Category: Stock Market

The S&P/ASX 200 Materials Index (ASX: XMJ) is descending 1.32% today, but two ASX mining shares are outperforming the index.

Mont Royal Resources shares are surging more than 15% at the time of writing.

For perspective, the S&P/ASX 200 Index (ASX: XJO) is also 0.91% in the red today.

So which two mining companies are bucking this trend on the back of drilling results?

Mont Royal Resources Ltd (ASX: MRZ)

The company is exploring nickel and copper at the Wapatik project in Quebec, Canada. In today’s news, Mount Royal reported “massive” nickel and copper sulfide mineralisation at the company’s maiden 1,000 metre diamond drilling expedition. At drill hole WAP22-003, the company found 2.68% nickel, 1.3% copper and 0.09% cobalt. This spanned 3.3 metres from 143.4 to 146.7 metres.

The next stage of drilling is now underway. Mont Royal will update shareholders on these results in the future. Commenting on the news, executive director Peter Ruse said:

The discovery of this massive sulphide mineralisation is a major step in advancing our exploration plans at the Project.

MetalsTech (ASX: MTC)

The MetalsTech share price is soaring a mammoth 23% today. MetalsTech is exploring the Sturec gold mine in Slovakia. The company also has a lithium project in Quebec. MetalsTech discovered visible gold at 130.8m in site UGA-41. Grains of up to 0.2mm of gold were discovered within a 5cm vein filled with “fine grained, white to grey chalcedonic quartz-pyrite”.

Assay results will be reported to the market in the future. MetalsTech said:

The company looks forward to providing an update on UGA-41 in the next few weeks as the core is currently being sampled and will be dispatched to the lab as soon as possible

The post Guess which 2 ASX mining shares are soaring more than 15% on new discoveries today? appeared first on The Motley Fool Australia.

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More reading

• Why BWX, Sayona Mining, Tyro, and Woodside shares are sinking
• How did ASX energy shares perform in June?
• Experts say these ASX 200 growth shares are buys with 20%+ upside
• Can investors bank on the NAB share price in July?
• Why Argosy Minerals, Cann, OZ Minerals, and PointsBet shares are pushing higher

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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The S&P/ASX 200 Index (ASX: XJO) is out of form again on Thursday. In afternoon trade, the benchmark index is down 0.75% to 6,650.1 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

BWX Ltd (ASX: BWX)

The BWX share price is down a further 2% to 65 cents. Investors have been selling down this personal care products company’s shares this week following a disastrous trading update and heavily discount capital raising. In respect to the former, the Sukin owner downgraded its earnings guidance materially for FY 2022 due to challenging retail conditions. That’s despite its most recent guidance update being made last month.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 6% to 15 cents. This decline appears to have been driven by the broad market weakness. Higher risk shares have been hit hardest, with a number of lithium shares falling heavily today. This latest decline means the Sayona Mining share price is now down 33% since this time last month.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price has continued its slide and dropped a further 5% to a new record low of 61.5 cents. Investors have been selling this payments company’s shares this week after it announced the surprise exit of its managing director and CEO, Robbie Cooke. In response to the news, this morning analysts at Macquarie downgraded Tyro’s shares to a neutral rating.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside Energy share price is down over 2.5% to $31.95. Woodside and other energy shares have come under pressure on Thursday. This follows a pullback in oil prices overnight amid concerns that a recession could lead to softening demand. The S&P/ASX 200 Energy index is down 1.9% this afternoon.

The post Why BWX, Sayona Mining, Tyro, and Woodside shares are sinking appeared first on The Motley Fool Australia.

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More reading

• How did ASX energy shares perform in June?
• Why is the Woodside share price sliding today?
• ASX 200 midday update: Energy shares drop, PointsBet jumps
• Why have ASX lithium shares had such a lousy month in June?
• 5 things to watch on the ASX 200 on Thursday

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 Tyro Payments. The Motley Fool Australia has recommended BWX Limited and Tyro Payments. 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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June brought a mixed performance for ASX energy shares. Some of the market’s biggest energy producers posted notable gains while others suffered.

