Category: Stock Market

It’s another day, another fall for the S&P/ASX 200 Index (ASX: XJO) so far this Tuesday. The ASX 200 is currently down by another depressing 1.12% and is hovering at just over 7,040 points at the time of writing.

But let’s not let that get us down. Instead, let’s check out the shares that are presently topping the ASX 200’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Tuesday

South32 Ltd (ASX: S32)

Diversified ASX 200 mining giant South32 is our first share worth checking out today. So far this Tuesday, a hefty 19.8 million South32 shares have been flicked around the markets.

There has been no major news or announcements out of the miner so far today, save for a routine share buyback notice. So it’s probably the company’s ongoing buybacks, as well as the steep 3.5% drop South32 shares have suffered through today, that is responsible for this trading volume we see.

Tabcorp Holdings Limited (ASX: TAH)

A rare appearance by ASX 200 gaming company Tabcorp is next up to have a look at. As it currently stands, a sizeable 21.26 million Tabcorp shares have changed hands. Again, we have no major news out of Tabcorp today. Not even a share buyback notice.

Thus, we can likely attribute this high volume to the pricing movements of the company’s shares. The Tabcorp share price has not escaped from today’s sell-off and is currently down 1.4% at $5.03. That means Tabcorp has now lost close to 5% of its value over the past five trading days.

Pilbara Minerals Ltd (ASX: PLS)

Rounding out our list today is the ASX 200 lithium stock Pilbara Minerals. Pilbara has seen a whopping 31.18 million of its shares bought and sold on the markets thus far this Tuesday. Again, it seems we have a share price move to thank for this high volume, and again, it’s a move in the red. Pilbara has lost a further 1.76% of its value so far today, and is now back at $2.52 a share. That puts this company’s losses over the past month at close to 20%.

The post Here are the 3 most heavily traded ASX 200 shares on Tuesday appeared first on The Motley Fool Australia.

More reading

• The Novonix share price just rebounded 13%. Is it a buy?
• Pendal share price surges as profit soars 60%
• ASX shares are tumbling, but is it an actual stock market crash?
• 2 ASX shares at ‘appealing’ buy prices right now
• 5 things to watch on the ASX 200 on Tuesday

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 Novonix Ltd (ASX: NVX) share price is experiencing high levels of volatility.

Earlier today, the battery materials and technology company dropped as much as 11% to around $3.60. However, it has since rebounded 13% from that 52-week low. It’s now 0.25% in the green at $4.07.

The S&P/ASX 200 Index (ASX: XJO) is suffering from elevated selling by investors at the moment. There is a lot of market focus on high inflation and the potential of rising interest rates.

At the time of writing, the ASX 200 is down by 1.14%. But, who knows what is going to happen next?

Is the Novonix share price an opportunity?

While Novonix may have regained the lost ground of the day, it is still down significantly over longer timeframes. Over the past month, Novonix shares have fallen by 35% and since the start of the year, the Novonix share price has fallen by around 60%.

The broker Morgans currently has a rating of ‘hold’ on the business, with a price target of $4.88. That implies a possible rise of around 20%. Morgans noted that the cost of the recent listing onto the NASDAQ of a few million dollars was a one-off, which impacted its earnings. The business started trading on the NASDAQ at the start of February 2022.

Operational progress

One of the recent highlights from the company earlier this year was the closed anode material supply agreement and strategic investment in US-based KORE Power. Novonix will be the exclusive supplier of graphite anode material to KORE Power’s US operations. Novonix agreed to invest US$25 million for an approximate 5% stake in KORE Power. The deliveries will start in 2024.

It is continuing to engage with Samsung SDI and Sanyo and other tier 1 cell and automotive manufacturers for capacity planning for the next production facility.

A technology development agreement was signed with Phillips 66 to leverage both parties’ expertise to collaborate on “the development and optimisation of feedstock and anode processing with the goal of higher performance, lower carbon intensity materials”.

