Category: Stock Market

It’s been another awful day for the Lake Resources N.L. (ASX: LKE) share price so far this Wednesday. Lake Resources shares have shed another 11.86% today and are now going for 88 cents a share. Earlier in today’s trading session, this ASX lithium hopeful got down to lows of 78 cents a share, which represented a loss of more than 13% at the time.

But this latest move is just another extension of the awful trading week Lake Resources shares have endured so far. Monday saw Lake Resources join the S&P/ASX 200 Index (ASX: XJO) for the first time.

But ASX 200 membership wasn’t enough to save the company from a 13.4% drop that day. Yesterday saw the company give up another painful 28.7%, which has been further compounded by today’s near-10% loss so far.

All of these falls translate into a five-day loss of 43.6% for the Lake Resources share price. Ouch.

So what on earth has sparked this precipitous downwards spiral?

Why has the Lake Resources share price lost 43% of its value this week?

Well, it appears that the shock announcement that Lake Resources CEO and managing director, Steve Promnitz, would be leading the company with immediate effect on Monday sparked much of this sell-off.

As my Fool colleague James covered earlier this week, it also appeared that Promnitz may have immediately sold his entire position in the company too, which would amount to just over $12 million (at the time).

Outside of this development, today has seen a sharp selloff of most ASX lithium stocks across the board. ASX lithium shares like Core Lithium Ltd (ASX: CXO) and Sayona Mining Ltd (ASX: SYA) are down by more than 12% and 7% respectively. So it appears Lake Resources has been hit by a powerful double-whammy this week.

No doubt investors will be hoping for a better day tomorrow. But we shall have to wait and see.

At the current Lake Resources share price, this ASX 200 lithium share has a market capitalisation of $1.3 billion.

The post Why has the Lake Resources share price tumbled another 13% on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• Why Blackmores, Lake Resources, St Barbara, and Zip shares are dropping
• Is this why ASX lithium shares are being crushed today?
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Why is the Lake Resources share price crashing 25% today?
• Why Bowen Coking Coal, Lake Resources, Premier, and ResApp shares are tumbling lower

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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It’s a rough day on the market for most All Ordinaries Index (ASX: XAO) shares, but this stock is bucking the trend to reach its highest price ever. The Ridley Corporation Ltd (ASX: RIC) share price lifted 4.5% to reach $1.84 at its intraday high. For context, the benchmark index is currently down 0.24%.

So, what’s boosting the All Ordinaries share to a record high on Wednesday? Let’s take a look.

But first, what does the ASX All Ordinaries share do?

Market watchers may not be familiar with long-term ASX participant Ridley Corporation.

The company produces animal nutrition products. It offers feed solutions for a broad range of animals, from livestock to fish.

Ridley Corporation has been around for a while. It was formed in 1987 and listed on the ASX later that year. The company boasts a $562 million market capitalisation, according to the ASX.

Ridley Corporation share price hits new record high

The Ridley Corporation share price has been on a roll over the last year or two, lifting past its previous high recorded in 2003.

The stock has been on the up and up since August 2020, helped along by an 18% gain recorded in the days following its financial year 2021 full-year results.

That saw the company resuming its dividend payments after putting them on the back burner through the worst of the pandemic-induced downturn.

Ridley Corporation also reported its profits had quadrupled year on year, lifting to $24.9 million. That’s up from a $10.8 million loss.

The All Ordinaries share’s Wednesday gains might be partly in reaction to the strong performance of its peers.

S&P/ASX 200 Index (ASX: XJO) shares operating in the same sector as Ridley Corporation are lifting on Wednesday, with the S&P/ASX 200 Consumer Staples Index (ASX: XSJ) gaining 0.29%.

Right now, the Ridley Corporation share price is nearly 20% higher than it was at the start of 2022. It has gained close to 55% since this time last year.

The post Amid today’s sell-off, guess which ASX All Ordinaries share just hit an all-time high appeared first on The Motley Fool Australia.

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More reading

• 3 ASX All Ordinaries shares having a cracking Monday
• 3 ASX All Ordinaries shares that leapt more than 10% on Thursday
• Market crash: A message from our CIO
• Why is the WAM Capital share price down 20% in June?
• Lake Resources share price defies rout to leap 14%

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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Iron ore prices have turned south for the ninth straight session amid fears of a slump in demand from top global steel producer China.

Iron ore now trades at US$117 per tonne after sliding around $30/tonne from previous highs on 8 June, erasing gains earned this year to date.

