broker has lifted its earnings estimates to reflect this. The Metcash share price is fetching $4.14 this afternoon.

ResMed Inc. (ASX: RMD)

Analysts at Credit Suisse have retained their outperform rating and lifted their price target on this sleep treatment company’s shares to $40.00. This follows news that its rival Philips has been hit with another product recall. Credit Suisse suspects that this could lead to market share gains for ResMed and had bumped its estimates higher to reflect this. The ResMed share price is trading at $34.35 today.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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More reading

• Here’s why the ResMed share price is charging higher today
• 3 ASX 300 healthcare share winners on Wednesday
• Here are the top 10 ASX 200 shares today
• Morgans names 3 more of the best ASX shares to buy in September
• 2 discounted ASX shares I’d buy now and one I wouldn’t touch: expert

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 positions in and has recommended ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. 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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The Zip Co Ltd (ASX: ZIP) share price is shooting the lights out today.

After tumbling 6.81% since this time last week, shares in the buy-now, pay-later (BNPL) provider are making a comeback.

This is despite the company not releasing any announcements to the market today.

At the time of writing, Zip shares are trading 7.19% higher at 90 cents apiece.

What’s driving Zip shares upwards today?

The Zip share price is on the move following a strong rally across Wall Street overnight.

The Dow Jones Industrial Average Index (DJX: .DJI) lifted 1.4% in what has become the best day on the index since 10 August.

Despite the growing risk of recession in the US as further rate hikes appear likely by the Federal Reserve, investors shrugged off the negative news.

Furthermore, the S&P 500 Index (SP: .INX) and tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) also recorded strong gains last night, up 1.83% and 2.14%, respectively.

This has had a positive impact on the ASX, particularly the S&P/ASX 200 Financials Index (ASX: XFJ), in which Zip belongs.

Currently, the sector is 1.58% higher at 6,108.5 points.

Other ASX BNPL companies gaining a boost today include mobile payment provider Block Inc CDI (ASX: SQ2) and Sezzle Inc (ASX: SZL). They are up 3.82% and 5.26%, respectively.

Earlier this week, the Reserve Bank of Australia (RBA) lifted its official cash rate by another 50 basis points to 2.35%.

While this is the highest level it has been since early 2015, the RBA is using its toolkit to curb inflation.

For now, the market appears to have priced in the latest rate hike. However, where Zip shares go from here will largely depend on what happens in the US.

The Federal Reserve is widely anticipated to lift rates again next week.

Zip share price snapshot

Despite today’s rally, the Zip share price has plunged 87% over the past 12 months and is down 79% year to date.

Based on today’s price, Zip presides a market capitalisation of around $6.15 million.

The post Why is the Zip share price charging 7% higher on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Zip share price jumps as broker goes on myth-busting bender
• The Zip share price slid 15% in August. What went wrong?
• Rejected: Zip share price slips following latest blow
• August’s RBA rate hike saw investors favour Macquarie and BHP shares. Here’s what to expect in September: expert
• These are the 10 most shorted ASX shares

Motley Fool contributor Aaron Teboneras 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 ZIPCOLTD FPO. 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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The Betashares Nasdaq 100 ETF (ASX: NDQ) is currently up by 2.28% as investors buy into the exchange-traded fund (ETF).

As readers may already be aware, this ETF looks to track 100 of the biggest non-financial businesses on the NASDAQ.

The important thing to note is that the performance of ETFs is dictated by the returns of the underlying holdings they own in the portfolio. If the group of businesses collectively go up in value, this benefits the ETF as well.

Overnight, United States shares had a strong run and this has helped the Betashares Nasdaq 100 ETF.

What happened overnight?

Considering Apple, Microsoft, Amazon.com, Tesla and Alphabet make up more than 40% of the portfolio, let’s look at how those particular businesses’ share prices performed.

The Apple share price went up by 0.9%.

The Microsoft share price rose by 1.9%.

The Amazon share price has risen 2.7%.

The Alphabet share price climbed 2.5%.

The Tesla share price was the strongest riser of the group, increasing 3.4%.

Why did the share market rise?