Here’s how some of the market’s most renowned energy stocks have performed this month:

• Woodside Energy Group Ltd (ASX: WDS) – up 7.3%
• Santos Ltd (ASX: STO) – down 8.6%
• Beach Energy Ltd (ASX: BPT) – up 0.3%
• Worley Ltd (ASX: WOR) – down 1.7%
• Viva Energy Group Ltd (ASX: VEA) – up 2.1%
• Whitehaven Coal Ltd (ASX: WHC) – down 7.7%

Perhaps unsurprisingly, the S&P/ASX 200 Energy Index (ASX: XEJ) has traded relatively flat this month, gaining just 0.5%. For context, the S&P/ASX 200 Index (ASX: XJO) has slumped nearly 8%.

Let’s take a look at what moved ASX energy shares in June.

Energy was the talk of the town…

ASX energy shares have put out a mixed performance this month amid fluctuating oil prices, the falling value of coal, and an energy crisis.

After closing May at US$115.60 a barrel, Brent crude oil futures are currently slipping lower to US$116.01. It’s been a similar story for West Texas Intermediate oil price futures, which moved from US$111.91 per barrel to reach US$110.20 a barrel today.

Trading Economics notes oil prices are on a trajectory to record their first monthly declines since November despite recent supply concerns.

Meanwhile, the price of coal has tumbled around 11% this month to reach US$380 a tonne.

But the biggest news of the sector this month was arguably the energy crisis that took hold across Australia.

The Australian Energy Market Operator (NEMO) suspended the National Energy Market (NEM) wholesale market in mid-June in an effort to dodge rolling blackouts.

NEMO CEO Daniel Westerman said price caps, unplanned outages at power plants, and coal and gas supply chain disruptions had driven generators to remove capacity from the market.

The market was returned to normal operation last week.

What else drove ASX energy shares this month?

Energy commodities and shortages had plenty talking this month. Interestingly, however, there wasn’t much news from ASX energy giants.

Of course, Woodside completed its massive merger with BHP Group Ltd (ASX: BHP)’s petroleum assets early in the peace. Additionally, the company’s $17 billion Scarborough Project faced court action last week.

The post How did ASX energy shares perform in June? appeared first on The Motley Fool Australia.

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More reading

• How have ASX 200 mining shares fared over June?
• Why is the Woodside share price sliding today?
• These 3 ASX gold mining shares are digging new 52-week lows today
• ASX 200 midday update: Energy shares drop, PointsBet jumps
• Can the Beach Energy share price hit $1.95?

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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Are you interested in adding some more ASX shares to your portfolio?

Two ASX 200 growth shares that could be worth considering are listed below. Here’s what you need to know about them:

Altium Limited (ASX: ALU)

The first ASX 200 growth share to look at is Altium. It is an industry-leading printed circuit board (PCB) design provider. PCBs are the intricate and integral boards you find inside electronic devices.

Thanks to the company’s leadership position in a market benefiting from the internet of things (IoT) and artificial intelligence trends and its shift to a software-as-a-service (SaaS) focus, Altium believes it can grow materially in the coming years.

So much so, the company has set itself the bold growth target of more than doubling its revenue to US$500 million by 2026.

Bell Potter appears optimistic that Altium can deliver on its targets. As such, it has put a buy rating and $34.00 price target on its shares. Based on the current Altium share price of $27.26, this implies potential upside of 25% for investors.

TechnologyOne Ltd (ASX: TNE)

Another ASX 200 growth share that could be in the buy zone right now is enterprise software provider TechnologyOne.

It is currently following Altium’s lead by transitioning to become a SaaS focused business. And like Altium, this transition is going very well.

Pleasingly, management expects this trend to continue. So much so, it is aiming to almost double its annual recurring revenue (ARR) to $500 million by FY 2026.