What’s up with the price of iron ore?

Lower steel output in China has, in turn, hit demand for iron ore.

Prices tumbled to levels “not seen since last December, as persistent coronavirus outbreaks in China and aggressive rate hikes impacting global growth raised concerns about demand,” Trading Economics reported.

Commonwealth Bank of Australia commodity strategist Vivek Dhar said the reversal in iron ore prices is evidence the market is “finally paying attention to current steel market signals in China,” as reported by The Australian.

Dhar added:

Markets are particularly worried that demand growth expectations linked to China’s pledge to boost infrastructure investment may not materialise.

At the same time, prices for other metals, such as aluminium, have slumped on “worries that aggressive interest rate hikes by…central banks could tip the global economy into a recession”, according to reporting by Reuters published on the US Nasdaq site.

What does this mean for Aussie iron ore miners?

The market rut for iron ore is set to hurt “Australia’s big three miners”, the report claimed.

Specifically, the big three refers to Rio Tinto Ltd (ASX: RIO), BHP Ltd (ASX: BHP), and Fortescue Metals Group Ltd (ASX: FMG).

The article said:

The three Australian mining behemoths, so far this month, have already lost roughly A$30 billion of their combined market value, and are facing a third straight week of losses after hitting multi-week lows on Monday.

Fortescue is trading near six-month lows whereas both Rio and BHP’s share prices have been similarly volatile during the same time period.

If the spiral continues, each of the three major iron ore players’ share prices could be impacted.

The post Could China ‘steel’ the show for the iron ore price? appeared first on The Motley Fool Australia.

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More reading

• The iron ore price has fallen 15% in 2 weeks. So, is the Rio Tinto share price a buy or sell?
• ‘I don’t know of a better industry to be pivoting towards’: Twiggy talks up hydrogen play amid soaring fuel costs
• BHP share price claws back half of Monday’s losses on Tuesday
• Fortescue share price rebounds 3% today
• Fortescue’s Twiggy adamant there’s ‘not a snowflake’s chance in hell’ of recession

Motley Fool contributor Zach Bristow 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Today has been a broadly positive day for investors, with a number of top cryptocurrencies catching a bid after a tough long weekend. Today, Dogecoin (CRYPTO: DOGE) is among the tokens investors are watching most closely, following some bullish comments from Tesla CEO Elon Musk around the dog-inspired meme token. As of 3:30 p.m. ET, Dogecoin has shot 15.3% higher, as Musk reiterated support for Dogecoin and its “hodlers.” 

As far as mega-cap tokens go, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have posted solid performances today (up 5.6% and 4.4% over the past 24 hours, respectively), buoyed by a marketwide sentiment shift. Certainly, some of this bullish sentiment can be tied to Elon Musk’s comments. However, more broadly, investors in higher-risk parts of the market are seeing fit to hit the bid today. Tech stocks and other “growthier” areas of the market are up dramatically today, alongside the crypto sector. 

So What 

Dogecoin’s fundamental underlying value is very difficult to put a price on. Accordingly, the volatility this token has seen over the past two years has been remarkable. Emboldened by Musk, the self-proclaimed “Dogefather,” investors have piled into this meme token with fervor, taking the token on a wild ride to an all-time high of more than $0.73 a little more than a year ago. Trading at around $0.06 per token after this recent rally, perhaps there’s a speculative argument that can be made with this token.

Investors in Dogecoin tend to read the tea leaves more than investors in other projects do. The speculative nature of this meme token can’t be ignored. Thus, when Musk speaks, investors pay attention.

On the other hand, Bitcoin and Ethereum are often viewed as proxies for investor sentiment across the entire crypto sector. During bull market rallies, these tokens have generally led the way, with investors gauging how the market is doing largely by assessing these two tokens’ performance. Thus, today’s rally in line with the broader crypto market makes sense.

However, a high correlation to riskier equities is also a phenomenon that’s catching the attention of investors. While Bitcoin (and Ethereum to some extent) were previously viewed as stores of value, more investors are now taking the view that these tokens are much more sensitive to macro forces, such as monetary policy, than previously thought.

Now what

Today’s face-ripping rally across the equity and crypto markets is a welcome reprieve for many growth investors. This year has not been kind to the aggressive investor, to say the least. However, there have been a few bear market bounces that have surprised investors thus far. The question is whether this recent bounce can be sustained, or if further downside is on the horizon. 