It also said that it’s continuing to engage and progress relationships with multiple international companies for potential technology partnership opportunities and monitor clean energy policies in North America and Europe.

In terms of the battery technology solutions activities, it said it has seen continued strong revenue growth each quarter with expansion of hardware sales and research and development service offerings by adding and growing key strategic accounts.

With the Emera energy storage system project, it is assembling four full-scale pack prototype systems for testing with Emera.

Regarding the cathode synthesis technology activities, it said it has been expanding its internal cathode development team and capabilities.

The post The Novonix share price just rebounded 13%. Is it a buy? appeared first on The Motley Fool Australia.

More reading

• Pendal share price surges as profit soars 60%
• Technophobia? Why ASX 200 tech shares are getting hammered again
• ASX shares are tumbling, but is it an actual stock market crash?
• 5 things to watch on the ASX 200 on Tuesday
• Here are the top 10 ASX shares today

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 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 Firefinch Ltd (ASX: FFX) share price is struggling lately, slipping 21.75% over the last 5 trading sessions.

Its suffering has come amid news of insider selling and updates on the company’s planned demerger.

At the time of writing, the Firefinch share price is 89 cents, 5.82% lower than its previous close.

For context, the broader market is also having a rough trot. The benchmark All Ordinaries Index (ASX: XAO) is down 1.22% today and 4.6% over the last week.

Additionally, the S&P/ASX 200 Materials Index (ASX: XMJ) has slipped 2.8% today and 7.25% over the last 7 days.

Here’s all the non-price sensitive news Firefinch has released this week.

What’s being going on with Firefinch lately?

The Firefinch share price has tumbled over the last 5 sessions on the ASX amid news of insider selling.

Firefinch director, Brendan Borg sold more than 2.5 million of the company’s shares on-market for slightly more than $1.11 apiece between 29 April and 3 May, according to an ASX release published last Tuesday. Borg retained a holding of 12 million Firefinch shares following the trades.

Funds owned by Firefinch director, Mark Hepburn also sold 250,000 shares on-market on 3 May, receiving between $1.10 and $1.13 per share. Following the trades, Hepburn indirectly owns more than 2 million Firefinch shares.

The company also provided an update on the company’s split and a replacement prospectus yesterday.

While neither release was price-sensitive, the Firefinch share price tumbled 9.5% following their publication.

The demerger will see Firefinch retaining its gold producing assets. Meanwhile, its Goulamina Lithium Project will be managed by new entity, Leo Lithium. Firefinch shareholders will receive 1 Leo Lithium share for every 1.4 Firefinch shares they hold.

They also have access to a pro-rata priority offer under which they can buy 1 new Leo Lithium share for every 10.33 Firefinch shares owned at a cost of 70 cents apiece.

The priority offer – and an accompanying shortfall offer ­– opened yesterday. It’s expected to raise $80 million.

Firefinch shareholders will have the option to vote for or against the demerger at a meeting on 31 May.

If the split is approved, Leo Lithium shares are expected to be handed out to Firefinch shareholders on 9 June.

Leo Lithium is pencilled in to list on 16 June under the ticker, LLL.

Firefinch share price snapshot

Recent falls included, the Firefinch share price has slipped 3% since the start of 2022.

Though, it’s currently 128% higher than it was this time last year.

The post Why has the Firefinch share price tumbled 22% in a week? appeared first on The Motley Fool Australia.

More reading

• Firefinch share price leaps 16% on Leo Lithium demerger
• These 3 ASX mining shares leapt more than 10% on Friday
• Firefinch share price tumbles 6% despite meeting gold production guidance
• What’s with the Firefinch share price today?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has 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 Ethereum (CRYTPO: ETH) price got smashed overnight, falling more than 10% at one stage to US$2,206.

At the time of writing, Ether is trading for US$2,311, down 6.3% from this time yesterday.

