Category: Stock Market

In the shares vs. property contest last month, the S&P/ASX 200 Index (ASX: XJO) rose by 0.23% while the CoreLogic Australian home value index appreciated 0.6%.

The index measures the entire housing market, including houses, townhouses, and apartments.

If we break down the latest data from CoreLogic further, we see that the median Australian house price increased by 0.6% in February to $825,923. The median apartment price rose by 0.2% to $628,980.

CoreLogic research director Tim Lawless said property values were “more than resilient” amid high interest rates and cost-of-living pressures. The key driver of this resilience is a persistent imbalance between supply and demand, which Lawless says varies in size across the capital cities and regions.

Perth was once again the standout capital city last month with a very strong 1.8% rise in median home values. Next came Adelaide at 1.1% and Brisbane at 0.9%. Among the regional markets, South Australia was on top with 1.1% growth, followed by Western Australia and Queensland with 1% growth each.

Lawless said:

These regions are generally benefiting from a combination of comparatively lower housing prices and positive demographic factors that continue to support housing demand.

Melbourne pivoted from three months of negative growth to 0.1% growth in February. Sydney property values recorded a second month of price rises after booking subtle falls in November and December.

Lawless added:

Potentially we are seeing some early signs of a boost to housing confidence as inflation eases and expectations for a rate cut, or cuts, later this year firm up.

Shares vs. property price growth in February

Here is how shares vs. property performed in terms of price growth in the month of February.

Property market	Median house price	Price growth in February	12-month price growth
Sydney	$1,395,804	0.4%	11.7%
Melbourne	$942,779	0.1%	4.4%
Brisbane	$899,474	0.9%	15.7%
Adelaide	$779,914	1%	11.7%
Perth	$718,560	1.8%	18.6%
Hobart	$698,508	(0.1%)	(0.2%)
Darwin	$577,786	0.4%	(0.1%)
Canberra	$967,671	0.8%	2.3%
Regional New South Wales	$747,146	0.4%	3.6%
Regional Victoria	$601,659	0.1%	(0.8%)
Regional Queensland	$617,591	0.9%	9.9%
Regional South Australia	$407,655	1.1%	9.6%
Regional Western Australia	$494,655	1%	10.8%
Regional Tasmania	$523,001	0.4%	(0.6%)
Regional Northern Territory	$460,599	2.1%	(2.1%)

Source: CoreLogic

Top 5 risers of the ASX 200 in February

The S&P/ASX 200 Index (ASX: XJO) appreciated by 0.23% in February.

According to CommSec data, these ASX 200 shares below were the top risers of the month.

ASX 200 share	Share price growth in February
Lovisa Holdings Ltd (ASX: LOV)	40.9%
Altium Ltd (ASX: ALU)	30.4%
WiseTech Global Ltd (ASX: WTC)	29.4%
Reliance Worldwide Corporation Ltd (ASX: RWC)	29.3%
CSR Ltd (ASX: CSR)	27.23%

Source: CommSec

The February earnings season produced winners and losers, and most of the top 5 ASX 200 shares rose due to outstanding financial reports.

Budget fashion jewellery chain Lovisa soared following the company’s strong 1H FY24 report.

Despite today’s cost-of-living crisis, Lovisa delivered an 18.2% increase in revenue to $373 million and a 12% bump in net profit after tax (NPAT) to $53.5 million.

Lovisa shares will pay an interim dividend of 50 cents per share with 30% franking.

That’s a more than 30% increase on the 1H FY23 dividend of 38 cents.

The post How ASX shares vs. property performed in February appeared first on The Motley Fool Australia.

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More reading

• These were the best performing ASX 200 shares in February
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today
• Should you buy Lovisa shares before they go ex-dividend?
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Bronwyn Allen 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 Altium, Lovisa, Reliance Worldwide, and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended Lovisa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It has been another busy week for Australia’s top brokers. This has led to the release of a number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

NextDC Ltd (ASX: NXT)

According to a note out of Macquarie, its analysts have retained their outperform rating on this data centre operator’s shares with an improved price target of $20.00. Macquarie was pleased with the company’s first-half result and appears confident the strong form can continue based on contracted utilisation. In addition, it sees artificial intelligence as a driver of demand in the future. The NextDC share price is trading at $16.95 on Friday.