The team at Goldman Sachs is very positive on Technology One and has been pleased with its SaaS transition. The broker currently has a buy rating and $13.30 price target on its shares. Based on the current TechnologyOne share price of $10.86, this suggests potential upside of 22% for investors.

The post Experts say these ASX 200 growth shares are buys with 20%+ upside appeared first on The Motley Fool Australia.

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More reading

• Why is the Altium share price down 5% today?
• Why are ASX tech shares struggling today?
• 2 beaten down ASX shares named as buys by experts
• Analysts name 2 excellent ASX shares to buy and hold
• Could Altium shares benefit from the global chip shortage?

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 Altium. The Motley Fool Australia has recommended TechnologyOne Limited. 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 National Australia Bank Ltd (ASX: NAB) share price has suffered in June. At the time of writing, the big four ASX bank has dropped 11% in the month. But, it has actually risen by more than 6% since 20 June – so does this mean the clouds are lifting?

As one of the biggest banks in Australia – along with Westpac Banking Corp (ASX: WBC), Australia and New Zealand Banking Group Ltd (ASX: ANZ)) and Commonwealth Bank of Australia (ASX: CBA) – changes in interest rates can have a big effect on NAB’s profitability.

The Reserve Bank of Australia (RBA) recently decided to increase the interest rate by 50 basis points, or 0.5%.

With banks passing on the interest rate rises in full, does this mean the NAB share price is more attractive?

Broker views on NAB

The broker Ord Minnett thinks NAB shares are worth buying at the moment, with a price target of $30.50. That’s a potential rise of around 10% on the current price of $27.68. But it would only see the NAB share price return back to where it was in the first week of June.

For Ord Minnett, NAB is the best bank to choose in the sector, partly because it has been achieving the best underlying performance compared to the other big four ASX banks and the broker thinks NAB can keep this up.

Ord Minnett thinks NAB can continue to grow its earnings and dividend. On Ord Minnett’s numbers, the NAB share price is valued at 11x FY23’s estimated earnings. The projected grossed-up dividend yield is 8.5%.

However, other brokers are less optimistic about what’s going to happen next for the NAB share price and the wider banking sector.

For example, Morgan Stanley notes that while higher rates could help the banks’ net interest margin (NIM), it could hurt growth, increase the risk of recession and possibly lead to higher arrears and losses for loans.

But, even the higher interest rates won’t totally add to the NAB margin. Competition continues in the sector, while NAB will have to pay more for its funding for the loans, such as customer deposits with a higher interest rate for the savings accounts.

Morgan Stanley has lower estimates than Ord Minnett for NAB. The broker puts the NAB share price at 12x FY23’s estimated earnings with a projected grossed-up dividend yield of 7.9%.

The market has priced in a high chance that the RBA will increase interest rates by 50 basis points again next week for the July meeting. Investors and borrowers will have to see what NAB does with its loan rates and what this may mean for the NAB NIM.

House prices are falling

According to reporting by The Guardian, the CBA chief economist Gareth Aird believes the RBA will increase the interest rate by 50 basis points.

Aird also expects CoreLogic data (which is released on Friday) will show that “national home prices fell by about 0.9% in June. Sydney, our biggest market, is forecast to be down 1.5% over the month”.

NAB share price snapshot

Since the start of 2022, NAB shares have fallen 6%. However, they are up by more than 5% over the past 12 months.

At the time of writing, the NAB share price is down 1.41% on the day to $27.68.

The post Can investors bank on the NAB share price in July? appeared first on The Motley Fool Australia.

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More reading

• Volt gets packing as ASX 200 bank shares prove to be a formidable force
• In the green: Why the NAB share price is rising on Wednesday
• Leading brokers name 3 ASX shares to buy today
• CBA share price leads the big four as banks outperform ASX 200 on Monday
• Broker tips NAB share price to rise 24% from here

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.9% to 6,639.3 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

Argosy Minerals Limited (ASX: AGY)

The Argosy Minerals share price is up almost 7% to 35.2 cents. This morning the lithium developer revealed that the development of its Rincon project in Argentine is both on time and on budget. Argosy expects to be producing the white metal within the next three months.

