Category: Stock Market

The S&P/ASX 200 Index (ASX: XJO) is enjoying a healthy day in the green today. At the time of writing, the ASX 200 is currently up 0.23% to 7,344 points. But let’s take a look at which ASX 200 shares are being the most heavily traded today:

3 of the ASX 200’s most heavily traded shares today

Pilbara Minerals Ltd (ASX: PLS)

Lithium miner Pilbara Minerals is never too far from the podium with this list, and today is no exception. A robust 12.34 million Pilbara shares have swapped hands so far today, making it the third-most traded ASX 200 on the markets. There has been no official news or announcements out of Pilbara this Thursday. However, saying that the Pilbara share price is having a fantastic day today. It’s currently up a very healthy 2.68% so far today to $1.53 a share. That’s just inches away from its all-time high of $1.60. It’s therefore likely that this rise in the value of Pilbara shares today is behind the heavy trading volume we are seeing.

Sydney Airport Holdings Pty Ltd (ASX: SYD)

Sydney Airport has been flying around the ASX 200 boards all week this week, and is doing so again today. At the time of writing, 14.37 million SYD shares have found a new home (or two) so far. The big news on Sydney Airport this week is of course the takeover offer lobbed its way on Monday. This resulted in a 35% boost to this company’s share price at the time. And today, Sydney Airport shares are up again, this time by a very enthusiastic 3.02% to $7.84. It’s this excitement and moves upwards today that is probably behind the relatively large number of Sydney Airport shares trading this Thursday.

Zip Co Ltd (ASX: Z1P)

Zip Co is the winner of the most traded ASX 200 shares today, with a very hefty 29 million shares having traded hands so far. This one is easily explainable. Zip shares are up a whopping 15.8% so far today and are sitting at $8.94 a share at the time of writing, well above the $7.73 they closed at yesterday. The catalyst for this great leap upwards? News that fellow BNPL provider and Swedish company Klarna has acquired a 4% stake in Zip. Klarna is a giant of the BNPL space, with a value of US$45.6 billion by its latest funding round. It also has the backing of several large investors, including Japan’s famous SoftBank. With such a dramatic show of support, it’s no wonder ASX 200 investors are fighting over Zip shares today.

The post Here are 3 of the ASX 200’s most heavily traded shares today appeared first on The Motley Fool Australia.

More reading

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• The 5 best performing ASX healthcare shares of FY21, did yours make the cut?
• Why Alkane, Audinate, Megaport, & Zip shares are rising today
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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended ZIPCOLTD 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 Bruce Jackson.

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The Nearmap Ltd (ASX: NEA) share price was one of the stronger performers on the ASX today. By market close, Nearmap shares were trading 6.56% higher at $2.03.

This means that over the past month, the aerial imagery specialist’s shares have gained more than 15% after being heavily sold off in May.

With no news out of the company today, we take a closer look at what could be pushing Nearmap shares higher lately.

Quick take on Nearmap

Founded in 2007, Nearmap is an Australian aerial technology and location data company. The group provides high-resolution aerial imagery, city-scale 3D datasets, and integrated geospatial tools to its many customers.

Nearmap operates in Australia and New Zealand, as well as the United States and Canada.

How is Nearmap performing?

Nearmap’s last financial update came after market close on 4 May and revealed it had increased its annual contract value (ACV) guidance. Investors were pleased with the company’s forecast ACV of between $128 million to $132 million, sending the Nearmap share price shooting around 15% higher the following day. But later that day, Nearmap shares were placed in a trading halt pending a further announcement.

On the morning of 6 May, Nearmap advised the market it had become aware of a complaint from the United States District Court. The complaint alleged that Nearmap’s US subsidiary had infringed on a competitor’s roof-estimation technology. However, Nearmap said that the allegations were without merit and that it takes intellectual property rights and patent protection seriously.

The concerning news sent shockwaves through the Nearmap share price, which plummeted to a 52-week low of $1.62 over the following couple of weeks.

