Category: Stock Market

Today, the S&P/ASX 200 Index (ASX: XJO) struggled to give investors a positive start to the week. At the end of the session, the benchmark index finished 0.13% lower at 7,110.8 points.

As per usual, the market was filled with red and green pockets today. The most severe losses were witnessed across the real estate and healthcare sectors on Monday. Fortunately, companies in the energy sector provided some counterweight to the equation. In addition, miners and travel shares put on a solid performance for their shareholders.

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, Flight Centre Travel Group Ltd (ASX: FLT) was the biggest gainer today. Shares in the travel management company jumped 7.80% on plans to reopen international borders to tourists from 21 February. Find out more about Flight Centre Travel Group here.

The next biggest gaining ASX share today was Coronado Global Resources Inc (ASX: CRN). The high-quality metallurgical coal producer rose 7.55% today, despite there being no announcements out from the company. Uncover the latest Coronado Global Resources details here.

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

ASX-listed company	Share price	Price change
Flight Centre Travel Group Ltd (ASX: FLT)	$18.94	7.80%
Coronado Global Resources Inc (ASX: CRN)	$1.495	7.55%
Corporate Travel Management Ltd (ASX: CTD)	$22.02	7.00%
GQG Partners Inc (ASX: GQG)	$1.73	6.14%
Yancoal Australia Ltd (ASX: YAL)	$2.98	6.05%
Qantas Airways Ltd (ASX: QAN)	$5.43	4.62%
Iluka Resources Ltd (ASX: ILU)	$10.87	4.52%
IDP Education Ltd (ASX: IEL)	$30.70	4.21%
Viva Energy Group Ltd (ASX: VEA)	$2.28	3.64%
Hyperion GBL Growth Companies Fund (ASX: HYGG)	$4.02	2.81%

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.

More reading

• Why are ASX travel shares Flight Centre (ASX:FLT), Qantas and Webjet lifting off today?
• These are the 10 most shorted ASX shares
• These were the best performing ASX 200 shares last week
• ‘It’s a real blow’: Flight Centre (ASX:FLT) CEO weighs in on government’s latest vax plans
• Are ASX travel shares finally emerging from the COVID storm?

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Idp Education Pty Ltd. The Motley Fool Australia has recommended Corporate Travel Management Limited and Flight Centre Travel Group Limited. 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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The Aristocrat Leisure Ltd (ASX: ALL) share price slipped today amid a fresh perspective on the gaming operator’s recently shot-down acquisition.

At the close, shares in Aristocrat Leisure are sitting at $40.76, down 1.55%.

The latest thoughts on where the gaming company will go from here are hitting the headlines four days after Aristocrat’s takeover of Playtech was blocked by shareholders.

However, analysts at Jarden now think there could be potential for a different deal.

A piece of Playtech might be better than none

While the $5 billion takeover of the online real money gambling company, Playtech, is now off the table, it seems a more subtle proposition from ASX-listed Aristocrat could be floating around the board room.

According to analysts at Jarden, another consideration for the company could be to pick apart Playtech. At first glance, investors might think this would be a lost cause considering the initial proposal was already voted down.

However, Jarden highlights that a grab for Playtech’s B2B business wouldn’t require approval from Aristocrat’s side of the fence. Instead, it would only need to get a thumbs up from Playtech shareholders — who already voted in favour of the previous deal.

Playtech has already removed another obstacle that would typically prevent an alternative proposal. Specifically, the online gaming giant has waived the typical 6-month window preventing a new bid. Given this, Jarden’s analysts believe there’s still a chance the two could unite in some form.

What are the alternatives?

Although ASX-listed Aristocrat Leisure has highlighted it will continue its push into online casino gambling ‘one way or another’, its other options are not so clear.

Jarden’s Ben Brownette believes the company could go down a path of more bite-sized mergers and acquisitions. Notably, Aristocrat last reported A$2.44 billion of cash on its balance sheet. For that reason, Brownette believes it has the financial resources to undertake such a strategy.

On the flip side, the company could suffer reduced returns on equity without a meaningful acquisition to make use of its capital.

How has Aristocrat Leisure been performing on the ASX?

Shareholders of Aristocrat Leisure could say the company has seen better days with its start to 2022. So far, the gaming company’s shares have shaved off 6.5% since the beginning of the year. For comparison, the S&P/ASX 200 Index (ASX: XJO) is down 4.5%.