Share prices change all the time, some days businesses go up in value and sometimes they drop.

2022 has seen some big declines, but some investors may be seeing an opportunity, which is helping the Betashares Nasdaq 100 ETF.

According to reporting by CNBC, the reason for the positive day on the US share market was that Fed vice chair Lael Brainard reaffirmed that the central bank would do what it takes to stifle inflation, while also noting the risks of going too far. CNBC suggested that investors focused on the point of going too far.

Brainard said:

At some point in the tightening cycle, the risks will become more two-sided. The rapidity of the tightening cycle and its global nature, as well as the uncertainty around the pace at which the effects of tighter financial conditions are working their way through aggregate demand, create risks associated with overtightening.

This could be good news because it may mean light at the end of the tunnel when it comes to interest rate rises stopping.

Interest rates are important because they can affect the valuation of most, or all, assets. As Ray Dalio, founder of Bridgewater Associates, once said:

It all comes down to interest rates. As an investor, all you’re doing is putting up a lump sum payment for a future cash flow.

Betashares Nasdaq 100 ETF share price snapshot

Despite today’s rise, the NDQ ETF is still down by around 4.5% over the last month and 22% in 2022.

The post Why is the Betashares Nasdaq 100 ETF leaping ahead on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Is the BetaShares NASDAQ 100 ETF the best index fund on the ASX?
• 2 of the best ETFs for ASX investors to buy in September
• Why is the Betashares Nasdaq 100 ETF (NDQ) tumbling 4% on Monday?
• How does VGS stack up against other ASX index funds?
• Why is the BetaShares NASDAQ 100 ETF having such an awful start to the week?

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Motley Fool contributor Tristan Harrison 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 Alphabet (A shares), Alphabet (C shares), Amazon, Apple, BETANASDAQ ETF UNITS, Microsoft, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has positions in and has recommended BETANASDAQ ETF UNITS. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Amazon, and Apple. 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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The Fortescue Metals Group Ltd (ASX: FMG) share price is on the rise today.

The mining giant’s shares are currently trading at $16.74 each, a 4.63% gain.

Let’s take a look at what could be impacting the Fortescue share price today.

Iron ore demand lifts

Fortescue is a global iron ore producer based in Western Australia, supplying iron ore to China.

China’s iron ore imports increased 5.44% to 96.2 million tonnes in August, an ANZ research report released today shows. However, they are down 1.32% compared to the same time last year.

Authors Daniel Hynes and Soni Kumari said:

Iron ore imports were also higher than July levels as mills tentatively restocked ahead of the construction season.

The data showed coal, copper, iron ore, and natural gas imports also lifted in August. The report’s authors said China’s commodity imports are improving, but they also referred to the impact of China’s lockdowns, saying:

[China’s] zero-COVID strategy is creating headwinds and has kept demand below last year’s levels for many markets. Stronger growth is unlikely until these issues are resolved.

In FY22, Fortescue produced a record 189 million tonnes of iron ore for shipment around the world. The company reported a net profit after tax (NPAT) of US$6.2 billion and declared a fully franked final dividend of $1.21 per share.

Fortescue shares went ex-dividend on Monday 5 September with the dividend to be paid on 29 September.

Meantime, the iron ore price is currently down 1.01%, fetching US$98.5 per tonne, Trading Economics data shows.

Share price snapshot

The Fortescue share price is down around 7% in the past year, losing almost 13% year to date.

Fortescue has a market capitalisation of about $51 billion based on the current share price.

The post Fortescue share price strengthens amid boost in China’s iron ore appetite in August appeared first on The Motley Fool Australia.

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More reading

• Why are ASX 200 mining shares getting blasted on Wednesday?
• The Fortescue share price has cratered 13% in a week. What’s going on?
• Could this be a blow to the fortunes of Fortescue Future Industries?
• Can you buy shares in Fortescue Future Industries?
• Why Adairs, Fortescue, PointsBet, and Qantas shares are dropping

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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It’s probably fair to say that the CSL Limited (ASX: CSL) share price has been stuck in the mud for a while now. CSL shares are today trading at $299.24 a share at the time of writing. That’s up 1.99% today but still leaves the CSL share price down by just under 4% over the past 12 months.