With the last round of selling the Ethereum price is now down 19% over the past seven days and down 39% year-to-date.

Crypto investors who bought at the all-time highs of US$4,892, reached on 16 November last year, will currently be sitting on losses of 52%, according to data from CoinMarketCap.

It’s not just the Ethereum price that’s falling

The Ethereum price isn’t the only one getting hammered.

Bitcoin (CRYPTO: BTC), the world’s No. 1 crypto by market cap, also tanked 10% (details here).

In fact, every one of the top 100 cryptos (a few stablecoins aside) sold off heavily over the past 24 hours.

This comes as investors are increasingly wary of holding risk assets amid a new dawn of rising interest rates. These same fears saw the tech-laden Nasdaq Composite (NASDAQ: .IXIC) fall 4.3% yesterday (overnight Aussie time).

What the experts are saying

Commenting on the sliding Ethereum price and other crypto sell-offs, eToro’s crypto expert Simon Peters said:

The concern now for crypto asset investors is when the slide will end. The market is caught in the wider adversity of investment markets that are battling to decide where comfortable levels are in the wake of interest rate hikes designed to quell soaring inflation around the Western world.

As for why the Ethereum price and most cryptos are trending closely with risk assets like tech shares, Peters said, “This is indicative of the major shift in the presence of institutions within the crypto asset market, which now account for a much greater proportion of ownership and tend to bundle their decision-making on crypto with other major assets.”

What now for the Ethereum price?

Wondering what’s next for the Ethereum price?

Keep an eye on this week’s US inflation numbers, says eToro’s Australian market analyst, Josh Gilbert:

Inflation data coming out of the US on Wednesday will be key to this market correction. If we see inflation start to ease year-over-year and stabilise month-over-month, this could potentially help calm markets.

Either way, Gilbert advises, “Investors should buckle up for a volatile few days ahead.”

Crypto investors would also be wise to “diversify, understand what you are investing in, control your emotions, and never invest more than you can afford to lose”.

Peters adds:

Market volatility and underperformance tends to correct in time so what is key now is for investors to ensure they’re happy with their investment cases, and are prepared to stay the course for more volatility ahead.

The post The Ethereum price just got smashed. What’s going on? appeared first on The Motley Fool Australia.

More reading

• First-ever Aussie Bitcoin and Ethereum ETFs finally launch this week
• Why Ethereum, Dogecoin, and The Sandbox dropped today
• Here’s how the Ethereum price stacked up in April
• Can cryptocurrency bounce back in May?
• Why Bitcoin, Ethereum, and Coinbase Jumped Today

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin and Ethereum. The Motley Fool Australia has positions in and has recommended Bitcoin and Ethereum. 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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Yesterday we looked at three ASX shares brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with brokers right now. Three that have just been given sell ratings are listed below. Here’s why these brokers are bearish on these ASX shares:

JB Hi-Fi Limited (ASX: JBH)

According to a note out of Goldman Sachs, its analysts have retained their sell rating and $39.20 price target on this retail giant’s shares. This follows a review of the retail sector in light of supply chain concerns due to lockdowns in China. Goldman isn’t concerned about supply, noting that most discretionary goods categories are well stocked, potentially even over-stocked. It is, however, concerned with softening demand and increasing competition. The broker points out that a number of core brands are now signing with Amazon Australia. The JB Hi-Fi share price is trading at $47.94 on Tuesday.

Macquarie Group Ltd (ASX: MQG)

A note out of Credit Suisse reveals that that its analysts have downgraded this investment bank’s shares to an underperform rating and cut the price target on them to $150.00. Credit Suisse notes that Macquarie’s full-year results fell short of its expectations. And with the broker believing that the company’s earnings have peaked and that it was a big winner from low rates, it feels now is the time to sell. The Macquarie share price is fetching $179.15 today.

