Category: Stock Market

With interest rates rising, Australians are about to tighten their belts and watch their spending.

If you have less money to play with, then naturally you will be more careful where you spend it.

As such, it’s interesting to analyse the latest update to the Roy Morgan’s Australia’s most trusted brands rankings.

As the economy slows down, which are the brands best placed to attract customers and revenue?

ASX shares that have the most trustworthy brands

For the year ending March, incredibly the top six most trusted brands had not changed from the previous quarter:

1. Woolworths Group Ltd (ASX: WOW)
2. Coles Group Ltd (ASX: COL)
3. Bunnings Warehouse
4. Aldi Australia
5. Kmart
6. Qantas Airways Limited (ASX: QAN)

While Aldi is privately owned, Bunnings and Kmart are both brands operated by the Wesfarmers Ltd (ASX: WES) conglomerate.

Roy Morgan chief Michele Levine noted the rising cost of living would challenge businesses looking to maintain trust and minimise distrust.

“The last two years have proven to be good ones for Australia’s supermarkets and big retailers,” she said. 

“Coles, Woolworths, Aldi, Bunnings Warehouse and Kmart have consistently ranked in the top five most trusted brands in Australia and this trend hasn’t changed in the early months of 2022.”

Woolworths and Wesfarmers shares have sunk so far this year, by around 2% and 17% respectively.

The Coles and Qantas share prices have fared better, with both ASX shares moving around 2.6% upwards.

US company makes huge strides in Australia

The huge mover in the latest survey was Apple Inc (NASDAQ: AAPL).

The technology provider moved up six places to be rated the ninth most trusted brand among Australians.

“Respondents who trust Apple noted several aspects of Apple’s services that stand out including that ‘their privacy and security is much higher of a priority than competitors’,” said Levine.

“‘Apple’s technology is useful and designed well – I use them extensively at home’, ‘I have used Apple’s products my entire working career’ and ‘They have always tried to develop user-centred products’.”

Apple shares have suffered the wrath of investors in the rotation away from high-growth stocks, falling almost 22% for the year so far.

The post 4 ASX shares of the most trusted brands in Australia appeared first on The Motley Fool Australia.

More reading

• ‘Safe haven’: Why this broker backs Woolworths shares amid recent turbulence
• Where next for the Wesfarmers share price?
• Will Microsoft and Apple shares finally give way in the stock market’s downturn?
• Own ASX 200 retail shares? Here’s how the majors are tackling climate change
• Analysts name 2 ASX dividend shares to buy to beat inflation

Motley Fool contributor Tony Yoo 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 Apple. 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 COLESGROUP DEF SET and Wesfarmers Limited. The Motley Fool Australia has recommended 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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Despite a strong finish to the week, the S&P/ASX 200 Index (ASX: XJO) recorded a sizeable decline last week. The benchmark index fell 1.8% over the five days to 7,075.1 points.

Fortunately, not all shares dropped with the market. Here’s why these were the best performers on the ASX 200 last week:

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price was the best performer on the ASX 200 last week with a whopping 44.4% gain. This was driven by countless announcements revealing that the heavily shorted medical device company’s chairman, David Williams, had bought shares on-market. This may have spooked short sellers into buying shares to close their positions.

Lifestyle Communities Limited (ASX: LIC)

The Lifestyle Communities share price was on form and charged 11.2% higher over the period. This was driven by a positive response from brokers to a trading update. That update revealed that the land lease communities company has reaffirmed its forecast to deliver 1,100 to 1,300 new home settlements and 450 to 550 resale settlements attracting a deferred management fee between FY 2022 and FY 2024. Goldman Sachs responded by reiterating its conviction buy rating and $24.65 price target.

TPG Telecom Ltd (ASX: TPG)

The TPG share price was a positive performer and pushed 8.6% higher last week. This followed a positive reaction to news that the telco has signed a binding agreement to sell 100% of its passive mobile tower and rooftop infrastructure. TPG is selling the infrastructure to OMERS Infrastructure Management for $950 million. These funds are expected to be used by TPG to pay down its existing debt.