Since then, the company has been on a quiet front, with investors slowly pushing Nearmap shares back to around their March levels.

A broker note also came from Citi in the middle of May indicating a price target of $2.00 for Nearmap shares. It seems shareholders are largely valuing the company in line with the global investment bank’s consensus.

About the Nearmap share price

Nearmap has faced a turbulent couple of months, leading its shares to record a 15% loss over the past 12 months. At current, the company’s share price is sitting within the lower end of its 52-week range of $1.62 to $3.22.

On valuation grounds, Nearmap commands a market capitalisation of roughly $1 billion, with more than 496 million shares on issue.

The post Nearmap (ASX:NEA) share price continues to rise, up 7% today appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras owns shares of Nearmap Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Nearmap 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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After several tumultuous months of trading, the Nuix Ltd (ASX: NXL) share price is showing glimmers of hope. At the end of trading today, shares in the investigative data analytics software company were up 9.47% to $2.66.

With no news out from the company today, we look back through recent activity to understand where investors might be sourcing their change of heart from.

New management, who dis?

The embattled software company has been caught in a whirlwind of allegations following its listing on the ASX. A flurry of earnings downgrades rose some eyebrows, and from there it has been all downhill.

After much controversy, it was announced last month that both the chief executive officer (CEO) and chief financial officer (CFO) would be bidding farewell.

Ordinarily, investors would be concerned with a change of leadership. However, given the circumstances for Nuix, it might be providing a change in sentiment.

The spot of CFO has been temporarily filled by former Star Entertainment Group CFO, Chad Barton. However, CEO Rod Vawdrey remains in his role until a suitable replacement is found.

From bad to worse

The feeling of relief for investors was all but momentary. Shortly after the leadership transition news, it was reported the company’s Sydney office had been raided by law enforcement. As you might have suspected, the Nuix share price didn’t fare too well on this revelation.

According to reports, the Australian Federal Police (AFP) issued a warrant which was tied to the apprehension of documents relating to an individual’s affairs. Nuix stated the event had nothing to do with the company itself.

Following on from that, authorities revealed late last month its investigations into alleged insider trading. The individual at the centre of the investigation is the recently resigned CFO, Stephen Doyle, and his family.

The court papers show the brothers are accused of trading Nuix shares with knowledge of inside information over January and February this year, as The Sydney Morning Herald first reported.

Well, why the Nuix share price resurgence?

Often there’s a level of increased volatility when share prices sink to lows. Speculators might come in with the perspective of a turnaround story, others may simply see ‘value’ at these lower levels.

The other aspect to consider is short selling. While all hell is breaking loose, which has been the case in the past for Nuix, it garners the interest of short sellers. But with things quieting down, short sellers might be taking some profits by buying back Nuix shares. As a consequence, the share price is pushed higher.

Lastly, a notice filed yesterday shows UBS Asset Management increased its shareholding in the company on 5 July 2021. Specifically, the asset manager increased its holdings from 16,679,953 shares to 20,625,110.

The post The Nuix (ASX:NXL) share price grew 9% today. So what happened? appeared first on The Motley Fool Australia.

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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 recommended Nuix Pty Ltd. 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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Fortescue Metals Group Limited (ASX: FMG) has been underperforming the ASX 200 index in 2021, with the Fortescue share price falling 4% so far this year.

In light of this, investors will no doubt be interested to know if analysts think the Fortescue share price performance will improve in the future.

What are leading brokers saying about the Fortescue share price?

Opinion is largely divided on where Fortescue’s shares will be heading from here.

However, one thing that almost all analysts are in agreement with, is that the Fortescue dividend in 2021 will be big.

Where are its shares heading?

Let’s start with the Fortescue share price. Among the most bullish brokers out there are the team at Macquarie.