Wesfarmers Ltd (ASX: WES)

Another note out of Goldman Sachs reveals that its analysts have retained their sell rating and $38.60 price target on this conglomerate’s shares. Goldman expects Wesfarmers to be impacted from softening consumer demand due to broad-based inflation and higher housing costs. In addition, its analysts expect a decline in housing transaction volumes to dent household goods consumption. The Wesfarmers share price is trading at $48.80 this afternoon.

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

More reading

• 2 ASX shares to buy as Aussies tighten their belts
• 5 things to watch on the ASX 200 on Tuesday
• Leading brokers name 3 ASX shares to buy today
• Macquarie share price tumbles 4% to 9-week low. Is it time to pounce?
• Broker names 2 of the ‘best’ ASX dividend shares to buy next 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 positions in and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended Macquarie Group 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 Rio Tinto Ltd (ASX: RIO) share price has been sliding lately but could it be set to bounce?

Rio Tinto shares have slipped 8.3% from $111.85 at market close on 3 May to the current share price of $102.57. In today’s trade, the Rio Tinto share price has fallen nearly 4%. For context, the S&P/ASX 200 Index (ASX: XJO) is 1.46% lower at the time of writing.

So what is the outlook for the Rio Tinto share price?

Could Rio go higher?

Rio shares may be down in the past week but they are not the only ASX mining shares to suffer. For perspective, the S&P/ASX 200 Resources Index (ASX: XJR) has plunged more than 6% since market close on 3 May and is down more than 3% today.

Brokers have a mixed view of the Rio Tinto share price. Macquarie recently placed a $140 price target on the company’s shares and rates it as a buy. This is a 25% upside on the current share price.

Meantime, Citi has placed a $135 price target on the company’s shares and also rates it as a buy. Both of these analysts are optimistic about the future outlook of the Rio Tinto share price.

However, UBS has a neutral rating on Rio with a $104 price target on the company’s shares. JP Morgan is also neutral on the stock, as my Foolish colleague Zach recently reported. Analysts, on average, predict the Rio share price to hit $128.52 in the next 12 months, according to NAB trade.

In the company’s recent 5 May AGM, CEO Jakob Stausham highlighted Rio Tinto aims to boost its investment in growth capital to US$3 billion in 2023 and 2024. The company also plans to focus on commodities “essential for the drive to net zero”. Stausham added:

We have demonstrated our willingness to grow via acquisitions. The Rincon lithium project in Argentina brings growth in a commodity essential to the energy transition, while at Oyu Tolgoi our proposal to acquire full ownership of Turquoise Hill will simplify the ownership structure and provide additional exposure to copper.

Share price snapshot

Rio Tinto shares have descended 23% in the past 52 weeks, while the company’s share price is just over 2% in the green year to date.

For perspective, the benchmark ASX 200 has shed more than 2% over the past year.

Rio Tinto has a market capitalisation of about $38 billion.

The post The Rio Tinto share price has dumped 8% in a week. Is it now cheap? appeared first on The Motley Fool Australia.

More reading

• Which ASX 200 mining shares were the worst-performing on Friday?
• Why is the Rio Tinto share price stretching down a further 3% on Friday?
• ASX 200 mining shares slump, dragging index into the red
• After dropping 7% in a month, can the Rio Tinto share price stage a comeback in May?
• Here’s how some of the biggest ASX 200 shares are responding to the RBA’s rate rise

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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What a day it has been for ASX shares. The S&P/ASX 200 Index (ASX: XJO) has lost another 1.38% so far today at the time of writing and is now only a few points above the 7,000 mark. For most of the morning, it was ASX tech shares that had borne most of the brunt of this sell-off, as is typical these days. We saw shares like Block Inc (ASX: SQ2), Zip Co Ltd (ASX: ZIP), WiseTech Global Ltd (ASX: WTC), and Xero Limited (ASX: XRO) absolutely slaughtered.

Soon after open, the S&P/ASX All Technology Index (ASX: XTX) dropped as much as 4.4%, reflecting these losses.