Cann Group Ltd (ASX: CAN)

The Cann share price is up a massive 26% to 29 cents. Investors have been buying this cannabis company’s shares after it announced the receipt of a GMP licence for its Mildura facility. This allows Cann to produce active pharmaceutical ingredients and hard capsules and conduct GMP-approved activities at its existing chemistry and microbiology laboratories.

OZ Minerals Limited (ASX: OZL)

The OZ Minerals share price is up 1.5% to $18.00. This gain appears to have been driven by a positive broker note out of UBS. Although the broker has downgraded its earnings estimates to reflect OZ Minerals’ recent update, it still sees plenty of value in its shares. As a result, the broker has upgraded the copper producer’s shares to a buy rating with a $23.65 price target.

Pointsbet Holdings Ltd (ASX: PBH)

The PointsBet share price is up 13% to $2.73. This is despite there being no news out of the sports betting company. However, PointsBet shares have been on a bit of a roll recently. This follows news that SIG Sports Investment Corp became its largest shareholder earlier this month via a $94.16 million investment. This has eased concerns that a capital raising will be required in the near future.

The post Why Argosy Minerals, Cann, OZ Minerals, and PointsBet shares are pushing higher appeared first on The Motley Fool Australia.

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More reading

• Why is the PointsBet share price storming 13% higher today?
• Why is the Cann share price smoking out the ASX by 20% today
• ASX 200 midday update: Energy shares drop, PointsBet jumps
• Argosy Minerals share price jumps 10% on lithium update
• What’s behind the weakness in ASX 200 mining shares during June?

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 Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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Tough retail conditions brought on by sky-high inflation have impacted the Woolworths Group Ltd (ASX: WOW) share price in 2022.

Nonetheless, the conglomerate’s shares are up more than 40% over the last 5 years.

While this is nothing to get overly excited about, it’s the consistent dividends that have supplemented investor income.

At the time of writing, Woolworths shares are trading at $35.80, down 0.78% for the day.

Let’s take a look and see how much Woolworths has paid to shareholders from this time in 2017.

A brief rundown on the Woolworths dividend history

Listed below is a quick look at the dividends distributed from Woolworths over 5 years ago.

• October 2017 – 50 cents (final)

• April 2018 – 43 cents (interim)

• October 2018 – 50 cents (final)

• October 2018 – 10 cents (special dividend)

• April 2019 – 45 cents (interim)

• September 2019 – 57 cents (final)

• April 2020 – 46 cents (interim)

• October 2020 – 48 cents (final)

• April 2021 – 53 cents (interim)

• October 2021 – 55 cents (final)

• April 2022 – 39 cents (interim)

Calculating the above amounts, Woolworths has paid a total of $4.96 in dividends to shareholders since this time in 2017.

Furthermore, the company has a current dividend yield of 2.62%.

So how does this compare with the Wesfarmers dividend?

Woolworths’ main competitor, Wesfarmers Ltd (ASX: WES) has also seen its share price tank in recent times.

However, in similar fashion, the diversified company’s shares are up 48% over the 5-year period.

When looking at the dividend history, Wesfarmers has distributed a total amount of $10.49 to shareholders since 2017.

Keep in mind that Wesfarmers shares are fetching at $42.26, slightly above its peer.

But, when pitting the two blue-chip companies against each other, it’s the Wesfarmers dividend that comes out on top.

To compare the pair, Woolworths’ dividend reflects a payout of around 14% of its current share price.

On the other hand, the Wesfarmers dividend represents roughly 25%.

Wesfarmers has a dividend yield of 4.02%.

Woolworths share price summary

A volatile 2022 has driven the Woolworths share price to register a loss of almost 6% for the period.

Based on valuation grounds, Woolworths presides a market capitalisation of approximately $43.04 billion.