Ramsay Health Care Ltd (ASX: RHC)

A note out of Morgans reveals that its analysts have retained their add rating on this private hospital operator’s shares with an improved price target of $60.76. This follows the release of a better than expected half-year result this week. Morgans was also pleased to see that the company has reaffirmed its FY 2024 guidance for year on year earnings growth. The Ramsay Health Care share price is fetching $54.11 this afternoon.

Xero Ltd (ASX: XRO)

Analysts at Goldman Sachs have retained their buy rating on this cloud accounting platform provider’s shares with an improved price target of $152.00. Goldman came away from Xero’s inaugural investor day event feeling very positive. It highlights that Xero is increasingly positive on its financial outlook and has upgraded its use of the Rule of 40 from a useful measure to having a formal aspiration to deliver the rule of 40 or greater. The Xero share price is trading at $133.08 today.

The post Brokers name 3 ASX shares to buy now appeared first on The Motley Fool Australia.

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More reading

• Why Core Lithium, Life360, Syrah, and Xero shares are jumping today
• Guess which ASX tech stock is Goldman Sachs’ top pick in March
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today
• Why Harvey Norman, Macquarie Technology, Ramsay Health Care, and Star are rising

Motley Fool contributor James Mickleboro has positions in Nextdc and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Macquarie Group, and Xero. The Motley Fool Australia has positions in and has recommended Macquarie Group 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 S&P/ASX 200 Index (ASX: XJO) has found its legs in afternoon trade and is pushing higher. At the time of writing, the benchmark index is up 0.25% to 7,718.4 points.

Four ASX shares that have failed to follow the market’s lead are listed below. Here’s why they are falling:

Ampol Ltd (ASX: ALD)

The Ampol share price is down 5% to $37.33. This has been driven by the fuel retailer’s shares going ex-dividend this morning for its latest payout. Eligible shareholders can now look forward to receiving its $1.80 per share final dividend later this month on 27 March.

Calix Ltd (ASX: CXL)

The Calix share price is down 7% to $1.77. Investors have been selling this environmental technology company’s shares following the release of its half-year results. Calix reported a 28% increase in revenue to $16.3 million but a loss after tax of $13.3 million. That’s up from a loss of $9.3 million a year earlier.

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price is down 6% to $10.35. This appears to have been driven by a broker downgrade. According to a note out of Citi, its analysts have downgraded the KFC restaurant operator’s shares to a sell rating with a $10.60 price target. Citi has concerns over the company’s second-half prospects. Particularly after one of its poultry suppliers recently reported weaker sales volumes.

Propel Funeral Partners Ltd (ASX: PFP)

The Propel Funeral Partners share price is down 4% to $5.57. This morning, the funerals company revealed that it has almost doubled the size of its share purchase plan due to strong demand. The company was seeking to raise $10.5 million from retail shareholders. But with applications totalling approximately $20.5 million from over 900 applicants, it has decided to increase its offering by $10 million to approximately $20.5 million.

The post Why Ampol, Calix, Collins Foods, and Propel shares are tumbling today appeared first on The Motley Fool Australia.

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More reading

• Why this ASX 300 share is leaping 14% despite being branded a ‘sell’
• Why is the Ampol share price tumbling 5% on Friday?
• How I’d invest $250 a month in ASX dividend shares to target a $24,000 annual second income
• Looking to bank the record Ampol dividend? Time is running out!
• 25 ASX 200 shares with ex-dividend dates next week

Motley Fool contributor James Mickleboro has positions in Collins Foods. 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 Collins Foods and Propel Funeral Partners. 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 for the share market this Friday is turning out to be. And not just for the ASX and the S&P/ASX 200 Index (ASX: XJO), which just hit a fresh new all-time high. The ASX’s new high follows another record that’s just been reset across the Pacific. The Nasdaq Composite (INDEXNASDAQ: .IXIC) closed at a record high as well last night.

Yep, the Nasdaq finished its Thursday session this morning at 16,091.92 points, the highest this index has ever closed at.