Cast your minds back to February 2020, and we find the last time CSL shares hit an all-time high.

Back then, the ASX 200 healthcare giant saw a high of $342.75. That’s a level we haven’t seen since. In fact, as it stands today, CSL’s current 52-week high stands at $319.78 a share — reached at the end of last year.

Today, CSL shares are still more than 6% under that 52-week high, as well as almost 13% below the all-time record high we saw back in 2020.

The company is also only 10% above the lows that CSL shares reached during the worst of the COVID crash of 2020. Other ASX blue chips have done far better. For instance, Commonwealth Bank of Australia (ASX: CBA) shares have soared more than 65% since their COVID bottom.

So CSL shareholders have now endured more than two years of share price stagnation, with only CSL’s sub-1% dividend yield for comfort.

But does this mean it’s the darkest before the dawn for CSL shares? Is the company in the buy zone today?

Is the CSL share price a buy today?

Well, yes, according to one ASX broker anyway. As my Fool colleague James covered last month, broker Morgans recently came out with an add rating for the CSL share price.

Although the broker trimmed its 12-month share price target, it’s still at $321.30 a share. This would result in an upside of almost 11% from the current share price.

Morgans wasn’t overly enamoured with the company’s FY22 earnings results last month, which highlighted that the company’s “near term challenges remain”. But the broker also noted that “underlying growth is solid” and ” strong plasma collection growth and ongoing demand across both Behring and Seqirus underpin strong growth and continued momentum”.

But Morgans isn’t the only ASX expert seeing value in the CSL share price today. My Fool colleague Tony recently interviewed SG Hiscock portfolio manager Hamish Tadgell.

Tadgell named CSL as one of the stocks he would own if the share market closed tomorrow for four years. He described the company as “a late-cycle recovery play and it’s an incredibly good business spending $1 billion a year on R&D, and got so many growth options in it”.

So it seems there is some consensus among more than one ASX expert that CSL shares have a bright future. Shareholders will no doubt welcome these assessments.

At the current CSL share price, this ASX 200 blue chip health share has a market capitalisation of $144 billion.

The post The CSL share price is still trading just 10% above its COVID-crash low. Is it a buy? appeared first on The Motley Fool Australia.

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More reading

• Fundie reveals the 2 ASX shares he’d buy and hold for 4 years
• Should all ASX investors be buying defensive shares right now?
• Why is the CSL share price on the slide today?
• Want to snare the next CSL dividend? Read this
• 5 ASX 200 shares turning ex-dividend tomorrow

Motley Fool contributor Sebastian Bowen has positions in CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. 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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What an outstanding past couple of months it has been for the Pilbara Minerals Ltd (ASX: PLS) share price.

After briefly touching a year-to-date low of $1.975 on 14 June, the lithium producers’ shares haven’t looked back.

Yesterday, the share moved into uncharted territory to reach $4.03 apiece.

However, the momentum hasn’t stopped there, as it now trades at $4.21 – a new record high.

Let’s take a look at what is driving these astronomical gains.

Pilbara Minerals shares power ahead

Investors are bidding up the company’s shares following a broader uplift across the S&P/ASX 200 Materials (ASX: XMJ) sector.

For context, the index is up 2.35% making it the second-best performer on the ASX Indices.

Other lithium shares are also receiving a much-welcomed boost today. Sayona Mining Ltd (ASX: SYA) and Liontown Resources Ltd (ASX: LTR) shares are up 11.82% and 7.54%, respectively.

Despite no news coming from Pilbara Minerals or either of the above companies, it appears investors are buoyant on the lithium industry.

As reported by ABC News, a total of 95,256 new vehicles were sold in August, which was a 17.3% jump on last month.

In addition, more people are buying electric vehicles (EVs) as sales hit their highest level ever – around 4.4% of all new vehicle sales.

On the back of these numbers being extremely positive, there is belief that EV sales will pick up the pace in Australia. In European markets, for example, there are incentives to buy EVs and they are priced cheaper than petrol vehicles.