IPH Ltd (ASX: IPH)

The IPH share price wasn’t far behind with a 7.4% gain. This was despite there being no news out of the intellectual property services company. This latest gain means the IPH share price is now up by a sizeable 22% over the last 12 months despite the market volatility.

The post These were the best performers on the ASX 200 last week appeared first on The Motley Fool Australia.

More reading

• These were the worst performers on the ASX 200 last week
• Here are the top 10 ASX shares today
• Why did the Telstra share price rebound nearly 2% on Friday?
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Why is the Magellan share price up 7% today?

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 POLYNOVO FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended IPH Ltd. The Motley Fool Australia has recommended IPH Ltd and TPG Telecom 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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Woolworths Group Ltd (ASX: WOW) shares are outperforming the broader market in 2022, and they’re well-positioned to continue their trajectory, according to one expert.

BW Equities’ Tom Bleakly recently labelled the supermarket giant’s stock a ‘buy’ saying it (and its peers) have managed to shake off recent disruptions.

At the closing bell yesterday, the Woolworths share price was up 1.16% at $37.64. That’s 2.3% lower than it was at the start of the year.

In contrast, the S&P/ASX 200 Index (ASX: XJO) has slumped 7% so far this year.

So, what is it that the expert thinks Woolworths shares have going for them? Let’s take a look.

Here’s why this expert is backing Woolworths shares

Woolworths has faced numerous challenges this year, but its shares are still worth looking at, according to Bleakly.

He recently told The Bull he was impressed by the company’s recent earnings. Particularly, considering the notable supply chain issues it’s been facing.

Of course, the 13 weeks to 3 April saw major flood events in Australia as well as the worst of the Omicron outbreak.

That saw absenteeism surge in the company’s fulfilment centres, as well as the closure of stores and lesser product availability.

Still, Woolworths reported more than $15 billion of group sales for the period. That was a 9.7% increase on those of the prior comparable quarter.

Additionally, Bleaky believes the stock is in the right spot to ward off recent market turbulence.

The ASX 200 has been on a rollercoaster the last few weeks, seemingly spurred by Australia’s inflation rate hitting 5.1% in late April, followed by the nation’s first rate rise in 11 years in early March.

Bleaky commented that Woolworths’ home sector has been a “safe haven” in the turbulence.

Indeed, the S&P/ASX 200 Consumer Staples Index (ASX: XSJ) has fallen just 1.6% since the start of this year, besting the performance of the Woolworths share price.

The post ‘Safe haven’: Why this broker backs Woolworths shares amid recent turbulence appeared first on The Motley Fool Australia.

More reading

• Own ASX 200 retail shares? Here’s how the majors are tackling climate change
• What’s with the Woolworths share price on Wednesday?
• Is the Woolworths share price good value right now?
• Which ASX supermarket shares could win (and lose) as higher inflation hits shelves?
• Here’s how the Woolworths share price stacked up in April

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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Once upon a time, Appen Ltd (ASX: APX) was an ASX market darling sitting alongside four other constituents of the WAAAX group.

For many years, the AI training data company was a crown jewel among a bucket of ASX tech shares. From 2017 to 2019, revenue growth accelerated at a tremendous rate — with Appen posting growth of 33%, 62%, and 97% in each successive year.

However, the company’s growth became derailed during the COVID-19 pandemic. In 2020, revenue growth slowed to 47% before reducing to a limp last year at a pace of 10%. Consequently, the Appen share price has been obliterated from its all-time high in 2020 — falling 83%.

So, why would anyone consider acquiring Appen now?

Primed for higher interest rates

Distressed valuations over the past couple of years have created an ideal merger and acquisition (M&A) environment. In fact, last year was a record high for M&As, topping $5 trillion in deal volume. Not to be left out, the ASX had its fair share of the action with aggregate transaction value hitting $130.5 billion.

While strong activity has continued into this year, private capital now is now searching for deals in a rising rate environment. As such, dealmakers might show a greater interest in companies with minimal debt and a decent amount of cash.

Additionally, a solid track record of profitability is a must. We have already seen the ramifications on ASX shares that are loss-making in this macroeconomic climate. And most important, the company needs to display signs of being fundamentally ‘undervalued’ by the market.

When it comes to Appen on the ASX, in my view, the unloved tech company ticks these boxes.

