It’s been another rough day for the S&P/ASX 200 Index (ASX: XJO) so far this Friday. At the time of writing, the ASX 200 is down by a painful 0.52%, pulling the index down to under 7,170 points. But it’s ASX 200 tech shares that are really feeling the pain today.

Tech shares are getting fried up this Friday, no way around it. Tech is one of the worst-performing ASX 200 sectors on the market today, only trailing ASX gold shares in losses.

Take the Block Inc (ASX: SQ2) share price. Block shares are presently down by a nasty 5.82% at $96.94 a share. Xero Limited (ASX: XRO) has slipped by 2.54% to $73.90 each, while Altium Limited (ASX: ALU) shares have lost 3% of their value to $36.46 a share. Appen Ltd (ASX: APX) has fallen by a depressing 4% to $2.52.

So why is the tech space getting singled out for some of the worst ASX 200 losses this Friday?

Why are ASX 200 tech shares getting fried up this Friday?

Well, it’s not entirely clear. But it is likely that what is happening over on the US markets is to blame here. The US markets have been roiled this week by the US Federal Reserve’s decision to raise interest rates by 0.5%.

Further, Fed chair Jay Powell made some hawkish comments that indicated that the Fed is far from finding an interest rate ceiling.

This decision, and accompanying comments from Powell, saw the US market tank, particularly the tech-heavy NASDAQ 100 Index.

Higher interest rates are especially damaging for tech shares since many are priced on their future growth prospects, rather than their present profitability.

In last night’s trading session, the NASDAQ crashed by a horrid 3.2%. So ASX tech shares were never going to have a rip-roaring kind of day today. That’s the most likely explanation as to why tech shares are having such a disappointing end to the trading week this Friday.

The post Why are ASX 200 tech shares being fried on Friday? appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Friday
• Why Bank of Queensland, Block, Fletcher Building, and Newcrest are dropping today
• One ASX share I’ve been buying in preparation for the next bull market
• If I was 40 and had never invested, here’s how I’d aim to build a $500,000 ASX share portfolio
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium, Appen, Block, and Xero. The Motley Fool Australia has positions in and has recommended Block 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 Fortescue Metals Group Limited (ASX: FMG) share price spent much of Friday outperforming before dipping into the red on the home stretch.

Stock in the iron ore giant started the day in the red before soaring – peaking at $20.73, 1.57% higher than its previous close.

That was despite the S&P/ASX 200 Index (ASX: XJO) tumbling over the course of the day following a brutal overnight session on Wall Street. Right now, the ASX 200 has dropped 0.53%.

Meanwhile, the Fortescue share price has sadly dropped into the red in late afternoon trade. It’s down 0.49% at $20.31 at the time of writing.

What might have inspired the stock’s rollercoaster of a day? Let’s take a look.

What’s going on with the Fortescue share price today?

The Fortescue share price has been up, down, and all around today amid surging iron ore prices, strength in the materials sector, and recognition of its boss, billionaire Andrew ‘Twiggy’ Forrest.

The S&P/ASX 200 Materials Index (ASX: XMJ) was among the market’s best-performing sectors for much of today. And while it has slipped into the red this afternoon, it’s still outperforming the broader market, down 0.34%.

The sector was buoyed as Singapore iron ore futures hit a six-month high. The steelmaking ingredient’s value surged amid reports from official Chinese media stating the nation will target economic growth by bolstering consumption and demand.

Meanwhile, Fortescue shares might have been front of mind today after the Australian Financial Review revealed Forrest has been included in its Business People of the Year list.

The publication wrote Forrest’s recent multi-billion acquisition of CWP Renewables, via his privately-owned Squadron Energy, cemented his place on the list.

The buy crowned the billionaire Australia’s largest renewable energy investor, operator, and developer.

Today’s moves included, the Fortescue share price is 2.5% higher than it was at the start of 2022. It has also gained 8% since this time last year.

The post What’s going on with the Fortescue share price on Friday? appeared first on The Motley Fool Australia.

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More reading

• Why is the Fortescue share price having another day to forget?
• Lithium, miners, and tech shares, oh my! Here’s where Aussies put their ASX money in 2022
• Why Chalice Mining, Fortescue, Mincor, and Zip shares are dropping today
• Why is the Fortescue share price tanking on Tuesday?
• Could the VAS ETF outperform the BHP share price in 2023?

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

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The second last Friday before Christmas. I don’t know about you, but it really feels like it, doesn’t it!

Don’t let them change the rules

I posted an article (and sent an email) this morning about the potential for some changes in financial advice that would likely, in my view, increase the risks for consumers.