Unlike the other major US indexes like the S&P 500 Index (INDEXSP: .INX) and the Dow Jones Industrial Average (INDEXDJX: .DJI), the Nasdaq hasn’t been printing new record highs of late, with the index unable to overcome the highs we saw back in late 2021.

But that’s all changed now, and the Nasdaq is now once again exploring record territory.

So what does this all mean for ASX shares?

What does the Nasdaq’s new record high mean for ASX shares?

Well, for one, we can tangibly see the impact of the soaring US markets on our own ASX. There’s no doubt that the heights that the US markets as a whole have been exploring of late have boosted sentiment on our local markets.

It’s hard to call the ASX 200’s gain of 13.7% since the start of November a coincidence considering the Nasdaq Composite is also up more than 27% since then.

But we can also see more direct evidence of the Nasdaq’s rise on the ASX. Take the BetaShares Nasdaq 100 ETF (ASX: NDQ). This exchange-traded fund (ETF) tracks the largest 100 non-financial companies on the Nasdaq Composite.

Just today, we’ve seen NDQ units hit a new all-time record high as well – $42.10 a share. ASX investors in this popular index fund have now enjoyed a whopping gain of 52.53% over the past 12 months.

But what about the rest of the ASX?

Well, the Nasdaq’s rally has been headed by the continuing surge in valuations of some of the US’s largest tech shares.

Some of the biggest propellers of the broader Nasdaq have been Meta Platforms (up 41.54% in 2024 to date), Amazon (up 17.9%) and Netflix (up 28.69%).

But there’s no question that the company in the driving seat is NVIDIA. Nvidia’s shares have soared a massive 64.24% in 2024 so far, helped of course by mind-blowing earning figures that continue to dazzle even tech veterans.

But it looks likely that this rise in artificial intelligence (AI) and semiconductor giant Nvidia is also fuelling a boom amongst similar ASX stocks.

ASX tech shares feel the love

Some of the biggest gainers this year have been ASX tech shares. To illustrate, the BetaShares S&P/ ASX Australian Technology ETF (ASX: ATEC), which can be thought of as a barometer of the ASX tech sector, has also hit a new record high this Friday. ATEC units are now up a stinking 14.36% over the year to date.

Other shares that compete in the same space as Nvidia have also seen a boom in interest. Brainchip Holdings Ltd (ASX: BRN) shares, for example, have galloped almost 114% higher over 2024 so far.

So we’re clearly feeling the effects of the Nasdaq’s surge here on the ASX. Let’s see what the rest of the year brings for ASX (and US) tech investors.

The post The Nasdaq just hit a fresh all-time high. What could it mean for Aussie investors? appeared first on The Motley Fool Australia.

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More reading

• How to build a second retirement fund outside of superannuation
• 3 no-brainer ASX shares to buy under $30
• Why Brainchip, DGL, Weebit Nano, and Zip shares are dropping today
• Brainchip share price crashes 23% following another year of losses for ASX AI chipmaker
• 4 ASX ETFs to supercharge your wealth

Motley Fool contributor Sebastian Bowen has positions in Betashares Nasdaq 100 ETF – Currency Hedged. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended BetaShares Nasdaq 100 ETF. The Motley Fool Australia has positions in and has recommended BetaShares Nasdaq 100 ETF. The Motley Fool Australia has recommended Betashares Nasdaq 100 ETF – Currency Hedged. 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 S&P/ASX 200 Index (ASX: XJO) is having a subdued finish to the week. In afternoon trade, the benchmark index is up a fraction to 7,700.2 points.

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

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 12% to 23.5 cents. Investors have been scrambling to buy Core Lithium and other ASX lithium shares on Friday after lithium carbonate futures raced higher in China. Investors appear hopeful that this could be a sign that lithium prices have bottomed and are now starting their recovery.

Life360 Inc (ASX: 360)

The Life360 share price is up 33% to $10.86. Investors have been buying this location technology company’s shares after the release of an impressive full-year result. Life360’s adjusted EBITDA came in at US$20.6 million for the year. This was comfortably ahead of its guidance range of US$12 million to US$16 million. In FY 2024, management expects adjusted EBITDA in the range of US$30 million to US$35 million.