For today, at least, investors have found some positive momentum to jump on. Given the nature of the crypto market, perhaps this momentum can turn into meaningful near-term rewards for investors. That said, as always, the risk profile with this asset class is higher than others. Accordingly, it’s important for investors to practice prudent risk management with any such positions, especially in this market. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post These 3 cryptos are feeling the Elon Musk effect today appeared first on The Motley Fool Australia.

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More reading

• What to expect from the Bitcoin price following last week’s thrashing
• Is Solana the next Bitcoin?
• Can Ethereum reach $5,000?
• The key driver behind the recovery in Bitcoin, Ethereum, and Solana today
• Ethereum price collapses 35% in a week. Are crypto sharks to blame?

Chris MacDonald has positions in Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin, Ethereum, and Tesla. 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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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S&P/ASX 200 Index (ASX: XJO) gold shares have broadly delivered strong returns over the longer term.

Taking a five-year horizon, the ASX 200 has gained 14%.

Here’s how these leading ASX 200 gold shares performed over that same five-year period:

• Northern Star Resources Ltd (ASX: NST) share price up 73%
• Newcrest Mining Ltd (ASX: NCM) share price up 12%
• Evolution Mining Ltd (ASX: EVN) share price up 44%
• Perseus Mining Limited (ASX: PRU) share price up 463%
• Silver Lake Resources Limited (ASX: SLR) share price up 203%

You’re unlikely to find long-term investors with a diversified holding of ASX 200 gold shares complaining about those figures.

2022 has been a somewhat different story.

Shorter-term headwinds

Shorter-term, it’s been a more difficult slog, with gold prices soaring to more than US$2,000 per ounce in early March only to retrace to the current US$1,829. That’s right where prices were on 1 January.

Honing in on the 2022 performance, the ASX 200 is down 14%.

Meanwhile, the S&P/ASX All Ordinaries Gold Index (ASX: XGD), which also contains miners outside of the ASX 200, is down 9% year-to-date. A decent if less than stellar outperformance for the Aussie gold sector.

And of the five big producers named above, all but one is beating the ASX 200 returns.

Yet only one has seen its share price gain in 2022. Can you guess which one?

The only ASX 200 gold share in the green for 2022

If you guessed Perseus Mining, give yourself a gold star.

The Perseus Mining share price has gained 5.3% this calendar year, bucking the wider selling trend among ASX 200 gold shares.

Perseus is currently trading for $1.75 per share. At that price, it pays a trailing dividend yield of 1.3%, unfranked.

The ASX 200 gold share has been successful on and under the ground, reporting record quarterly results in April, including setting new production and operating cash flow records.

On the production end, the company produced an all-time quarterly high of 130,523 ounces of gold.

While the miner did increase its cash expenditures during the quarter, it reported a 3% decrease in its weighted average all-in sustaining costs (AISCs) from the prior quarter, to US$908 per ounce.

That compares to the weighted average sales price it received during the quarter of US$1,701 per ounce.

The post Only 1 ASX 200 gold share has gained in 2022. Can you guess which one? appeared first on The Motley Fool Australia.

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More reading

• 3 ASX All Ordinaries shares enjoying a Wednesday windfall
• Here are the top 10 ASX shares today

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.1% to 6,516.8 points.

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

Blackmores Limited (ASX: BKL)

The Blackmores share price is down over 8% to $65.48. This appears to have been driven by a broker note out of Morgans. This morning the broker retained its hold rating but cut its price target on the health supplements company’s shares by 20% to $70.50. Morgans believes Blackmores has been having a tough time in the second half. It also expects the company to fall well short of its FY 2024 targets.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is down a further 12% to 85 cents. As well as being under pressure due to the sudden exit of its CEO, weakness in the lithium industry has been weighing on its shares today. This appears to have been driven by concerns over Germany backtracking on plans to ban petrol and diesel cars by 2035. This was expected to give electric vehicles (and lithium) demand a major boost.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is down over 16% to 94.5 cents. Investors have been selling this gold miner’s shares after it revealed that it has deferred making a final investment decision on the Simberi sulphide expansion in favour of a strategic review. St Barbara also advised that there is a near-term risk of disruption to its Touquoy Operation.

Zip Co Ltd (ASX: ZIP)

The Zip share price is down 7% to 48.5 cents. This buy now pay later provider’s shares have come under heavy selling pressure this week amid speculation it could be about to give up on the UK and US markets. This is due to the large losses the company is making internationally.