Last month Macquarie retained its outperform rating and held firm with its Fortescue share price target of $27.00. Based on the current Fortescue share price of $23.71, this implies potential upside of 14% over the next 12 months. Macquarie is expecting a strong full year result from Fortescue in FY 2021 thanks to sky high iron ore prices.

One broker that feels the Fortescue share price is about fair value at the current level is Citi. Its analysts currently have a hold rating and a Fortescue share price target of $23.96. This means only limited upside for the miner’s shares over the next 12 months.

Finally, the team at Goldman Sachs feel that Fortescue shares are now overvalued. The broker currently has a sell rating and $18.20 share price target. This implies potential downside of ~18% over the next 12 months. It is bearish due to its valuation, the widening of low grade iron ore discounts, and elevated capital expenditure. In respect to its valuation, Goldman commented: “The stock is trading at 1.6x NAV vs. BHP and RIO at c. 1x NAV, and 9x FY23 EBITDA when iron ore is back at the US$80-90/t level vs. BHP and RIO on c. 5x FY23.”

Fortescue dividend in 2021

The good news for income investors is that the Fortescue dividend in 2021 is tipped to be among the biggest you’ll find on the ASX 200.

Macquarie currently estimates that Fortescue will pay a fully franked $3.45 per share dividend, Citi is forecasting a $4.04 per share dividend, and Goldman has pencilled in a $3.18 per share dividend.

Based on the current Fortescue share price, this will mean yields of 14.5%, 17%, and 13.4%, respectively.

Commenting on the Fortescue dividend, Citi said: “Our FY21 dividend increases 4% to A404cps, inclusive of a fully franked final dividend payment of A257cps, a 10.4% yield on its own.”

The post What are leading brokers saying about the Fortescue (ASX:FMG) share price in July 2021? appeared first on The Motley Fool Australia.

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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 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 Sydney Airport Holdings Pty Ltd (ASX: SYD) share price flew higher again today, up 2.89% at market close.

Today’s gains follow the spectacular 34% leap on Monday by the time the closing bell rang.

What’s lifting the Sydney Airport share price?

At a time when COVID-19 variants are dominating the news – with renewed lockdowns coming into place around the world, including Sydney itself – Sydney Airport’s surge this week may seem counterintuitive.

That is until you dig into the huge institutional investor interest in the pandemic addled company.

On Monday news broke that a group of big-name investors, namely IFM Investors, Global Infrastructure Management and QSuper, offered $8.25 per share to buyout the airport. The all-cash offer values the company at $22.6 billion, not including roughly $10 billion in debt the group of investors would also need to stump up for.

The Sydney Airport share price leapt 37% on open, before closing Monday up 34%.

At the current price of $7.85 per share, Sydney Airport is still trading almost 5% below the takeover offer price.

Yet it’s unlikely the Board will recommend shareholders back the proposal, after the company already responded that the offer of $8.25 per share is materially below the $8.86 per share it was trading for in January 2020 before COVID shuttered much of its operations.

Rival offers in the pipeline

News out today that another consortium led by Macquarie Group Ltd (ASX: MQG) may offer a counter bid has likely put another tailwind behind the Sydney Airport share price.

According to the Australian Financial Review (which quoted people familiar with the matter):

Macquarie has been speaking with potential partners, including local pension funds, about making a joint offer… Macquarie may also use some of its own capital for the deal and could seek to rope in some of the MIRA funds’ investors to join the consortium.

Whether Macquarie comes through with a superior offer, and how this all plays out, remains to be seen.

But with some market veterans, including Hamilton Lane’s CEO Mario Giannini, expecting a raft more ASX shares to receive takeover offers, the Sydney Airport share price may not be the only one to enjoy a big boost this year.

The post Why the Sydney Airport (ASX:SYD) share price flew higher again today appeared first on The Motley Fool Australia.

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• Is the Macquarie (ASX:MQG) share price a buy for dividends?
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie 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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Shares in Ramsay Health Care Limited (ASX: RHC) finished in the green today despite the company facing delays to an ongoing acquisition proposal. The Ramsay share price closed up 1.34%, with shares in the private hospital operator trading for $64.39 apiece.