Syrah Resources Ltd (ASX: SYR)

The Syrah share price is up 8% to 65.7 cents. This has been driven by news that the graphite producer has signed a binding offtake agreement with Posco Future M. The six-year agreement is for up to 2kt per month of natural graphite product in the year following commissioning. After which, it could increase to 2kt per month (24kt per annum) to 5kt per month (60kt per annum).

Xero Ltd (ASX: XRO)

The Xero share price is up almost 4% to $132.23. This morning, analysts at Goldman Sachs responded positively to the cloud accounting platform provider’s investor day event. Goldman has reiterated its buy rating with an improved price target of $152.00 (from $141.00).

The post Why Core Lithium, Life360, Syrah, and Xero shares are jumping today appeared first on The Motley Fool Australia.

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More reading

• Why are Core Lithium shares jumping 12% on Friday?
• Guess why this ASX battery materials share is surging 14% today
• Life360 share price rockets 24% after smashing FY23 earnings expectations
• Guess which ASX tech stock is Goldman Sachs’ top pick in March
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor James Mickleboro has positions in Life360 and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Life360, and Xero. The Motley Fool Australia has positions in and has recommended 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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CSL Ltd (ASX: CSL) shares are ending the week in the red.

At the time of writing, the biotechnology giant’s shares are down almost 2% to $281.78.

Why are CSL shares falling?

With no news out of the company, it isn’t clear why its shares are under pressure today.

But given how some analysts believe that weight loss drugs could have a negative impact on the company’s sales, it’s possible that news of a new wonder drug could be weighing on sentiment.

Earlier this week, Viking Therapeutics (NASDAQ: VKTX) shares rocketed over 100% after announcing positive top-line results from its phase 2 clinical trial of VK2735.

It is a dual agonist of the glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptors that is in development for the potential treatment of various metabolic disorders such as obesity.

Viking revealed that the phase 2 trial successfully achieved its primary endpoint and all secondary endpoints. Patients receiving VK2735 demonstrated statistically significant reductions in body weight compared with placebo.

Importantly, the study showed VK2735 to be safe and well tolerated with the majority of treatment emergent adverse events (TEAEs) being categorised as mild or moderate.

Is this a threat to CSL?

Opinion remains divided on whether GLP-1s are a threat to CSL and its shares. A number of analysts believe they could be due to the possible kidney benefits resulting from their use. However, CSL doesn’t believe this will be the case.

As we covered here late last year, the company’s CEO, Paul McKenzie, commented:

There’s been a lot of talk about GLP-1s […] To give you the punchline, based on the high-level results, we do not see GLP-1s as having a material impact on the business.

This sentiment was echoed by CSL Vifor general manager, Hervé Gisserot. He said:

In our view, as already stated by Paul, the renal disease market won’t be disrupted by GLP-1.

The post Is this a new threat for CSL shares? appeared first on The Motley Fool Australia.

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More reading

• Top ASX shares to buy in March 2024
• 3 no-brainer ASX shares to buy under $30
• Has the CSL share price got further to fall?
• What is the dividend growth rate of CSL stock?
• ASX blue chip shares: The best of the best for February 2024

Motley Fool contributor James Mickleboro has positions in CSL. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. The Motley Fool Australia has recommended CSL. 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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Did you hear that?

That was the sound of the S&P/ASX 200 Index (ASX: XJO) rocketing into new all-time high territory.

It’s the kind of record investors – save short sellers, perhaps – love to see reset.

At the time of writing in morning trade on Friday, the ASX 200 is up 0.3% at 7,718.4 points. That’s down from 7,737.4 points just a few minutes ago, which as of now, stands as the new ASX 200 record intraday high.

The prior intraday record was set last month, on 2 February. The ASX 200 reached an intraday high of 7,703.8 points on the day and notched a record closing high of 7,699.4 points.

That means if the benchmark index can maintain its current levels, or rises higher, today will also usher in a new closing high.

And, pleasingly, these records have been resetting fast of late.

The all-time closing high of 7,628.9 points achieved in August 2021, on the other hand, maintained its record spot for two and a half years!