The post How does the Woolworths dividend compare to Wesfarmers over the last 5 years? appeared first on The Motley Fool Australia.

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More reading

• Why I think the current Wesfarmers share price is a steal
• 4 ASX dividend shares to buy that aren’t banks or miners: expert
• ASX 200 retail shares in the doldrums today despite improving sales data
• Are these blue chip ASX 200 shares in the buy zone?
• Why Appen, BWX, Imugene, and Wesfarmers shares are dropping

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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. 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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We’re only a few hours away from the ASX closing shop for June 2022. As such, it’s a great time to check out how some of the most popular shares on the ASX have gone over the past month.

So today, let’s check out ASX 200 mining shares.

Mining shares have been the centre of attention for ASX investors all year. Wild share price swings and monster dividends have certainly kept things interesting for investors.

Let’s kick things off with the ASX 200’s largest share (by a mile) – BHP Group Ltd (ASX: BHP).

So, the BHP share price started June off at $44.61. Today, it’s asking $42.09 at the time of writing. That represents a loss of 5.65% over the month (including the nasty 1.6% loss we’ve seen in today’s trading session). So, not a great month for BHP, although it could have been worse.

So, that’s the ‘Big Australian’. But what of its mining peers?

How did the other ASX 200 mining shares fare over June?

Well, let’s check out Rio Tinto Limited (ASX: RIO) next.

Rio shares have also had a rough month. Rio started winter at $114.45 a share. But today, the ASX 200 miner is asking $104.97 a share, down 1.12% so far. So over June, Rio has retreated by roughly 8.3%.

What of Fortescue Metals Group Limited (ASX: FMG) though? Can it break the depressing June rut ASX 200 mining shares seem to find themselves in today?

So, Fortescue began the month at $20.11 a share. It rose all the way up to more than $21.60 a week into June, but it’s unfortunately been downhill from there. Today, Fortescue shares are trading at a flat $18 at the time of writing. So, it’s another ASX 200 mining behemoth down by 10.5% over the month.

Maybe South32 Ltd (ASX: S32) shares can save the day? After all, South32 is the only company we’ve looked at today that doesn’t earn most of its money from iron ore.

South32 shares were going for a flat $5 at the start of this month. Today, the BHP spin-off is asking for a far lower $3.98 a share. That’s a painful loss of 20.4%. So much for saving the day.

So all in all, we can conclude that it was not a great month for ASX 200 mining shares over June (save for the possibility of a miraculous afternoon recovery today).

It’s likely that fears over a global slowdown in economic growth (in the Chinese market in particular) might be to blame for this miserly June performance from ASX 200 mining shares.

No doubt investors will be hoping for a more fruitful July.

The post How have ASX 200 mining shares fared over June? appeared first on The Motley Fool Australia.

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More reading

• These 3 ASX gold mining shares are digging new 52-week lows today
• Own Rio Tinto shares? Here’s how the company is ‘canning’ carbon emissions
• ASX 200 midday update: Energy shares drop, PointsBet jumps
• Why have ASX lithium shares had such a lousy month in June?
• 5 things to watch on the ASX 200 on Thursday

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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The Adairs Ltd (ASX: ADH) share price has seen a lot of volatility over the past six months. But, with shares going up 12% over the past week, is the outlook looking better for the homewares and furniture business?

Adairs now operates three businesses – Adairs, Mocka and Focus on Furniture. There are question marks about what will happen with the economy considering inflation is elevated and interest rates are rising. How much impact will this have on demand for Adairs? Time will tell.

Let’s look at the latest sales update from the business.

Trading update

The company gave a trading update for the first seven weeks of the second half of FY22. It noted that it had continued to see online growth for both Adairs and Mocka, despite cycling record growth rates in the prior corresponding period. Growth can have an important influence on the Adairs share price.

It noted that store sales softened as customers limited their “discretionary outings” in regards to the COVID-19 variant called Omicron.