Let’s take a look at the latest news of the ongoing acquisition.

The latest on Ramsay’s acquisition

Today, Ramsay announced the shareholder vote for its proposed acquisition of UK-based private hospital operator Spire Healthcare has been pushed back a week. It will now take place on 19 July.

The Ramsay share price hasn’t noticeably reacted to today’s news.

The delay follows news Ramsay increased its cash offer for Squire yesterday. It also comes amid rumours members of Spire Healthcare’s board are against the acquisition.

Yesterday, Ramsay announced it has upped its acquisition offer by 10 pence to 250 pence per Spire Healthcare share. However, a shareholder’s vote needs to take place before the acquisition can go before a court hearing.

The court hearing is the final step Ramsay needs to pass before acquiring Spire Healthcare. It will now take place on 22 July.

Other news on Ramsay’s acquisition was published by The Australian today.

The publication claimed 2 of Spire Healthcare’s shareholders, Toscafund and Fidelity, who respectively hold 5.5% and 8.8% of Spire Healthcare’s outstanding shares, vehemently oppose the acquisition.

Toscafund’s CEO reportedly believes Ramsay’s offer undervalues Spire Healthcare.

Additionally, both companies supposedly opposing the acquisition have recently sold stakes in the UK’s Circle Health for a combined $3.5 billion. According to The Australian, they plan to spend some of the cash to battle Ramsay’s bid.

Ramsay needs the approval of at least 75% of Spire Healthcare’s shareholders to go ahead with the acquisition. It currently holds 30% of Spire Healthcare’s shares.

Ramsay Health Care share price snapshot

With today’s gains included, the Ramsay share price has grown 2.7% in 2021. It has also gained 1.9% since this time last year.

The company has a market capitalisation of around $14.4 billion, with approximately 228 million shares outstanding.

The post What was up with the Ramsay Health Care (ASX:RHC) share price today? appeared first on The Motley Fool Australia.

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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 Ramsay Health Care 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 S&P/ASX 200 Index (ASX: XJO) rose by around 0.2% today to 7,341 points.

Here are some of the highlights from the ASX:

Macquarie Group Ltd (ASX: MQG) and AMP Limited (ASX: AMP)

Macquarie announced today that Macquarie Asset Management is going to buy AMP Capital’s global equity and fixed income (GEFI) business, including fixed income, Australian listed equities, listed real estate and listed infrastructure, for a purchase price of up to $185 million.

The AMP GEFI business currently manages approximately $60 billion in assets under management (AUM) for AMP Australia as well as external institutional, retail and direct clients. As a result of the transaction, Macquarie Asset Management’s pro forma AUM will be approximately A$720 billion.

Ben Way, head of Macquarie Asset Management, said:

This transaction represents another opportunity, following our recent acquisition of Waddell & Reed, to add scale and expand our public investment capabilities. It cements Macquarie’s position as the leading investment manager in Australia by AUM, and provides new clients joining us from AMP Capital with access to Macquarie’s diversified investment offerings and global platform. Clients will be at the centre of our considerations as we work closely with AMP on a successful integration.

The Macquarie share price ended the day higher by 0.4% and the AMP share price went up around 0.5%.

Rural Funds Group (ASX: RFF)

ASX 200 agricultural real estate investment trust (REIT) Rural Funds saw its shares go into a trading halt today to announce a capital raising.

It’s doing a 1 for 8.4 accelerated pro rata non-renounceable entitlement offer to raise $100 million.

Rural Funds explained that throughout FY20 and FY21, it has acquired $104 million of land and water in Rockhampton, Bundaberg and Maryborough for the development of 5,000 hectares of macadamia orchards. Planting has commenced at Maryborough, with 500 hectares to be planted by November 2021. An additional 500 hectares will be planted by June 2022. The equity raising will provide the funding for these developments.