If it’s recommended and implemented, it would remove the requirement for financial advisors to act in the ‘best interests’ of their clients. Which begs the question ‘If they’re not acting in our best interests, what are they doing?’.

Precisely.

I’ll have more to say if and when the government considers such a recommendation, but this is something you need to know about.

We need to make sure the government knows we want advice to continue to be in the ‘best interests’ of clients.

It’s staggering that I even have to type that. But 2022 has been one of those years, huh?

Some great holiday listening (and reading!)

A quick plug, here. You probably know we produce two podcasts: Motley Fool Money and The Good Oil.

The most recent episode of the latter is a ripper.

I spoke with long time business journo, Michael Pascoe.

But it wasn’t just a business chat.

He obviously has a sharp business and policy mind, and it was fascinating to get his take on where we’ve been, where we are, and where we’re going.

But he’s also written a book, recently. A memoir of sorts, it’s a cracking read and a book I highly recommend. So, if you’re looking for something to listen to, and then something to read, check out my chat with Michael on The Good Oil, then buy his book (he reads the audiobook, which I reckon is even better), The Summertime of our Dreams!

And there are lots more great episodes already in the podcast feed, and more to come – so make sure you check them out!

‘Tis the season

I mean yes, it’s that season. But it’s also the season for a phalanx of ‘year ahead’ articles.

And in financial circles that means forecasts.

Or, more honestly, ‘guesses’.

“What will the economy do?”

“Where will the ASX be by next Christmas?”

“Will Elon go completely mad?”

Okay, that last one might not be a common question. But you get my drift.

And, of course, the only answer to those questions (yes, even the Elon one) is “I don’t know”.

I’m lucky, too. I work for a business that lets me say ‘I don’t know’ without fear of losing my job.

Predictions are interesting. But for investors, they’re probably best left alone.

For my money, your time is better spent not predicting, but preparing.

Making sure your financial circumstances are flexible enough to allow for a range of possible outcomes. And that your portfolio is designed similarly.

If you have a truly long term perspective, that’s also very helpful – meaning you don’t have to make a series of short term predictions, hoping you’ll be right.

I own a group of businesses that I hope will be more profitable in five years’ time, and at prices I hope will go meaningfully higher over a similar timeframe.

That’s it.

What will happen on the ASX next year? To quote the great John Pierpont Morgan, “It will fluctuate”.

Quick takes

Overblown: Speaking of predictions… I don’t make them, but I do think most things tend to ‘mean revert’ – that is, they tend to be cyclical around an average, and tend to head back toward average over time. If I was a betting man, I think that’ll happen with oil, gas and coal prices, over time. I think these high prices will be, with hindsight, an aberration. We need to help some people deal with the impact of high energy prices. But I don’t think it’ll be a long term issue.

Underappreciated: It’s hard to say that something which gets national headlines can be ‘underappreciated’, but I’m not sure most people realise just how incredible 3.4% unemployment really is. 64,000 jobs created last month, highest participation rate on record, and almost anyone who wants a job can get one (with obvious exceptions). The economy has problems, and the future is uncertain, but this unemployment result is truly exceptional.

Fascinating: This week alone, we’ve seen reports of breakthroughs in nuclear fusion, computer chips to help paralysed people communicate, and a Harry and Meaghan documentary. Two out of three ain’t bad? (Seriously, though, while the headlines are focussed on the big daily things, life keeps getting better and better, in labs and offices around the world. Stay optimistic!)

Where I’ve been looking: I pick stocks for a living, but recently we launched an ETF-only service for those building an ETF portfolio or who want to use ETFs as a portfolio cornerstone. I’ve been spending a bit of time this week looking through the growing list of options. There are some really great ETFs. And some that give me the sense that the providers seem to be taking the… mickey. Just remember not all ETFs are the same. (And, shameless plug: the service is very, very cheap. Join us at fool.com.au/join-etf-investor But also, read all the Ts & Cs on the site etc etc)

Quote: “Pundits forecast not because they know, but because they are asked.” — John Kenneth Galbraith.

Fool on!

The post New rules, a new book, and new forecasts appeared first on The Motley Fool Australia.

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More reading

• What’s going on with the Fortescue share price on Friday?
• Here are the 3 most heavily traded ASX 200 shares on Friday
• I’m racing to buy dirt-cheap ASX dividend shares before it’s too late
• 2 ASX ETFs trading ex-dividend next week
• Guess which ASX 200 share is trading ex-dividend next week

Motley Fool contributor Scott Phillips 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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After a rather volatile week, the S&P/ASX 200 Index (ASX: XJO) looks to be closing up on a sour note so far this Friday.

At the time of writing, the ASX 200 has fallen by another 0.41%, which has left the index at roughly 7,175 points.