Adairs store sales were down 1.8%, while Adairs online sales were up 9.7%. Mocka sales were up 14.8%. While Focus sales were down 7.3% year on year, that comparison was against a period before Adairs’ ownership. Including Focus sales, total group sales were up 33.8%.

In February 2022, which was quite a while ago considering everything that has happened since, Adairs said its businesses have good stock levels and “clear opportunities for growth” in the second half. It also said “the macro-economic environment is supportive with strong employment and emerging wages growth.”

What do brokers think of the Adairs share price?

One of the latest views comes from UBS. It currently has a rating of buy on the business.

UBS has a price target of $3.70 – that’s where the broker believes the Adairs share price could be in 12 months from now. But, remember that UBS (probably) doesn’t have a crystal ball.

If the Adairs share price were to rise to $3.70, that would be a rise of more than 80% over the next year.

UBS is now expecting less revenue from Adairs in the next few financial years as the toughening economic environment is expected to hurt demand. The goal of the Reserve Bank of Australia (RBA) is essentially to reduce demand and bring down inflation by raising interest rates.

However, despite the challenges, UBS thinks that the Adairs share price is good value at the current forward price/earnings ratio.

Using UBS’ estimates, Adairs is valued at 7 times FY23’s estimated earnings.

The post Is the Adairs share price outlook brightening for July? appeared first on The Motley Fool Australia.

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More reading

• Do Adairs shares really boast a 9% dividend yield?
• Why I think these 2 ASX shares are trading at bargain basement prices
• The Adairs share price is down 54% in 2022. What’s happened?
• Why did the Adairs share price surge 5% today?
• Is Adairs really going to pay a dividend yield of 21%?

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 ADAIRS FPO. The Motley Fool Australia has positions in and has recommended ADAIRS FPO. 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 Woodside Energy Group Ltd (ASX: WDS) share price is in the red today.

Woodside shares are currently swapping hands at $31.97 apiece, a 2.59% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is down 0.76% today.

So what is going on with this ASX oil and gas share?

Oil prices slide

Woodside shares are down today, but they are not alone among ASX energy shares. The Santos Ltd (ASX: STO) share price is down 0.73%, while the Beach Energy Ltd (ASX: BPT) share price is falling 3.07%. The S&P/ASX 200 Energy Index (ASX: XEJ) is declining 1.77% at the time of writing.

The Woodside share price appears to be falling amid declining oil prices in global markets overnight.

WTI crude oil price dropped 2.1% to US$109.37 a barrel, while Brent crude oil fell 2.4% to US$115.20 a barrel.

The oil price fell amid rising US gasoline and distillate inventories, Reuters reported. The rise in the US dollar also had an impact, according to the news agency. A higher US dollar means oil costs more for those purchasing with alternative currencies.

A report from the Energy Information Administration in the United States put a “damper on the market”, according to Again Capital LLC partner John Kilduff. In quotes cited by Reuters, he said:

The rise in gasoline and distillate inventories eases the pressure a bit and the uptick in US production also factored into the price decline.

Woodside merged with BHP Group Ltd (ASX: BHP)’s oil and gas portfolio at the beginning of June, making it a top-10 global energy company by hydrocarbon production. The company also recently listed on the London and New York stock exchanges under the ticker WDS.

Woodside’s New York listing descended 1.56% overnight, while the London listing fell 1.09%.

Woodside share price snapshot

The Woodside share price has exploded 44% in the past year while it has surged ahead 46% in the year to date.

In contrast, the benchmark S&P/ASX 200 Index (ASX: XJO) has descended 9% over the past year.

Woodside has a market capitalisation of about $60.9 billion based on today’s share price.

The post Why is the Woodside share price sliding today? appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Energy shares drop, PointsBet jumps
• 5 things to watch on the ASX 200 on Thursday
• Why are ASX 200 energy shares surging today?
• Here are the top 10 ASX shares today
• ASX 200 energy shares are having a ball today, what’s fuelling it?

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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