The post Why Blackmores, Lake Resources, St Barbara, and Zip shares are dropping appeared first on The Motley Fool Australia.

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More reading

• Why is the Blackmores share price sinking 8% to a 52-week low?
• Is this why ASX lithium shares are being crushed today?
• ASX 200 midday update: St Barbara and Zip drop to multi-year lows
• Why is the St Barbara share price crashing 14% to a multi-year low?
• The Zip share price is down 90% in 2022. Why I won’t be buying

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 ZIPCOLTD FPO. The Motley Fool Australia has recommended Blackmores 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 Blackmores Limited (ASX: BKL) share price has taken a tumble on Wednesday.

In afternoon trade, the health supplements company’s shares are down over 8% to a 52-week low of $65.51.

Why is the Blackmores share price tumbling lower today?

The weakness in the Blackmores share price today appears to have been driven by a broker note out of Morgans.

According to the note, the broker has retained its hold rating but cut its price target on the company’s shares by 20% to $70.50.

What did the broker say?

Morgans made the move on the belief that Blackmores’ second half of FY 2022 has been far more challenging than it was expecting. This is due to lockdowns in China and the east coast floods. It explained:

BKL’s 2H22 has been challenging. In China, conditions have continued to worsen with the lockdowns in Shanghai likely impacting BKL’s supply chain and sales. Guidance was for China sales in the 2H to be less than the 1H (benefits from Singles Day), but up on the pcp. We now forecast 2H22 China EBIT to be down 26% vs 2H21.

In ANZ, the QLD/NSW floods forced some pharmacies that sell BKL’s products to close for an extended period. Omicron induced labour shortages impacting supply chains and manufacturing would have also negatively affected operations.

What about the future?

Looking ahead, the broker has warned that competition is heating up in the ANZ market. This follows comments out of rival Swisse, which laid out plans to win a greater market share.

Structural and competitive threats in ANZ will likely worsen in FY23. H&H (owner of Swisse) recently said it aims to increase its market share and reclaim its leadership position in key categories and channels. We think this will mean increased promotional activity and discounting in the grocery channel.

In light of the above, the broker feels that Blackmores won’t be able to achieve its FY 2024 growth targets. It concludes:

Given the world has changed since BKL set its FY24 growth targets almost a year ago, we think they now look too aggressive. Both Morgans (A$99.5m) and Bloomberg consensus (A$108.0m) are well below BKL’s FY24 EBIT target range of A$123.8-131.3m.

All in all, given this softer growth, the broker appears to be waiting for the Blackmores share price to fall a bit further before considering it as a buy.

The post Why is the Blackmores share price sinking 8% to a 52-week low? appeared first on The Motley Fool Australia.

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More reading

• ASX utilities shares electrifying the market as suspension begins to unwind
• How attractive is the Santos dividend right now?
• Top brokers name 3 ASX shares to buy today
• Why Cardano might be one of the safest cryptos to hold in a bear market
• What’s going on with the Westpac share price this week?

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 recommended Blackmores 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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It’s been a rather wild day on the S&P/ASX 200 Index (ASX: XJO) so far this Wednesday. The ASX 200 spent most of the morning in green territory today. But it has also whipsawed considerably and is now back in red territory. But it’s been a different story for ASX utilities shares.

ASX utilities shares are doing exceptionally well today. Take APA Group (ASX: APA). APA shares are currently up an impressive 3.55% so far at $11.09 each. Or AGL Energy Limited (ASX: AGL). AGL has recorded a less-impressive but still significant 0.61% gain to $8.24 a share.

So why is this sector outperforming the rest of the ASX 200 so convincingly this Wednesday?

Well, it’s not entirely clear. But there has been a meaningful development out today that could be helping these ASX utilities shares do so well.

ASX utilities shares beat the market on Wednesday

According to reporting in the Australian Financial Review (AFR) today, the Australian Energy Market Operator has begun the process of lifting the suspension of the National Electricity Market (NEM). The market operator took control of the NEM last week after the risk of rolling blackouts along the east coast spiked due to pricing caps in the market.

This involves the market operator manually directing power generation and managing supply and demand. It was the first time this has happened in the history of the NEM.

The market operator taking control of the NEM might have been good news for consumers who might have otherwise faced power outages. But it wasn’t so good for energy utilities shares like APA and AGL, who suddenly had to take directives from the market operator.