Despite the ASX slump, Aristocrat Leisure is currently trading on a price-to-earnings (P/E) ratio of 37 times. This is roughly in line with the industry average.

The post Could Aristocrat (ASX:ALL) still be eyeing a Playtech deal of sorts? appeared first on The Motley Fool Australia.

More reading

• Brokers name 3 ASX shares to buy today
• Aristocrat (ASX:ALL) share price sinks after $5bn Playtech takeover collapses
• 5 things to watch on the ASX 200 on Thursday
• 3 buy-rated ASX growth shares
• 2 strong blue chip ASX shares rated as buys

Motley Fool contributor Mitchell Lawler 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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Investing in the small side of the share market carries more risk than other areas.

However, if your risk tolerance allows for it, having a bit of exposure to the small side of the market could be a good thing for a balanced portfolio. This is due to the potential returns on offer from promising small caps.

With that in mind, here are three small cap ASX shares to watch closely:

Airtasker Ltd (ASX: ART)

The first small cap ASX share to consider is this growing online marketplace for local services. The team at Morgans is very positive on Airtasker due to its belief that the company has a very attractive business model and a significant market opportunity. The broker highlights that the company’s product works for both sides of the marketplace, has attractive unit dynamics with healthy gross and contribution margins, and an enormous total addressable market (TAM) which is in the early stages of ecommerce adoption. It also sees opportunities for Airtasker to expand globally. Morgans has an add rating and $1.27 price target on the company’s shares.

PlaySide Studios Limited (ASX: PLY)

Another small cap ASX share to watch is PlaySide Studios. It is one of the largest independent video game developers in Australia with a portfolio comprising 50+ titles. Among these titles are games developed in collaboration with studios such as Disney, Pixar, Warner Bros, and Nickelodeon. PlaySide has also recently announced promising deals with games publishing giant 2K Games and gaming influencer company One True King. Canaccord Genuity currently has a buy rating on its shares. Though, a 30% gain on Monday has taken its shares beyond the broker’s price target. Thus, investors may want to wait for the broker to assess the company’s latest update before considering an investment.

SILK Laser Australia Limited (ASX: SLA)

A final small cap ASX share to look at is SILK Laser. It is one of Australia’s largest specialist clinic networks, offering a range of nonsurgical aesthetic products and services. This includes laser hair removal, cosmetic injectables, skin treatments, body contouring, and skincare products. Pleasingly, SILK has continued to experience strong demand for its services during the pandemic, which has underpinned robust sales and profit growth. The good news is that management doesn’t expect its growth to stop there. Particularly given its plan to expand its clinic materially over the next decade. Wilsons is bullish on the SILK share price and has an overweight rating and $5.25 price target on its shares.

The post 3 highly rated small cap shares with heaps of potential appeared first on The Motley Fool Australia.

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• Playside Studios (ASX:PLY) share price soars 21% amid NFT gold mine
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• Why Airtasker, ARB, Bubs, and Sezzle shares are pushing higher
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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 recommended Airtasker Limited. The Motley Fool Australia has recommended SILK Laser Australia Limited. 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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The share price of mining technology provider Imdex Limited (ASX: IMD) suffered today following the release of the company’s results for the first half of financial year 2022.

As of Monday’s close, the Imdex share price is $2.89, 2.36% lower than it was at the end of last week.

However, earlier in the day the company’s stock reached $3.15, representing a 6.4% gain.

Imdex share price slips despite record revenue and profits

• $167.8 million of revenue – 34.9% more than in the first half of financial year 2021
• Record earnings before interest, tax, depreciation, and amortisation (EBITDA) of $51.5 million ­– up 55.1%
• $24.4 millon of net profit after tax, an 80.8% increase
• $30 million of cash at the end of the half, 31% more than at the end of the prior comparable period
• Fully franked 1.5 cent interim dividend

Over the course of the 6 months ended 31 December, the company saw its activity increase in all regions, particularly Australia and the Americas.  

Further, 35% more of the company’s sensors were on hire during the half compared to the prior comparable period.

However, its pace of growth was hampered by labour restrictions and wider industry pressures.

Due to said pressures, the company increased its manufacturing capabilities and inventory levels to ensure it can continue supporting its clients.