But something strange has happened as the trading day has stretched on. ASX tech shares have staged something of a remarkable recovery. Although the All Tech Index was down 4.4% at one point, it is now only down 0.2% at the time of writing. What’s more, the All Tech Index broke even around midday and was in the green for a time.

ASX tech shares bounce back

We see this index recovery reflected in many ASX tech share prices. Xero is a perfect example. The cloud-based accounting software provider was down around 3.6% earlier this morning and hit a new 52-week low of $81.27. But now, Xero shares have bounced back and are trading at just over $87 now, up 3.23% for the day.

WiseTech shares have followed a similar pattern, recovering from close to a 7% loss to now boasting a near-3% gain.

It is unknown what is causing this extreme volatility in the ASX tech shares space. Perhaps investors have just decided that the falls of this morning went a little too far. And this is only over the course of one trading day. Who knows what the rest of the week will bring.

The post ASX 200 tech shares are staging a remarkable recovery today appeared first on The Motley Fool Australia.

More reading

• Why EOS, Pendal, PolyNovo and Xero shares are charging higher
• Why did the Xero share price just rebound 6%?
• Technophobia? Why ASX 200 tech shares are getting hammered again
• It’s happened: Zip share price tumbled below $1 for first time since 2018
• 2 quality ASX shares to buy in this volatility: experts

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 positions in and has recommended Block, Inc., WiseTech Global, Xero, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc., 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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The Polynovo Ltd (ASX: PNV) share price is taking off on Tuesday despite the broader market’s downturn.

At the time of writing, the Polynovo share price is $1.09, 17.2% higher than its previous close. Additionally, the medical device company’s chair has snapped up another parcel of Polynovo shares.

For context, the All Ordinaries Index (ASX: XAO) and the S&P/ASX 200 Index (ASX: XJO) are both down around 1.3% right now. That marks a slight recovery after the indexes both hit a three-month low this morning.

Let’s take a closer look at what might be going on with the Polynovo share price today.

What’s going on with Polynovo today?

The Polynovo share price is surging 17% today amid more news of insider buying.

An entity owned by the company’s chair David Williams splashed out yesterday, snapping up $227,500 worth of Polynovo stock on the market.

The purchase saw the entity taking home 250,000 shares at a cost of 91 cents apiece. Thus, they’re already bringing a 19.8% return on investment.

That – and the 1.5 million shares Williams purchased last week – has brought his holding in the company to 20.65 million shares.

Additionally, another two of the company’s directors reported buying into its stock last week, each snapping up parcels of 100,000 shares.

That might suggest insiders believe the Polynovo share price recently bottomed out.

Today’s gains see the medical device company’s stock surpassing $1 for the first time in nearly two months. That’s a win for investors, but it might be disappointing news for those shorting the stock.

The most recent data available shows 10% of Polynovo shares are in the hands of short-sellers, making it the fifth most shorted stock on the ASX, according to The Motley Fool Australia’s latest weekly short-selling breakdown.

Polynovo share price snapshot

Despite today’s surge, Polynovo’s shares are still trading for 29% less than what they were at the start of 2022.

They have also fallen 60% since this time last year.

The post Why is the Polynovo share price rocketing 17%? appeared first on The Motley Fool Australia.

More reading

• Why EOS, Pendal, PolyNovo and Xero shares are charging higher
• Why BrainChip, PolyNovo, TPG, and Westpac shares are pushing higher
• Down 40% in 2022, this ASX 200 share is climbing amid insider buying action
• These are the 10 most shorted ASX shares
• Why BrainChip, Coles, Fisher & Paykel Healthcare, and PolyNovo shares are rising

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

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline. At the time of writing, the benchmark index is down 1.4% to 7,019.4 points.