What’s sending the ASX 200 into record territory?

There are a number of factors helping drive the benchmark index to new highs.

On the domestic front, we’ve seen some very solid earnings results from most of the Aussie blue-chip stocks. And with many beating expectations, investors have been hitting the buy button.

The ASX 200 also is catching some tailwinds out of the United States.

Part of this is fuelled by the ongoing AI stock boom, which saw the tech-heavy Nasdaq Composite Index (INDEXSP: .INX) close up 0.9% overnight for its own record closing high.

And part of it comes as inflation in the world’s top economy increasingly looks to be coming back to earth.

The personal consumption expenditures (PCE) index data out of the US indicated inflation is still running above the Federal Reserve’s target range of 2%. However, it was within economists’ consensus expectations. And investors are now upping their bets that the world’s most influential central bank could start cutting interest rates as early as June.

Commenting on the US PCE data sending the Nasdaq and ASX 200 to new all-time highs, LPL Financial’s Quincy Krosby said (quoted by Bloomberg):

For markets keenly focused on when the Fed will transition towards easing rates, this report will help restore confidence that it isn’t ‘if’ the Fed will begin to cut rates in 2024, but ‘when’.

The post Boom! ASX 200 rocketing into new all-time highs on Friday appeared first on The Motley Fool Australia.

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More reading

• Why this ASX 300 share is leaping 14% despite being branded a ‘sell’
• Why are Core Lithium shares jumping 12% on Friday?
• Why is the Ampol share price tumbling 5% on Friday?
• Guess why this ASX battery materials share is surging 14% today
• Life360 share price rockets 24% after smashing FY23 earnings expectations

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

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Platinum Asset Management Ltd (ASX: PTM) shares are catching the eye with a strong gain on Friday.

In morning trade, the ASX 300 share is up 15% to $1.19.

Why is this ASX 300 share shooting higher?

Investors have been buying the fund manager’s shares today following the release of its half-year results after the market close on Thursday. The ASX 300 share reported the following:

• Funds under management (FUM) down 10.8% since 30 June to $15.4 million
• Revenue down 2% year on year to $99.78 million
• Profit after tax down 5% year on year to $35.6 million
• 6 cents per share fully franked interim dividend

Turnaround program

While the result itself wasn’t overly impressive, the company made a separate announcement which appears to have given Platinum’s shares a lift.

According to the release, the company’s board has approved a broad-based turnaround program to revitalise its business. The program will be implemented in two separate phases over the short to medium term.

The first phase is the Reset phase, which focuses on aligning its expense base to current revenue conditions. It will also review current product offerings and distribution channels, as well as its investment platform and remuneration.

After which, the ASX 300 share will move onto its Growth phase. This includes implementing recommendations to enhance its investment platform and build improved product and distribution capabilities. It will also explore organic and inorganic growth and diversification opportunities.

Management commentary

Platinum’s CEO, Jeff Peters, said:

I recognise that the market and competitive environments are difficult and that this affects us, our clients and our peers. It has been a difficult year so far at Platinum. We have seen net outflows, declines in revenue and our investment performance is not where we would like it to be for our clients. Change is necessary and, whilst we have a full agenda, I am confident we can get it done.

Broker sell rating

The ASX 300 share is rising today despite the team at Citi responding negatively to its updates.

Due partly to its underwhelming investment performance and the likelihood of more FUM outflows, the broker has retained its sell rating and $1.00 price target.

This implies potential downside of 16% for Platinum’s shares over the next 12 months.

The post Why this ASX 300 share is leaping 14% despite being branded a ‘sell’ appeared first on The Motley Fool Australia.

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More reading

• 2 buy-rated ASX dividend stocks with big 6%+ yields
• Own CSL shares? What to expect from its half-year results
• Why Alliance Aviation, Platinum, REA, and Santos shares are dropping today

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

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Core Lithium Ltd (ASX: CXO) shares are having a very strong finish to the week.

In morning trade, the lithium miner’s shares are up 12% to 23.5 cents.

What’s going on with Core Lithium shares today?

Investors have been scrambling to buy the company’s shares this morning despite there being no news out of it.