Finally, IMDEX HUB-IQ‘s connected revenue increased by 46% last half.

The fully franked 1.5 cent interim dividend declared today represents a 24% payout ratio. It’s also 50% more than the company handed out through its previous interim dividend.

What else happened during the first half?

Over the half just gone, Imdex acquired the MinePortal software from DataCloud International for around $20 million. It expects the acquisition will boost its growth within the mining production market.

It also acquired a 30% interest in Datarock Holdings for $5.5 million. The purchase will allow Imdex to offer image analysis software, artificial intelligence (AI) capabilities, and additional answer products.

The number of client sites trialling IMDEX BLAST DOG including integration with both IMDEX HUB-IQ and MinePortal software was expanded last half.

Imdex also released an IMDEX HUB-IQ software-as-a-service (SaaS) module for quality assurance survey data and next generation aiSIRIS software.

The company also released its first sustainability report.

What did management say?

Imdex CEO Paul House commented on the company’s results for the first half, saying:

The combination of 35% revenue growth, 55% EBITDA growth, and 81% NPAT growth, is the strongest possible statement of the underlying quality of the Imdex business and the Imdex business model.

Our significant uplift in earnings reflected strong demand across all regions, particularly for our higher margin sensors and software.

What’s next?

Those interested in the Imdex share price might be excited to learn the company’s plan to grow in the future.

To achieve sustainable earnings growth, it will be growing its core business in resources-focussed exploration and development and expanding its technologies within the adjacent mining production market.

It will also be investing further into research and development and leveraging its capabilities in the mining production market.

Finally, it will be looking for more acquisition or collaboration opportunities to build on its geoscience analytics, AI, and computer visualisation capabilities.

It expects drivers of growth will include new innovations, discoveries, decarbonisation, and strong commodity prices.

Looking to the remainder of financial year 2022, Imdex expects additional expenses to come from the inflationary environment.

It also anticipates that COVID-19-induced challenges will remain in some form for another year or two. Though, it states it’s in “its strongest position” to face the risks front on.

Imdex share price snapshot

The Imdex share price has slipped 0.6% year to date.

However, over the 6 months ended 31 December, it has gained 44%.

It is also currently 56% higher than it was this time last year.

The post Rock and roll: Why the Imdex (ASX:IMD) share price slid downhill today appeared first on The Motley Fool Australia.

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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. owns and has recommended Imdex Limited. 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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The Champion Iron Ltd (ASX: CIA) share price finished in the red today amid the company providing an investor update.

The iron ore explorer’s share price closed the day at $6.75, down 2.46%. For perspective, the S&P/ASX 200 Index closed down 0.13%.

Let’s take a look at the company’s latest news.

What is happening at Champion Iron?

Champion Iron is an iron ore miner exploring the Bloom Lake and Fire Lake projects in the Canadian province of Quebec.

Today’s share price fall may have been because the company traded ex-dividend today. Ex-dividend day is the first date a company’s shares trade minus their declared dividend. This means that anyone buying CIA shares from today will not receive the dividend payment.

Champion Iron declared a dividend payment of 10 cents per share on 27 January. As the company stated in its third-quarter investor presentation, shareholders who owned shares before today will receive their dividend payment on 1 March 2022.

As my Foolish colleague Sebastian has explained, a company’s share price can be reasonably expected to fall by the value of the dividend amount at open on the ex-dividend date.

In the case of the Champion Iron share price, it opened 8 cents lower than Friday’s closing price.

What else did Champion Iron announce?

Champion Iron released a new investor presentation to the market today. The report covers the company’s FY22 results for the 9 month period ending 31 December 2021.

The report reiterates the figures released in the company’s third-quarter results. However, there was one key difference.

Today, the company reported a net average realised selling price of US$157.9 per tonne year to date. In its third-quarter financial results, Champion Iron reported the net realised selling price at US$196.1 per tonne. That’s a 19% decline on its previously-stated price.

Champion Iron also reported it has invested more than $4 billion in high-quality assets and has substantial reserves and resources on top of Bloom Lake’s 20-year mine life.

The mine is producing high-grade iron concentrate with a 66.2% Fe concentrate with very few impurities. The miner has a study underway looking into increasing the concentrate to 69% Fe.

Share price snapshot

The Champion Iron share price is up 32% in the past year and has risen 24% year to date.