Should EV sales data continue to reach new heights, this could bode well for shares in Pilbara Minerals and other lithium companies.

Pilbara Minerals share price snapshot

On the back of strong lithium prices, the Pilbara Minerals share price has rocketed by 31.5% in 2022.

In comparison, the materials sector has fallen 8.38% over the same timeframe.

According to ANZ Share Investing, JP Morgan is bullish on Pilbara Minerals shares, raising its outlook to overweight from neutral.

Furthermore, the broker raised its price target by 17% to $4.10 per share. That’s roughly in line with where the share trades today.

Pilbara Minerals commands a market capitalisation of approximately $11.78 billion.

The post Why is the Pilbara Minerals share price surging 6% to another all-time high today? appeared first on The Motley Fool Australia.

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More reading

• 4 ASX lithium shares hitting all-time highs on Thursday
• Why is the Lake Resources share price leaping 10% on Thursday?
• Why are ASX lithium stocks having such a stellar run today?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• 2 ASX All Ordinaries shares that defied today’s sell-off to crack new highs

Motley Fool contributor Aaron Teboneras has positions in Pilbara Minerals Limited. 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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It’s a good day on the market for ASX lithium shares, and four, in particular, are making the most of it.

They have surged as much as 45% today to hit new record highs.

So, without further ado, let’s take a look at the lithium shares outperforming on Thursday.

4 ASX lithium shares hitting record highs today

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price surged to peak at $4.22 today – marking a 6.8% gain and a new record high.

Interestingly, there’s been no news from the S&P/ASX 200 Index (ASX: XJO) share today. Though, earlier this week top broker JP Morgan reportedly upped its price target for the stock to $4.10.

It’s also only a few weeks since the company posted its maiden profit. It raked in $561.8 million in financial year 2022.

Allkem Ltd (ASX: AKE)

Another ASX 200 lithium share surging to new heights on Thursday is Allkem. The stock lifted 6.7% at its intraday high to hit $15.02.

The company – previously known as Orocobre – was renamed shortly after its merger with Galaxy Resources.

It posted record production and US$770 million of revenue for financial year 2022 late last month.

Leo Lithium Ltd (ASX: LLL)

The Leo Lithium share price also roared to its highest point since hitting the ASX earlier today. The stock peaked at 62.5 cents on Thursday – marking a 6.8% gain.

However, investors who jumped on board the company during its initial public offering (IPO) might be holding out for more.

The company floated on the ASX in June following its spinout from Firefinch Ltd (ASX: FFX).

As part of its IPO, it raised $100 million by selling stock for 70 cents apiece. It also handed out one new share in Leo Lithium to every investor holding 1.4 shares in its parent company.

Anson Resources Ltd (ASX: ASN)

The final ASX lithium share to hit an all-time high on Thursday is Anson Resources. Its share price launched a whopping 46% higher to peak at 43 cents mid-afternoon.

Its gain follows news of the company’s Paradox Lithium Project.

The project’s definitive feasibility study has confirmed its “outstanding economics” and potential to be a major source of lithium for US markets.  

The post 4 ASX lithium shares hitting all-time highs on Thursday appeared first on The Motley Fool Australia.

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More reading

• Why is the Lake Resources share price leaping 10% on Thursday?
• 3 ASX mining shares soaring more than 20% today
• Why are ASX lithium stocks having such a stellar run today?
• ‘Outstanding economics’: Anson Resources share price rockets 35% on lithium news
• Here are the 3 most heavily traded ASX 200 shares on Wednesday

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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The Lake Resources N.L. (ASX: LKE) share price is surging ahead during Thursday afternoon trading.

Shares of the lithium explorer are currently at their intraday high of $1.33 each, 9.92% higher.

Other ASX lithium shares are also performing brilliantly on Thursday, including a couple reaching new all-time highs.

Pilbara Minerals Ltd (ASX: PLS) reached a new all-time high of $4.22 per share this afternoon, with the company’s shares currently trading at $4.21 each, up 6.58%.

Meanwhile, shares of Allkem Ltd (ASX: AKE) also reached a new record high of $15.02 today. The Allkem share price is currently $14.955, a gain of 6.21%

And finally, Mineral Resources Limited (ASX: MIN) is also well in the green, up 6.47% at the time of writing with its shares currently trading for $63.35 each.