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

Electro Optic Systems Hldg Ltd (ASX: EOS)

The EOS share price is up 2.5% to $1.98. Investors have been buying this defence and space systems company’s shares after it revealed the successful development of a new drone defence system. EOS’ directed energy drone defence system uses a powerful laser to disable Group 1 drones at an effective rate of 20 drones/minute at ranges beyond 1,000 metres.

Pendal Group Ltd (ASX: PDL)

The Pendal share price is up over 6% to $5.24. This follows the release of the fund manager’s half year results this morning. That release revealed that Pendal delivered a 59% increase in underlying profit after tax over the prior corresponding period to $131.4 million. A key driver was the acquisition of US investment management firm Thompson, Siegel & Walmsley.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price has jumped 17% to $1.09. The catalyst for this was news that the heavily shorted medical device company’s chairman, David Williams, has bought shares on-market again. Hot on the heels of purchases at the end of last week, Mr Williams added a further 250,000 (indirectly owned) shares through an on-market trade on Monday.

Xero Limited (ASX: XRO)

The Xero share price is up over 3% to $87.05. This morning this cloud accounting platform provider’s shares were given a boost from a bullish broker note out of RBC Capital. According to the note, the broker has upgraded the company’s shares to an outperform rating with a $130.00 price target. RBC made the move after a survey of accountants demonstrated that there’s scope for Xero to raise prices with minimal churn.

The post Why EOS, Pendal, PolyNovo and Xero shares are charging higher appeared first on The Motley Fool Australia.

More reading

• Why is the Polynovo share price rocketing 17%?
• Why did the Xero share price just rebound 6%?
• Here’s why the Electro Optic share price is avoiding the bloodshed today
• Pendal share price surges as profit soars 60%
• Technophobia? Why ASX 200 tech shares are getting hammered again

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 Electro Optic Systems Holdings Limited, POLYNOVO FPO, and Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool Australia has recommended Electro Optic Systems Holdings 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 Xero Limited (ASX: XRO) share price has rebounded 6% from a 52-week low that it experienced earlier today.

In morning trade, Xero shares dropped below $82. At the time of writing, Xero shares are up around 3% for the day at $86.93.

However, the ASX tech share has suffered from such heavy selling this year that it’s still down 14% over the past month and around 40% since the beginning of the 2022 calendar year.

Other ASX growth shares are also experiencing rebounds today. The Altium Limited (ASX: ALU) share price, which was earlier sinking by 5%, is now only down by less than 1% at $29.78, while the WiseTech Global Ltd (ASX: WTC) share price has recovered from an early fall of 7% and is now up 2.75% at $40.41.

Additionally, the S&P/ASX 200 Information Technology Index (ASX: XIJ), down by around 5% at one stage, is now in the red by just 1%.

What’s happening to the Xero share price?

There has been plenty of market attention on rampant inflation and how central banks will need to increase interest rates to combat this.

Interestingly, last night the NASDAQ-100 (NASDAQ: NDX) fell by 4%.

It was earlier this week that Dennis Gartman, the chair of the University of Akron Endowment, told Bloomberg Radio that the share market would be in a bear market until there was a one-day “violent, downward movement” which signals that prices had reached a bottom.

Mr Gartman said:

We’ll have one day when we’ll be down 5% or 6% and that’ll be the final selling pressure. That’ll end the bear market.

Time will tell whether the tech sector has just witnessed the bottom, or whether there is more volatility to come.

The post Why did the Xero share price just rebound 6%? appeared first on The Motley Fool Australia.

More reading

• Why EOS, Pendal, PolyNovo and Xero shares are charging higher
• Technophobia? Why ASX 200 tech shares are getting hammered again
• 2 quality ASX shares to buy in this volatility: experts
• Xero share price slumps to lowest price since 2020. Broker tips 50% upside
• Why Macquarie, REA, Temple & Webster, and Xero shares are sinking

Motley Fool contributor Tristan Harrison has positions in Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium, WiseTech Global, and Xero. The Motley Fool Australia has positions in and has recommended 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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