The company’s shares have gained 6.39% in the past week alone.

For perspective, the benchmark ASX 200 has returned 4% over the past year.

Champion Iron has a market capitalisation of about $3.4 billion based on today’s share price.

The post What happened to the Champion Iron Ltd (ASX:CIA) share price today? appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• ASX 200 (ASX:XJO) midday update: Amcor slides, BHP and Fortescue storm higher
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• These were the best performing ASX 200 shares in January
• These were the best performing ASX 200 shares last week

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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ASX growth shares could be smart opportunities in February 2022. Plenty of businesses have seen declines since the start of the year.

If businesses keep growing at an attractive pace, then lower prices can mean the ASX share is better value.

But, experts have been looking at the potential opportunities and have rated these two as buys:

Temple & Webster Group Ltd (ASX: TPW)

Temple & Webster is an ASX growth share that is liked by several brokers, including UBS which has a price target of $12.20 on the company. That implies a potential increase of the Temple & Webster share price by around 50% this year.

The broker thinks that the company will be one of the beneficiaries as more people do their shopping for homewares and furniture online. Management says that the business-to-consumer market for furniture and homewares is worth $16 billion, with less than 9% of that sold online. This equates to $1.1 billion to $1.4 billion sold online.

UBS thinks that Temple & Webster can continue to grow with both its existing client base as well as through winning new customers. The FY21, the number of active customers increased by 62% year on year to 778,000. FY21’s revenue per active customer increased 12% because of customers repeat buying more often and spending more when they do.

The company is regularly expanding its product range and service offering for customers. For example, it’s working on its private label program which saw its share of revenue grow from 19% to 26%. It also has a highly-rated app as well as an AI interior design service which helps make shopping easier and allows customers to visualise products.

City Chic Collective Ltd (ASX: CCX)

This ASX growth share is a leader in the retail of clothes, apparel and footwear for plus-size women.

It operates through a number of different brands including City Chic, Avenue and Evans.

The business is currently rated as a buy by the broker UBS with a price target of $6 – that’s around 10% higher than where it is today.

UBS has noted a number of positives from a recent trading update from City Chic.

For the 26 weeks to 26 December 2021, sales soared by 49.8% to $178.3 million despite the impact of store closures.

The company said that revenue growth has been supported by the strategic investment in inventory to proactively manage the risks associated with global supply chain volatility. City Chic’s “strong” inventory position supported sales growth in the US and Australia through the critical Black Friday and Christmas trading.

The active customer base rose 23% to 1.32 million and website traffic rose 22% to 70.6 million.

The ASX growth share thinks that the strong performance in the USA shows the potential to capture and grow its share of international markets, with total Americans revenue rising 62% to $77.2 million.

City Chic said that the global opportunity for the company is stronger than ever and it continues to experience growing customer demand across its multi-channel offering.

The post 2 ASX growth shares to buy this month: experts appeared first on The Motley Fool Australia.

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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. owns and has recommended Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. 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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While the Westpac Banking Corp (ASX: WBC) share price has been performing better this month, it is still down materially from its highest levels.

This has been caused by concerns over margin pressures, its cost cutting plans, and ultimately fears that its shares could be a value trap.

A value trap is a share that is trading at such low levels that it appears to be dirt cheap when in fact it is being accurately priced by the market.

Is the Westpac share price a value trap?

According to the team at Morgans, its analysts believe the bank’s first quarter update demonstrates that the Westpac share price isn’t a value trap.

Morgans commented: “We believe the trading update supports the view that the challenges facing WBC are not unsurmountable and that the stock should not be priced like a value trap. We believe the update particularly serves to alleviate investor concerns around the cost outlook.”

According to the note, the broker has retained its add rating and $29.50 price target on the shares of Australia’s oldest bank. Based on the current Westpac share price, this implies potential upside of 37% over the next 12 months.

What did Morgans say?

Although Morgans acknowledges that Westpac’s net interest margin (NIM) is falling, its analysts aren’t overly concerned. Particularly given their belief that competition in home loans will ease as rates rise.

Its analysts explained: “With the RBA’s announcement that its bond purchase program will end on 10 February 2022 and with prospects of rising interest rates, we believe there are growing prospects of normalisation in basis risk which we generally expect to hit the NIMs of non-bank lenders harder than the NIMs of banks. We consequently see diminishing ability of the non-bank lenders to compete on price and we see potential for the prevailing fierce competition in the variable rate home loans space to abate.”