But time now to focus on something else. So let’s now take a look at the ASX 200 shares currently at the peak of the market’s share trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Friday

Liontown Resources Ltd (ASX: LTR)

First up this Friday is the ASX 200 lithium share Liontown Resources. So far today, a hefty 17.86 million Liontown shares have crossed the market to a new owner.

We haven’t heard anything new out of Liontown itself today, or indeed this month so far. So this volume is probably the result of the share price movements this company has experienced this session. Liontown shares have been volatile.

The company briefly broke even this morning, but investors have now sent the shares to $1.54 each, a nasty fall of 2.53% for the day so far.

Core Lithium Ltd (ASX: CXO)

Another ASX 200 lithium share is next up this Friday in Core Lithium. Today, we’ve seen a sizeable 29.22 million Core shares bought and sold on the markets thus far. Core has also been volatile today. But not quite in the same way.

The company opened in the red this morning but then had a pleasing spike up to $1.08 a share. At present, Core shares are going for $1.06 each, up by 0.95%. This volume is probably a consequence of the announcement Core made this morning.

As my Fool colleague Brooke covered at the time, Core has revealed that it has had some encouraging results from drilling work at its flagship Finniss Project.

Pilbara Minerals Ltd (ASX: PLS)

Our third, final and most traded ASX 200 share today is yet another lithium stock in Pilbara Minerals, with a whopping 34.609 million shares traded so far.

Yesterday, Pilbara topped this list following its disastrous 11.4% share price drop. Today, this pain seems to be continuing with Pilbara shares down another 0.99% at the time of writing to $3.99 each.

But Pilbara shares were in the green for most of the morning, only dipping this afternoon. That’s despite some love from ASX broker Morgans, which we looked at this morning. Again, it’s probably volatility that is the cause of so many shares flying around the ASX today.

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

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More reading

• Brokers name 3 ASX shares to buy today
• Why is the Core Lithium share price gaining on Friday?
• Make or break: the one metric I’ll be watching for Pilbara Minerals shares next year
• Pilbara Minerals share price selloff ‘a significant over-reaction’: broker
• 5 things to watch on the ASX 200 on Friday

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

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If there’s one piece of stock market wisdom that we can all take to the bank, it is that good-quality ASX dividend shares never stay cheap for long.

The legendary investor Benjamin Graham, who once took a young Warren Buffett under his wing, proselytised that the stock market was a voting machine in the short term, but a weighing machine in the long run.

So let’s talk about some dirt-cheap ASX dividend shares that I think are too cheap to ignore today. Retail has been one of the sectors hardest hit this year. Rising interest rates seem to have convinced investors that retail shares are in for a shellacking very soon.

There is some merit to this line of thinking of course. When times are tough, consumers typically tighten their belts by cutting back on non-essential spending. And that typically includes retail.

2 ASX retail shares with massive dividend yields right now

But some of the falls we have seen in good-quality retail names have arguably been extreme. Take Harvey Norman Holdings Limited (ASX: HVN), one of the most dominant retailers in the country.

In 2022 to date, Harvey Norman shares have fallen by a painful 17% or so. Harvey Norman has also shed close to a third of its value since its last all-time high above $6 a share back in early 2021:

But this has left Harvey Norman shares with a trailing and fully-franked dividend yield of 8.98% today. With the value of that full franking, this yield would gross up to a whopping 12.83%.

Now Harvey Norman could well cut its dividend next year if times do get tougher, meaning that investors would not enjoy an 8.98% yield if they bought shares today.

But even if the dividends go back to the 24 cents per share that Harvey Norman paid out during the COVID-ravaged year of 2020 next year, investors would still enjoy a yield of 5.74% on the current Harvey Norman share price. That’s 8.2% grossed-up.

JB Hi-Income?

It’s a similar story with another top-notch ASX retailer in JB Hi-Fi Limited (ASX: JBH). JB shares are down by almost 13% this year, as you can see below:

But this has left the company with a fully-franked trailing dividend yield of 7.43% right now.

Again, JB is one of the strongest retailers in Australia. In FY 2022, this company reported a 7.7% rise in net profits after tax (NPAT) and a 43% increase in its final dividend.

Now, JB might not manage the total of $3.16 in dividends per share that it has managed in 2022 next year. But even if its dividends fell back to 2020 levels, investors would enjoy a yield of 6.57% on today’s current share price.

I think the market has oversold these top-quality companies this year on fears about what might happen next year. But this is exactly the kind of sentiment that creates a compelling buying opportunity.

Do I think both JB Hi-Fi and Harvey Norman will be around in 10 years, bigger and more successful than they are today? Yes.