However, it is worth noting that Core Lithium isn’t the only ASX lithium share that is recording a strong gain today. Here’s a quick summary of some of the movers and shakers in the industry on Friday:

• Arcadium Lithium (ASX: LTM) shares are up 8%
• Lake Resources N.L. (ASX: LK) shares have also jumped 8%
• Liontown Resources Ltd (ASX: LTR) shares are up 4%
• Piedmont Lithium Inc (ASX: PLL) shares have surged 9%
• Pilbara Minerals Ltd (ASX: PLS) shares are up 4%
• Vulcan Energy Resources Ltd (ASX: VUL) shares are 6% higher

Why are ASX lithium shares rising?

Today’s gains by Core Lithium’s shares appears to have been driven by a strong night for lithium stocks on Wall Street overnight.

This saw Sociedad Quimica y Mineral de Chile SA (NYSE: SQM) shares jump 8% and Albemarle Corporation (NYSE: ALB) shares rise 4.5%.

The driver of these gains was news that the lithium carbonate price in China climbed to its highest level in almost three months.

According to Reuters, the July lithium carbonate contract jumped as much as 7.5% to 112,250 yuan (US$15,592.66) per metric tonne. This is its highest level since 11 December.

Investors appear to believe that this could be a sign that lithium prices have now bottomed and are on the road to recovery.

However, it is worth noting that SQM has just announced that it plans to push ahead with its lithium expansions despite the market being oversupplied. So, investors may want to keep an eye on lithium prices in the coming weeks and months to see if this is just a temporary recovery or something more sustainable.

The post Why are Core Lithium shares jumping 12% on Friday? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why are ASX lithium shares like Liontown having such a bumper session today?
• Why are Core Lithium shares taking another tumble on Wednesday?
• Should you buy Pilbara Minerals shares today?
• These are the 10 most shorted ASX shares

Motley Fool contributor James Mickleboro owns Arcadium Lithium shares. 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 Ampol Ltd (ASX: ALD) share price is taking a tumble today.

Shares in the S&P/ASX 200 Index (ASX: XJO) energy stock closed yesterday trading for $39.40. In morning trade on Friday, shares are swapping hands for $37.31 apiece, down 5.3%.

For some context, the ASX 200 is up 0.3% at this same time, charging into new record territory.

Here’s what’s happening with Ampol today.

Why is the Ampol share price underperforming on Friday?

The Ampol share price is pulling back from the new all-time closing highs the company posted earlier this week.

Most, if not all, of the selling pressure stems from the fact that the stock is trading ex-dividend today.

That means investors buying shares today will no longer be eligible to receive the record-high dividend management declared when the company reported its full-year results on Monday. When a stock trades ex-dividend, you’ll generally find its share price under some extra pressure on the day.

Ampol’s supersized high dividend was fuelled by a boost in 2023 earnings and a strong balance sheet. This saw the ASX 200 energy stock deliver a fully franked final dividend of $1.20 per share and a special dividend of 60 cents per share.

That equates to a fully franked final dividend of $1.80 per share, up 16% from 2022’s final payout.

Looking at the Ampol share price moves this morning, if we were to add that $1.80 back in then the share price would be down less than 1%. And remember, that $1.80 comes with full franking credits.

Commenting on the company’s yearly performance on Monday, Ampol CEO Matt Halliday said, “The result reinforces the adaptability and resilience of Ampol’s integrated supply chain in what was another year where energy markets moved rapidly in response to geopolitical events.”

Atop the final dividend, Ampol paid an interim dividend of 95 cents per share for a full-year payout of $2.75 per share.

At the current Ampol share price, this equates to a fully franked trailing yield of 7.4%.

The post Why is the Ampol share price tumbling 5% on Friday? appeared first on The Motley Fool Australia.

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More reading

• How I’d invest $250 a month in ASX dividend shares to target a $24,000 annual second income
• Looking to bank the record Ampol dividend? Time is running out!
• 25 ASX 200 shares with ex-dividend dates next week
• 1 ASX 200 dividend stock I’m buying for superior passive income in 2024
• How these 4 ASX 200 shares just gained major broker upgrades

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

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