In addition, the broker remains confident that Westpac can achieve its target of an $8 billion cost base by FY 2024.

It commented: “WBC’s FY21 result led to increased investor scepticism about the outlook for operating expenses and the ability of WBC to achieve its $8bn cost target by FY24. We believe today’s trading update will serve to alleviate some of this scepticism. 1Q22 operating expenses (excluding notable items) are broadly in line with our expectation. Expenses reduced 7% from 2H21 to 1Q22 on a run-rate basis. Including notable items, operating expenses reduced 26% over this period.”

All in all, Morgans believes this makes the Westpac share price great value at the current level.

The post Here’s why the Westpac (ASX:WBC) share price isn’t a value trap appeared first on The Motley Fool Australia.

More reading

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• Is the Westpac (ASX:WBC) share price too cheap to ignore?
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Motley Fool contributor James Mickleboro owns Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The GQG Partners Inc (ASX: GQG) share price is launching higher today amid the company’s appearance in the media and its latest funds under management announcement.

As of 31 January, the asset management firm had US$91.3 billion of unaudited funds under management. That’s 0.1% more than at the end of December.

Meanwhile, the firm’s co-founder, chief investment officer and chair Rajiv Jain told the Australian Financial Review (AFR) it’s selling out of tech stocks in favour of other sectors.

At the time of writing, the GQG Partners share price is $1.74, 6.75% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) has dipped 0.06% today, while the All Ordinary Index (ASX: XAO) has slipped 0.13%.

What’s driving the GQG Partners share price on Monday?

The GQG Partners share price is strengthening today. Meanwhile, Jain has told the AFR the firm is selling down its exposure to tech shares as he predicts growth in the sector has slowed.

While the firm reportedly “underperformed a little” in 2021 following the shift, Jain was committed to “danc[ing] when the party’s on.”

“[O]ur view is you can’t wait til the music stops; you’ve got to make some preparations,” he was quoted as saying. “Technology is no longer the next growth spot; it’s yesterday’s growth spot.”

The firm’s step away from tech shares has reportedly allowed it to invest more into base metals, utilities, healthcare, and staples.

Though, Jain is bullish on the energy sector, believing it to be a key contributor to the future of the energy transition.

Additionally, the firm has reportedly increased its exposure to emerging markets, excluding China.

He mentioned underpinnings in markets such as Brazil, India, Indonesia, Mexico, and Russia are “mostly on the positive side.” Though, he noted current political tensions pose risks to such investments.

“These emerging markets have struggled for almost a decade, so currencies have already gone down, interest rates over the past year and a half have already gone up.”

How much the firm underperformed by in 2021 is yet to be seen. GQG plans to release its results for the 12 months ended 31 December on 25 February.

How has GQG Partners performed since its IPO?

GQG Partners debuted on the ASX in late October following a $1.2 billion initial public offering (IPO).

Its funds under management have increased 6% since 31 September 2021 – the last update prior to its IPO.

Unfortunately, its share price hasn’t been so successful. Since listing, the GQG Partners share price has slumped 11%.

It’s also currently 13% lower than its prospectus’ offer price of $2 per share.

The post ‘You can’t wait til the music stops’: Why is the GQG share price leaping 6% today? appeared first on The Motley Fool Australia.

More reading

• Got money to invest for dividends? Here are 2 ASX shares that could be buys
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• Is the GQG (ASX:GQG) share price a buy in this volatility?
• Goldman Sachs names GQG Partners (ASX:GQG) shares as a buy with 32% upside

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 Bruce Jackson.

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The Bitcoin (CRYPTO: BTC) price is up 3% since this time yesterday, currently trading for US$42,753 (AU$59,108).

That puts the world’s biggest crypto by market cap up 16% in the past 7 days. Though even with that rally, the Bitcoin price remains down 10% year-to-date and down 38% from its 10 November all-time-highs.

Still, the past week’s rally will come as welcome news to crypto investors.

And it’s not just the Bitcoin price shaking off the steep falls from January.

Ethereum (CRYPTO: ETH) is up 22% over the past 7 days.

And leading altcoin Solana (CRYTPO: SOL) is up 31% in that same time.