The S&P/ASX 200 Materials Index (ASX: XMJ) is up 2.41% for the day so far.

What’s stunning is that there’s no news today from Lake Resources — or about lithium shares in general — to make sense of the price surge. But yesterday, some major developments occurred. Let’s cover the highlights.

What happened?

Yesterday, Lake Resources appointed a new CEO and managing director, David Dickson, to lead the company.

Lake Resources executive chairman Stuart Crow commented on the appointment:

David combines proven leadership experience and engineering expertise with a deep strategic understanding of off-taker and investor perspectives on energy supply chains. David knows all the major oilfield services and EPCM contractors who are looking to expand into the renewable economy … including those companies skilled in environmentally friendly drilling and reinjection – a key to Lake expanding at scale.

And as reported by ABC News, electric vehicle sales are reported to have hit a record high. The Federal Chamber of Automotive Industries (FCAI) stated that 95,236 new vehicles were sold in August, up 17.3% from the same month last year.

A total of 717,575 vehicles have been purchased so far in 2022 with electric vehicles accounting for 13.27% of the total.

Lake Resources share price snapshot

The Lake Resources share price is up 29% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 10.5% over the same period.

The company’s current market capitalisation is $1.81 billion.

The post Why is the Lake Resources share price leaping 10% on Thursday? appeared first on The Motley Fool Australia.

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More reading

• 4 ASX lithium shares hitting all-time highs on Thursday
• Why are ASX lithium stocks having such a stellar run today?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• 2 ASX All Ordinaries shares that defied today’s sell-off to crack new highs
• 2 fantastic ASX growth shares to buy now according to analysts

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.

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S&P/ASX 200 Index (ASX: XJO) energy shares are dropping lower today.

Well, most of them.

That’s seeing the S&P/ASX 200 Energy Index (ASX: XEJ) down by 2.67% after lunch even as the ASX 200 surges by 1.62%.

We won’t cover off all the ASX 200 energy shares in this article. But here are how four of the top companies are performing today:

• Santos Ltd (ASX: STO) shares are down 0.32%
• Beach Energy Ltd (ASX: BPT) shares are down 1.05%
• Woodside Energy Group Ltd (ASX: WDS) shares are down 5.4%
• Whitehaven Coal Ltd (ASX: WHC) shares are up 0.53%

What’s going on?

What are investors in ASX 200 energy shares considering today?

First, let’s address two of the ASX 200 energy share outliers.

You likely noticed the outsized losses posted by Woodside today. While some of that’s due to the market forces pressuring the other oil and gas companies, Woodside shares are also trading ex-dividend today.

Following a strong half year, Woodside declared a US$1.09 per share interim dividend. Investors buying shares today are no longer entitled to that payout, and the share price is falling to reflect this.

You also likely noticed that Whitehaven Coal is bucking the selling trend. While coal prices retraced by 2.5% overnight, Newcastle coal is still fetching a whopping US$439.00 per tonne. That same tonne was trading for around US$140 on 1 January this year.

As for the other ASX 200 energy shares, they’re coming under pressure from sliding oil prices. And unlike coal, oil prices are falling back towards their January levels.

West Texas Intermediate (WTI) crude is trading for US$82.66 per barrel. While that’s edged higher over the past few hours, WTI is down from US$87.39 on Wednesday and down from US$123.70 on 8 March shortly after Russia’s invasion of Ukraine.

WTI kicked off 2022 trading for US$76.08.

Why are oil prices falling?

Oil prices, and by connection many ASX 200 energy shares, are falling in part due to growing concerns of a looming recession in Europe.

Investors are also worried about the potential economic slowdown hampering oil demand in China. The Middle Kingdom is sticking to its COVID-zero policies, which is seeing as many as 65 million people in lockdown or with other travel restrictions.

According to Fenglei Shi, a Beijing-based director of S&P Global Commodity Insights (courtesy of Bloomberg), “We expect that gasoline, diesel, and jet fuel demand over September and October will continue to fall short of pre-COVID levels.”