The money will also be used for acquisitions. It’s looking to acquire additional cattle properties which are likely to have similar productivity development potential as Rural Funds’ existing cattle properties.

Rural Funds also said $38.4 million will be used to buy water entitlements in the NSW Riverina, which are leased to a private farming company for a term of five years. Rural Funds said it believes demand for secure water in this region will increase over the long-term, as permanent plantings such as almond orchards continue.

The capital raising price is $2.47, a 5% discount to Rural Funds’ last closing price on 7 July 2021.

Rural Funds confirmed its forecast FY22 distribution of 11.73 cents per unit, being a 4% increase on FY21.

Pointsbet Holdings Ltd (ASX: PBH)

The Pointsbet share price fell around 1% today.

The ASX 200 corporate bookmaker announced that it has appointed NFL all-time great and future hall of famer Drew Brees as a global brand ambassador.

Pointsbet said that Brees, who is starting a broadcasting career with NBC Sports, will deepen the NBC Sports and Pointsbet relationship as the company continues to expand and realise the growing North American online sports betting opportunity.

Brees will both star in and help develop original content for Pointsbet, providing sports betting education and commentary, host events and steer marketing and promotional concepts, among other areas.

Mr Brees will be issued with 202,940 Pointsbet shares, released in equal proportions after one year, two years and three years from the issue date.

The post ASX 200 rises, Macquarie up, Rural Funds launches capital raising appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison owns shares of RURALFUNDS STAPLED. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited and RURALFUNDS STAPLED. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The FirstWave Cloud Technology Ltd (ASX: FCT) share price is continuing an impressive run this week.

This follows the technology company’s announcement today of a leadership change and business update for its fourth-quarter performance.

At the time of writing, the FirstWave share price is up 6%, trading at 8.8 cents after hitting an intraday high of 9.1 cents around midday. This gives the company’s share price a gain of more than 33% in the past week.

Let’s take a closer look at what the company updated the ASX with today.

FirstWave CEO drops resignation bomb

In its first piece of news, FirstWave revealed that CEO Neil Pollock has tendered his resignation with immediate effect.

With the board accepting Mr Pollock’s hasty departure, FirstWave executive chair John Grant will assume leadership responsibilities until the company can find a permanent replacement. No reason was indicated as to why Mr Pollock decided to leave the company.

Mr Grant briefly touched on the outgoing CEO, saying:

The FirstWave Board acknowledges Neil’s contribution to FirstWave since 2017, including over the last 12 months as CEO. Neil leaves with our best wishes for his future endeavours.

The surprise exit appears to have had little bearing on the FirstWave share price, with investors more focused on rewarding the company for its positive Q4 FY21 results.

FirstWave records strong growth

In the same release, FirstWave provided investors with a trading update for its fourth-quarter performance.

The company revealed international annualised recurring revenue (IARR) is expected to exceed $3 million at the financial year’s end. This is up to a 50% increase on the result achieved from the end of the third quarter (roughly $2 million).

FirstWave said its continued focus on expense management and collections led to a reduction in cash burn. This includeed corporate costs such as rent, Amazon Web Services (AWS) and employee costs.

As a result, the company noted that its cash balance was in line with forecasts, sitting at $9.96 million.

Mr Grant went on to talk about FirstWave’s trading performance and FY22 plan, saying:

Our performance in the fourth quarter was encouraging, with international revenue growth continuing and our cash position remaining strong.

On stepping into the CEO role on an interim basis, I will take some time to review the plan for FY22 and will report back to the market as part of our fourth quarter update at the end of the month.

About the FirstWave share price

Despite this week’s massive rise, the FirstWave share price has fallen close to 50% since the start of the year. The company’s share price reached a 52-week low of 6.6 cents before rebounding to May levels.

At today’s price, FirstWave presides a market capitalisation of roughly $65.7 million, with approximately 747 million shares outstanding.