Though, Ethereum and Solana are also both still deep in the red for the year and well off their own record highs.

Bitcoin price strength fuels gains amongst altcoins

The wider crypto market looks to be getting a boost as investors’ risk appetite appears to be staging a comeback following January’s retreat.

While high growth shares, like many tech stocks, haven’t broadly come roaring back, the selloff has abated.

And altcoins (which refers to any digital token aside from Bitcoin) look to be reaping some of the biggest benefits.

As CoinDesk notes, “The rise in altcoins relative to bitcoin could reflect a greater appetite for risk among crypto investors.”

According to Alex Kuptsikevich, an analyst at FxPro, “Since late last year, there has been a continuing trend that even bitcoin’s calming is enough for altcoins to return to growth and outperform the first cryptocurrency.”

And with the Bitcoin price marching higher, many altcoins are delivering outsized gains.

Keep an eye on the pace of rate rises

Bitcoin, and most altcoins outside of the stablecoins, have proven to be sensitive to interest rate perceptions.

Indeed, on Friday the Bitcoin price slid into the red for a few hours following the release of unexpectedly strong employment figures out of the United States. Forward looking estimates for US labour markets were also revised upwards.

With unemployment tracking to the downside of expectations, the risk of more rate rises from the world’s top central bank increases.

According to Edward Moya, senior market analyst at Oanda (quoted by CoinDesk), “Bitcoin’s initial knee-jerk reaction to the shockingly strong nonfarm payroll report was weakness.”

Moya added that the Bitcoin price has since “managed to stabilise despite rising inflationary pressures that continue to push global bond yields higher”.

The post Bitcoin price rally fuels outsized gains amongst top altcoins appeared first on The Motley Fool Australia.

More reading

• Why Bitcoin, Ethereum, Polkadot, and Solana jumped this weekend
• Battle of the crypto assets: Bitcoin versus Bitcoin Cash
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• Cryptocurrency crash fails to put a dampener on cash-raising fiesta
• Is Bitcoin using lots of energy actually a good thing?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and recommends Bitcoin and Ethereum.  The Motley Fool Australia owns and recommends Bitcoin and Ethereum. 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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The S&P/ASX 200 Index (ASX: XJO) has recovered from a morning decline and is edging higher. In afternoon trade, the benchmark index is up slightly to 7,122 points.

Four ASX shares that have been unable to follow the market higher today are listed below. Here’s why they are falling:

Appen Ltd (ASX: APX)

The Appen share price is down 5% to $8.99. This is despite there being no news out of the artificial intelligence data services company. However, as I pointed out here at the weekend, concerns over demand for its offering due to Meta’s weak result and new developments in data labelling could be weighing on investor sentiment.

Australia and New Zealand Banking Group Ltd (ASX: ANZ)

The ANZ share price is down over 2% to $26.52 following the release of its first quarter update. Although the banking giant didn’t provide the market with financials, it revealed that a poor performance for its Markets business in October is expected to impact its first half revenue. In addition, ANZ revealed that its net interest margin (NIM) fell 8 basis points during the quarter. This was greater than many were expecting.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down 10.5% to $16.56 after the release of two announcements this morning. The first revealed another disappointing funds under management performance and the second advised that its Chairman and Chief Investment Officer, Hamish Douglass, is taking a leave of absence. This follows “a period of intense pressure and focus on both his professional and personal life.”

REA Group Limited (ASX: REA)

The REA share price is down 3.5% to $138.62. This follows the release of a number of broker notes this morning responding to the property listings company’s first half results. Those notes have seen a number of brokers cut their price targets on REA. This includes Morgans, which has retained its hold rating and cut its price target to $156.25.

The post Why Appen, ANZ, Magellan, and REA shares are falling appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to buy today
• Who is Chris Mackay, Magellan’s (ASX:MFG) new CIO?
• ANZ (ASX:ANZ) share price sinks as top analysts respond to its Q1 update
• ASX 200 (ASX:XJO) midday update: ANZ disappoints, Magellan shares crushed
• Magellan (ASX:MFG) share price sinks 11% as Douglass steps down for ‘medical leave’

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. owns and has recommended Appen Ltd. The Motley Fool Australia owns and has recommended Appen Ltd. The Motley Fool Australia has recommended REA Group Limited. 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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