Crude prices are sliding despite OPEC+ announcing on Monday that the cartel would slash 100,000 barrels per day (bpd) from its production target commencing next month. That fairly token reduction cancels out the 100,000 bpd increase OPEC+ pledged in September.

Looking ahead, crude prices and ASX 200 energy shares could be supported by a strong outlook for the United States economy.

Ed Moya, senior market analyst at Oanda said (quoted by Bloomberg), “WTI crude should hold $80 given how strong the US economy remains and now that most of the demand shock from China’s deteriorating COVID situation has been priced in.”

How have these ASX 200 energy shares been tracking?

Covering off the four ASX 200 energy shares named above, the Santos share price is up 17% in 2022; Beach Energy shares have gained 26%; the Woodside share price is up 41%; and Whitehaven Coal shares have rocketed 210%.

For some context, the ASX 200 is down 10% year to date.

The post Here’s why ASX 200 energy shares are diving lower today appeared first on The Motley Fool Australia.

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More reading

• The Santos share price is under pressure today. Here’s why
• Why is the Beach Energy share price sinking on Thursday?
• Why has the oil price been so volatile lately?
• Why is the Woodside share price crashing 7% today?
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Bernd Struben 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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The S&P/ASX 200 Materials Index (ASX: XMJ) is climbing 2.5% in Thursday afternoon trading, but three ASX mining shares are soaring far higher.

ASX mineral explorer shares Anson Resources Ltd (ASX: ASN), Pacgold Ltd (ASX: PGO), and Investigator Resources Ltd (ASX: IVR) are all well in the green today.

Let’s take a look at why these ASX mining shares are lifting today.

Anson Resources

Anson Resources shares are up an incredible 42% today on lithium news. The company advised it has the potential to become a major supplier of high purity lithium carbonate to the US electric vehicle (EV) market. This follows the completion of a Definitive Feasibility Study at its Paradox Lithium Project in Utah. Phase one of the project is forecast to deliver US$5.08 billion of revenue in the first 23 years. Anson is targeting production of 13,074 tonnes of lithium carbonate per year.

Commenting on the news, executive chairman Bruce Richardson said:

We are very excited to deliver the Paradox Lithium Project Phase 1 DFS to market. The DFS confirms the technical and financial viability of a major new source of high purity Lithium Carbonate available for the rapidly growing US market.

Pacgold

Pacgold shares are up 22% at the time of writing. In an update today, the company advised drilling intersected with “spectacular visible gold” at the Alice River Gold Project in Queensland. Drillhole ARDH061 intersected with a 16.4 wide zone showing more than 200 occurrences of visible gold. Assay results for 12 further drill holes will be delivered in the future.

Commenting on the news, Pacgold managing director Tony Schreck said:

The intersection of visible gold over a sixteen metre zone is a stunning outcome and represents the first of what we believe could be potential multiple high-grade zones developed along the F1a zone.

Investigator Resources

Investigator Resources shares gained nearly 20% shortly after market open before settling back to 7.32% higher at the time of writing. This follows a “significant rare earth” discovery at the Apollo prospect. Drilling at the project showed high-grade rare earth mineralisation.

Results include:

• 15m at 3,221 parts per million (ppm) total rare earth oxide (TREO) and 1,099ppm magnet rare earth oxide (MREO) from 66m including
• 9m at 4,700ppm TREO and 1,772ppm MREO from 72m

The Apollo prospect is 4km north-west of the company’s Paris Silver Project near Kimba in South Australia.

Commenting on the news, managing director Andrew McIlwain said:

Our team have already identified a number of opportunities at Apollo following up these exciting silver and REE [rare earth elements] discoveries.

The post 3 ASX mining shares soaring more than 20% today appeared first on The Motley Fool Australia.

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More reading

• ‘Outstanding economics’: Anson Resources share price rockets 35% on lithium news
• 3 ASX mining shares that soared over 25% on Thursday
• Anson Resources share price rockets 39% on new lithium partnership
• 3 ASX mining shares that went gangbusters on Monday
• Anson Resources share price surges 17% on lithium news

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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