How ASX-listed Appen shapes up

For all of its listed life, Appen has been profitable on a trailing 12-month basis. And while the company’s earnings have been in decline since mid-2020, this has coincided with several acquisitions and top-line growth across new markets.

Possibly the key to any potential Appen appeal is its immaculate balance sheet. At the end of December 2021, debt was zilch while cash and cash equivalents sat at US$47.9 million. For reference, automotive industry software company Infomedia Limited (ASX: IFM) received a takeover approach this morning, sporting a similar-looking balance sheet.

The final reason why I think ASX-listed Appen could be a potential takeover target is the valuation. Slowing growth and downgraded guidances have sapped investors of their confidence in the Appen share price.

As a result, the company trades on a price-to-earnings (P/E) ratio of 19 times — compared to the industry average of 30 times. Similarly, Appen’s price-to-book (P/B) ratio is the lowest it has been as a listed company at 1.4 times.

These factors don’t take into consideration how future performance could adjust the company’s valuation. However, I think private capital could be tempted to take a chance if Appen can continue to run at profit, pay a dividend, and trade at a relatively cheap valuation.

The post Here’s why I think ASX-listed Appen could be a potential takeover target appeared first on The Motley Fool Australia.

More reading

• The Appen share price is charging 6% higher on Friday
• How much further can ASX 200 tech shares tumble? Macquarie weighs in
• What’s up with the Appen share price on Wednesday?
• 5 things to watch on the ASX 200 on Tuesday
• These are the 10 most shorted ASX shares

Motley Fool contributor Mitchell Lawler has positions in Appen Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd and Infomedia. The Motley Fool Australia has recommended Infomedia. 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 talk of an earlier coal exit has increased this month after Mike Cannon-Brookes bought into AGL Energy Limited (ASX: AGL) shares in a bid to shut down its coal fired-power plants sooner.

The tech billionaire snapped up an 11.28% stake in the company with the intent to block its planned demerger. He, alongside notable climate organisations, believes the split will prolong the lifespan of the company’s coal assets and drive its value down.

But would an earlier than planned coal exit be detrimental to the AGL share price, as the company argues? Let’s take a look.

As of Friday’s close, the AGL share price is $8.40, 0.84% higher than its previous close.

The S&P/ASX 200 Index (ASX: XJO) also traded in the green on Friday. It finished the day 1.93% higher.

Could earlier coal closures aid the AGL share price?

The argument for dumping coal

The AGL share price has tanked 68% over the last five years and climate activists argue the company’s refusal to ditch coal has been a major driver of its downfall.

And its shareholders arguably appear to agree. 55% of AGL investors called for the company to implement short and long-term emissions targets in line with the Paris Agreement last year.

Such targets would force the company to ditch coal by 2030, says the Australasian Centre for Corporate Responsibility (ACCR).

On the other hand, the AGL share price tumbled 6% last month after a unit at its Loy Yang A power station faulted.

It was the second time the company had announced such news in 2 years. The first outage cost $105 million.

The plant is earmarked to close by 2045 at the latest – 12 years after the Bayswater power station will be shuttered.

Thus, ageing coal assets might continue weighing on the stock for the foreseeable future.

Additionally, it’s predicted closure dates go against the National Energy Market Operator’s expectations. Its Step Change scenario predicts most coal will be scrapped from the national energy market by 2030.

The company rebutted such a speedy exit from coal after the regulator released the scenario in December.

The case against earlier coal closures

On the other hand, the company’s management reportedly believes an earlier exit from coal is an “engineering impossibility”.

It claims ditching coal by 2030 would cost $30 billion and force it to double the speed in which it takes to build wind farms over the coming five years.

Of course, a $30 billion hit to AGL’s bottom line would likely also dint its share price.

Instead, it believes demerging AGL Energy into a retailer and a generator will offer greater value for shareholders.

Following the demerger, the company’s retail business – AGL Australia – would be less exposed to risks associated with coal.

AGL Australia will boast net zero emissions on listing under the plan.

The post How dependant on coal closure is the AGL share price? appeared first on The Motley Fool Australia.