Thus, the news that the NEM might be back to normal by as early as this Friday is arguably a positive development for these utilities shares. Thus, it could well be this news that is helping the APA and AGL share prices outperform the ASX 200 so convincingly today.

The post ASX utilities shares electrifying the market as suspension begins to unwind appeared first on The Motley Fool Australia.

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• ‘Price makers’: 3 ASX 200 shares that can pass on rising costs in an inflationary environment
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• 2 ASX 200 infrastructure shares ‘ripe for takeout’: expert
• Own AGL shares? Here’s what to know about the company’s latest green hydrogen push  
• Leading brokers name 3 ASX shares to buy today

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 positions in and has recommended APA Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It’s fair to say that ASX 200 energy shares have been at the centre of ASX attention in 2022. With inflation concerns and rising oil prices, the Santos Ltd (ASX: STO) share price, along with many other ASX energy shares, has exploded. Santos was going for $6.61 a share at the start of the year.

Today, it’s sitting at $7.54, up more than 14% year to date. It was only earlier this month that Santos hit a new 52-week high of $8.86 too.

But, as we know, rising share prices also have the unpleasant side effect of lowering a company’s trailing dividend yield. So after these impressive gains over the year so far, where does the Santos dividend stand today?

Well, Santos’ last dividend payment was the final dividend that investors received back on 24 March. This was a payment of 11.1 cents per share, franked at 70%. Before that, Santos paid out its interim dividend of 7.69 cents per share back in September last year. That dividend was fully franked. These two dividend payments represented significant growth for the company.

How does the Santos dividend stack up?

Before 2022’s final dividend, the company paid out a final dividend for 2021 that came to 6.32 cents per share, fully franked. The company’s previous interim dividend was also much lower than its most recent one. That was the 2.91 cents per share payment from 2020.

But circling back to Santos’ most recent dividend payments, these two dividends give the company a trailing yield of 2.6% on the current share price.

So is this an attractive dividend yield? Well, that’s in the eye of the investor, to a certain extent. But it’s worth noting that Santos’ trailing dividend yield is certainly on the low side when it comes to some other ASX energy shares. Santos’ energy peer Woodside Energy Group Ltd (ASX: WDS) currently has a trailing dividend yield of 5.94%. New Hope Corporation Limited (ASX: NHC)’s dividend yield is now over 7%.

But Santos is still topping Beach Energy Ltd (ASX: BPT) and its current yield of 1.22%. So it could be worse.

A caveat to finish on though. Santos’ last dividend was paid out in March, just after global oil prices really started taking off. In the months since, the company has likely been benefitting enormously from the rise in global oil prices we have seen ever since. Thus, it’s very possible that Santos’ next dividends will be significantly higher than the most recent payments it has doled out.

But we shall have to wait and see.

In the meantime, the current Santos share price gives this ASX 200 energy share a market capitalisation of $25.26 billion.

The post How attractive is the Santos dividend right now? 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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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:

Breville Group Ltd (ASX: BRG)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating but cut their price target on this appliance manufacturer’s shares to $25.00. While the broker has reduced its earnings estimates to reflect a challenging macroeconomic environment and potential impacts to demand, it sees enough value in its shares to maintain its positive view on the company. The Breville share price is trading at $17.43 today.

REA Group Limited (ASX: REA)

A note out of Citi reveals that its analysts have retained their buy rating and $153.50 price target on this property listings company’s shares. This follows news that New South Wales is making changes to stamp duty rules. Citi sees the changes as a positive and suspects that other states could follow its lead. The REA share price is fetching $101.01 this afternoon.

Readytech Holdings Ltd (ASX: RDY)

Analysts at Goldman Sachs have reinstated coverage on this enterprise software company’s shares with a buy rating and $4.60 price target. Goldman notes that Readytech has defensive qualities, which could be important if Australia falls into a recession. This is because it serves defensive end markets (e.g. higher education, local government) and has high recurring revenue. In addition, with its shares down materially this year, Goldman sees now as an opportune time to invest. The Readytech share price is trading at $2.79 on Wednesday.

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

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More reading

• Why Ampol, Downer, Fletcher Building, and REA shares are pushing higher
• Goldman Sachs names 2 mid cap ASX shares to buy
• 2 powerhouse ASX shares going for dirt cheap right now: expert
• Top brokers name 3 ASX shares to buy next week
• Down 20% in a month, is the Breville share price a bargain buy or a falling knife?

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 Readytech Holdings Ltd. The Motley Fool Australia has recommended REA Group Limited and Readytech 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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