The post Here’s why the FirstWave (ASX:FCT) share price is making a splash today appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has 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 Boral Limited (ASX: BLD) share price is in the red today as the stake Seven Group Holdings Ltd (ASX: SVW) has in the company surpasses 40%.

Right now, the Boral share price is trading at $7.39. That makes it 0.14% lower than its previous close and 1 cent less than what Seven Group is currently paying for the building product company’s shares.

Let’s take a look at the latest news on Seven’s takeover bid.

Quick refresher

In May, Seven Group lobbed a takeover bid for Boral, offering $6.50 per share – a nil premium on the Boral share price’s previous close. Boral quickly rejected the offer, urging its shareholders not to take it up.

At the time, The Motley Fool reported the bid was likely an attempt to evade ‘creep rules’ that inhibited Seven from increasing its 23.2% stake in Boral without placing a takeover bid. Seven claimed it would be happy to increase its stake to 30%.

After increasing its bid a number of times, Seven offered Boral shareholders $7.40 for each share they would part with, conditional upon it receiving at least a 34.5% stake in Boral.

$7.40 is in line with the Boral share price’s 52-week high and the highest it’s been since 2018.

The latest news on Seven’s takeover bid for Boral

On Tuesday this week, Seven Group’s hold in Boral surpassed 34.5%.

And it seems that some Boral shareholders were waiting anxiously for it to do so.

Today, it was confirmed that Seven Group now has a 40.95% hold in Boral, having convinced the owners of around 26.1 million shares to part ways with the company.

According to reporting by the Financial Review, Seven Group CEO and Boral board member Ryan Stokes will be asking for at least 1 more seat on Boral’s board following the takeover bid.

However, the $7.40 Seven is paying is significantly less than the $9.13 Boral’s appointed independent expert found its share price should be.

But it seems many Boral shareholders appear unwilling to wait for its share price to gain the extra $1.74.   

The takeover bid officially closes on 15 July and investors will likely be keeping an eye on Seven’s potentially increasing holding until then.

Boral share price snapshot

Despite today’s lacklustre performance, the Boral share price has been gaining this year.

It’s currently up by around 49% year to date. It has also gained more than 100% over the last 12 months.

The company has a market capitalisation of around $8.5 billion, with approximately 1.1 billion shares outstanding.

The post Boral (ASX:BLD) share price slips as Seven Group’s stake surpasses 40% appeared first on The Motley Fool Australia.

More reading

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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. 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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Yesterday I looked at three ASX shares that brokers have given buy ratings to this week.

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

AGL Energy Limited (ASX: AGL)

According to a note out of Credit Suisse, its analysts have retained their underperform rating and reduced the price target on this energy company’s shares to $6.70. The broker remains bearish on AGL and suspects that there will be further consensus downgrades to earnings estimates for the coming years in the near future. It also has a few concerns with its demerger plans. The AGL share price is trading at $8.16 this afternoon.

ASX Ltd (ASX: ASX)

A note out of Citi reveals that its analysts have downgraded this stock exchange operator’s shares to a sell rating with a slightly improved price target of $71.10. It wasn’t surprised to see volumes for both cash equities and futures fall markedly in the second half compared to the prior corresponding period. And while the broker is expecting some details on its medium term growth plans with its full year results, whether this will be sufficient to materially alter forecasts is questionable and perhaps unlikely, it says. In light of this, it feels its shares are expensive again. The ASX share price is fetching $76.48 today.

Magellan Financial Group Ltd (ASX: MFG)

Analysts at Morgan Stanley have retained their underweight rating and $39.60 price target on this fund manager’s shares. This follows the company’s quarterly funds under management update which revealed sizeable fund outflows for the June quarter. The broker believes the current Magellan share price doesn’t reflect the risks of further funds outflows in the quarters that follow. As such, it feels its shares are expensive at the current level. The Magellan share price is trading at $51.57 this afternoon.

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

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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 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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