More reading

• AGL share price lifts despite Greenpeace accusing leadership of being ‘caught with their pants down’
• Is Cannon-Brookes getting ready to pitch a third takeover bid for AGL shares?
• Own AGL shares? Expert warns Cannon-Brookes’ stake might not be all it seems
• Cannon-Brookes warns AGL dividends at risk from demerger
• AGL share price makes partial recovery as expert declares demerger favourable

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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If I were fortunate enough to have $10,000 sitting idle in a savings account, I would look to put it to work in the share market.

After all, even with rates rising, the potential returns on offer are vastly superior to the interest rates most bank accounts offer right now.

In addition to this, with the market down materially from its recent high, there are a lot of high-quality companies trading at discounted prices.

But which shares could be buys? Here are two ASX 200 shares I would invest my funds into:

Goodman Group (ASX: GMG)

The first ASX 200 share that I would buy with these funds is Goodman Group. It is an integrated commercial and industrial property company that owns, develops, and manages industrial real estate across 14 countries.

Demand has been incredibly strong for its properties, which has underpinned stellar rental income growth for over a decade. The good news is that this looks set to continue in the coming years. This is being underpinned by long-term demand for industrial space from increasing e-commerce penetration and supply chain modernisation and its development work in progress of $12.7 billion. The latter comprises 81 projects with a forecast yield on cost of 6.7%.

And while Goodman’s shares trade at a premium to other property companies, I believe this is justified due to its quality and positive growth outlook. For example, Goldman Sachs estimates that Goodman will grow its earnings per share (EPS) by an average of 13% per annum from FY 2022 to FY 2024. This is well ahead of industry averages.

TechnologyOne Ltd (ASX: TNE)

Another ASX 200 share that I would invest $10,000 into is TechnologyOne. It is an enterprise resource planning (ERP) software company servicing the government, financial services, health, education, and utilities and managed services markets.

TechnologyOne has been growing at a solid rate for more than two decades and I believe it is well placed to continue this trend in the coming years. This is thanks to its leadership position in key verticals, the stickiness of its products, and its recent shift to a software-as-a-service (SaaS) focused business model.

Management expects the latter to underpin very strong high margin, recurring revenue growth in the coming years. For example, TechnologyOne is targeting SaaS annual recurring revenue (ARR) of $500 million by FY 2026. This will be more than double the $192.3 million it recorded in FY 2021 and represents a five-year compound annual growth rate of 21%.

In light of this strong growth outlook, I believe its shares are attractively priced at 30x estimated FY 2023 earnings.

The post Why I would invest $10,000 into these ASX 200 shares right now appeared first on The Motley Fool Australia.

More reading

• Goodman share price charges higher following bullish broker note
• 5 things to watch on the ASX 200 on Friday
• 5 things to watch on the ASX 200 on Wednesday
• Analysts name 2 profitable ASX growth shares with 40%+ upside
• Broker names 3 more ‘champion’ ASX 200 shares to buy and hold

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you’re wanting to add some ASX 200 dividend shares to your portfolio, then it could be worth considering the two listed below.

Here’s why a leading broker thinks they could be top options for income investors:

Macquarie Group Ltd (ASX: MQG)

The first ASX 200 dividend share to look at is investment bank Macquarie.

It recently released its full-year results for FY 2022 and revealed a net profit after tax of $4.7 billion. This was up a staggering 56% over the prior corresponding period. And while it will be hard to top this in FY 2023, the team at Morgans remain positive and see plenty of value in its shares.

Last week the broker put an add rating and $215.00 price target on the bank’s shares.

Morgans commented: “We anticipate some near-term earnings volatility over FY23 but we like MQG’s favourable longer-term growth profile and consistent history of delivering strong returns (~15% average ROE over time).”

Its analysts expect a $7.07 per share dividend in FY 2023 and then $7.47 per share dividend in FY 2024. Based on the current Macquarie share price of $183.11, this will mean yields of 3.9% and 4.1%, respectively.

South32 Ltd (ASX: S32)

Another ASX 200 dividend share to look at is South32. It is diversified mining and metals company producing a range of commodities including alumina, aluminium, bauxite, coal, copper, manganese, nickel, and silver across operations in Australia, Southern Africa and South America.

Morgans is a big fan of the company. It currently has an add rating and $6.10 price target on the miner’s shares.

The broker commented: “We see attractive long-term value potential in S32 from de-risking of its growth portfolio, the potential for further portfolio changes, and an earnings-linked dividend policy.”

In respect to the latter, the broker is forecasting fully franked dividends per share of 25.8 cents in FY 2022 and 35.3 cents in FY 2023. Based on the current South32 share price of $4.41, this represents yields of 5.85% and 8%, respectively, over the next couple of years.

The post 2 ASX 200 dividend shares to buy according to a top broker appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Friday
• Hoping to bag the next Macquarie dividend, here’s what you need to do
• Why did the South32 share price beat the other ASX 200 miners today?
• Broker says South32 share price is great value and one of the ‘best’ options for investors
• Here are the 3 most heavily traded ASX 200 shares on Wednesday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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I think some ASX growth shares are now looking very attractive after the volatility we’ve seen this year.

Lower prices could mean better value for businesses that have growth planned for the long-term.

These three potential investments look like attractive propositions to me:

Xero Limited (ASX: XRO)

Xero is one of the largest ASX tech shares, I also think it’s one of the highest quality businesses.

It has an exceptionally high gross profit margin. In the FY22 result, its gross margin was 87.3%, an increase from 86% in FY21.

The company is achieving global growth and it can use the rapidly-growing gross profit to invest in areas, like marketing and subscriber tools, which can lead to more growth. FY22 operating revenue increased 29% to almost NZ$1.1 billion and subscribers rose 19% to 3.27 million.

While some investors may prefer that Xero generate more profit in the shorter term, I like that Xero said it will “continue to focus on growing its global small business platform and maintain a preference for reinvesting cash generated…to drive long-term shareholder value”.

Despite a 9% jump in the Xero share price on Friday, the ASX growth share is still down more than 40% this year, so it seems quite a bit cheaper.

Betashares Global Quality Leaders ETF (ASX: QLTY)

As the name implies, I think this exchange-traded fund (ETF) could be a quality idea.

There are four metrics that a company needs to rank well on to be potentially selected for this portfolio: a high return on equity and profitability, low amounts of debt, and earnings stability.

There are around 150 names in the global portfolio. The biggest weighting is 2.3%, so no business has a large position – there is diversification.

Some of the names in the portfolio include Johnson & Johnson, Pfizer, Meta Platforms, Novo Nordisk, Unitedhealth, Visa, AIA, Texas Instruments, Accenture, and Adobe.

The annual management fee of the ETF is 0.35%. This is relatively low compared to plenty of active fund managers that may charge 1% or more.

The QLTY ETF has seen a decline of around 20% since the beginning of the year, despite those quality metrics.

Australian Ethical Investment Limited (ASX: AEF)

Australian Ethical is a fund manager that wants to provide investors with investment products that align with their ethics.

The ASX growth share avoids areas such as tobacco, coal miners, and gas. Instead, Australian Ethical invests in businesses that are connected by its conviction that “their success is linked to society’s prosperity and the planet’s wellbeing”.

It is certainly true that the current market volatility is not helpful for the short-term direction of the company’s funds under management (FUM).

However, its FUM does continue to grow on longer-term time scales. Since the start of FY22, FUM has risen by 13% to $6.83 billion. During the three months to March 2022, the fund manager saw FUM inflows of around $0.24 billion.

Australian Ethical said that its positive net inflows for the quarter were driven by ongoing “strong” superannuation contributions. This includes the regular superannuation guarantee contributions together with rollovers from new customers joining.

Over the long-term, I think its FUM can keep growing, with a reduction of the management fees being a positive for attracting more investors.

I think the Australian Ethical share price is now more attractive after falling almost 60% since the start of 2022.

The post 3 top ASX growth shares I’d buy next week appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Nearmap share price jumps 9% on Friday
• Why 5E Advanced Materials, Block, Neometals, and Xero shares are racing higher
• ASX 200 midday update: Block and Xero rebound, gold miners fall
• Tech turnaround: ASX 200 tech shares surge higher on Friday

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, 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 Adobe Inc., Australian Ethical Investment Ltd., Meta Platforms, Inc., Visa, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Johnson & Johnson and has recommended the following options: long January 2024 $420 calls on Adobe Inc. and short January 2024 $430 calls on Adobe Inc. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool Australia has recommended Adobe Inc., Australian Ethical Investment Ltd., and Meta Platforms, 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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Although the S&P/ASX 200 Index (ASX: XJO) recorded a strong gain on Friday, it wasn’t enough to stop a sizeable decline over the five days. The benchmark index fell 1.8% to 7,075.1 points.

While a good number of shares dropped with the market, some fell more than most. Here’s why these were the worst performers on the ASX 200 last week:

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price was the worst performer on the ASX 200 last week with a 24.5% decline. This appears to have been driven by the market volatility and weakness in a number of commodity prices. This includes nickel and copper, which are down 15% and 11%, respectively, since this time last month. Chalice has exposure to these metals at its Julimar Nickel-Copper-PGE Project.

Novonix Ltd (ASX: NVX)

The Novonix share price wasn’t far behind with a 20.5% decline. This is despite there being no news out of the battery technology company. However, a number of battery materials shares came under pressure last week as investors reduced their exposure to higher risk investments. This decline means the Novonix share price has now lost approximately two-thirds of its value in 2022.

Block Inc (ASX: SQ2)

The Block share price was out of form and dropped 19.6% over the five days. This followed a sharp decline by the payments giant’s NYSE listed shares. Investors were selling Block’s shares amid weakness in the tech sector, a significant drop in the bitcoin price, and the release of several less-than-bullish broker notes.

IGO Ltd (ASX: IGO)

The IGO share price was a poor performer and dropped 12.8% last week. This appears to have been driven by the aforementioned pullback in commodity prices and a sell down of battery materials shares. IGO’s operations have exposure to nickel and lithium.

The post These were the worst performers on the ASX 200 last week appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Why did the Telstra share price rebound nearly 2% on Friday?
• Nearmap share price jumps 9% on Friday
• 3 ASX All Ordinaries shares leaping by more than 10% on Friday
• Here are the 3 most heavily traded ASX 200 shares on Friday

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 Block, Inc. The Motley Fool Australia has positions in and has recommended Block, 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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Today, the S&P/ASX 200 Index (ASX: XJO) finished the week with a bang, paring back half of the week’s losses. At the end of the session, the benchmark index finished a sizeable 1.93% higher at 7,075.1 points.

A backdrop of buying on the US market last night spilled over into ASX shares today. Taking centre stage amid the buying frenzy on Friday were tech shares, with the sector soaring 7%. Other sectors making the most of the rally were real estate and healthcare. By the end of the day, investors were hard-pressed to find a company in the red.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Block Inc (ASX: SQ2) was the biggest gainer today. Shares in the fintech giant exploded 15.00% after analysts at Wolfe Research noted their belief that the Block share price had been oversold. Find out more about Block here.

The next best performing ASX share across the market today was Xero Ltd (ASX: XRO). The cloud accounting platform provider experienced a 9.44% surge in its share price today. It appears market participants looked upon the company more fondly amid firming across the tech sector. Uncover the latest Xero details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Block Inc (ASX: SQ2)	$114.88	15.00%
Xero Ltd (ASX: XRO)	$84.16	9.44%
Link Administration Holdings Ltd (ASX: LNK)	$4.42	8.87%
Event Hospitality and Entertainment Ltd (ASX: EVT)	$14.85	8.39%
Wisetech Global Ltd (ASX: WTC)	$41.02	7.27%
Magellan Financial Group Ltd (ASX: MFG)	$15.79	7.27%
Altium Ltd (ASX: ALU)	$27.00	7.14%
Yancoal Australia Ltd (ASX: YAL)	$5.62	6.84%
Viva Energy Group Ltd (ASX: VEA)	$2.83	6.39%
Netwealth Group Ltd (ASX: NWL)	$12.85	5.76%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler has positions in Block, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium, Block, Inc., Link Administration Holdings Ltd, Netwealth, WiseTech Global, and Xero. The Motley Fool Australia has positions in and has recommended Block, Inc., Netwealth, WiseTech Global, and Xero. 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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