As such, I see little reason not to take advantage of the steep share price falls we have seen over 2022. I think this is a great chance to lock in a pretty massive fully-franked dividend yield for years to come.

The post I’m racing to buy dirt-cheap ASX dividend shares before it’s too late appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 shares in the spotlight for 2023 as consumer sentiment ‘bounces’
• 3 ASX 200 value shares I think could soar in 2023
• 3 top ASX 200 dividend shares I think are bargain buys right now
• As 2 experts predict the stock market is yet to bottom, here are 4 things every investor can do now to prepare for the worst
• 7% dividend yield! One ASX 200 share to buy in December and hold for 10 years

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Harvey Norman. The Motley Fool Australia has positions in and has recommended Harvey Norman. The Motley Fool Australia has recommended Jb Hi-Fi. 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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Any ASX dividend investor worth their salt knows all about the ex-dividend date – the date that new investors are cut off from receiving an upcoming dividend payment.

Ex-dividend dates are usually notable events. For one, they are the dividing line between who gets cash and who doesn’t. But because new investors aren’t eligible for a dividend after the ex-dividend date passes, the value of said dividend leaves the company’s share price on the ex-dividend date. This usually results in a large share price fall.

Well, it’s not just ASX shares that can trade ex-dividend. Exchange-traded funds (ETFs) can pay dividends too. And as such, ETFs have ex-dividend dates as well.

Of course, dividends from an ETF are technically called distributions. This reflects the fact that an ETF is a trust, and not a company. As such, an ETF’s ex-dividend date is actually called its ‘ex-distribution’ date.

As we speak, two ASX ETFs are quickly approaching their next ex-distribution date.

Let’s discuss them.

2 ASX ETFs going ex-dividend next week

The first is the Vanguard FTSE All-World ex-US ETF (ASX: VEU). This ETF is a rather massive one in scope from provider Vanguard. It invests in a basket of roughly 3,500 shares hailing from countries all around the world, with the exception of the United States.

You’ll find ASX shares here, as well as those from Canada, Taiwan, Japan, China, Europe, India, and the United Kingdom.

This ETF pays out dividend distributions every quarter. Its latest distribution payment is due on 20 January 2023. However, only investors who own this ETF’s units on or before the ex-distribution date of 20 December (next Tuesday) will be eligible for payment.

Vanguard hasn’t yet disclosed the exact amount investors can expect to see for this distribution. The final amount in Australian dollar terms will only be revealed on 16 January.

Next up we have the Vanguard US Total Market Shares Index ETF (ASX: VTS). Another ETF from Vanguard, this fund covers not just the popular S&P 500 Index (SP: .INX), but a total of 4,030 shares on the US markets. This gives investors massive diversification across large and small-cap US shares.

Although the larger names like Apple and Amazon are still dominant in this ETF, name any US public company you can think of, and it’s probably in this fund too.

The Vanguard US Total Market Shares Index ETF also pays out quarterly distributions. Again, Vanguard hasn’t yet disclosed exactly how much investors can expect to be paid out yet. However, we do know that the next distribution date for this ETF will be on 25 January 2023.

Investors have until the ex-distribution date on 23 December to buy units of this ETF if they wish to receive this payment. The final amount in Aussie dollars will then be disclosed on 19 January next year.

The post 2 ASX ETFs trading ex-dividend next week appeared first on The Motley Fool Australia.

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More reading

• Here are 2 fantastic ETFs for ASX investors in 2023
• Is the iShares S&P 500 ETF (IVV) really down 95% today?
• These ETFs allow ASX investors to buy thousands of global shares
• Why is the BetaShares NASDAQ 100 ETF (NDQ) having such a stellar run today?
• Is Apple a must-own US stock in 2023?

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen has positions in Amazon.com and Apple. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Amazon.com and Apple. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Amazon.com and Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Metcash Limited (ASX: MTS) shares are rapidly approaching the ex-dividend date. This is the date where the S&P/ASX 200 Index (ASX: XJO) share’s owners will be allocated the upcoming dividend, but new shareholders will miss out.

The ex-dividend date is 20 December 2022, so investors wanting the dividend will need to own shares before then.

How much is Metcash going to pay as a dividend?

In its FY23 half-year result, the company announced that it had declared an interim dividend of 11.5 cents per share, which was a 9.5% year-over-year increase.

This dividend came after a 13.7% increase in underlying earnings per share (EPS) to 16.6 cents. The company is paying around 70% of its underlying net profit after tax (NPAT) as a dividend to investors.

An 11.5 cents per share dividend enables the company to pay out an attractive amount of cash flow, while still having plenty to re-invest back into the business for more growth and efficiencies.

Metcash says it has a continued focus on delivering “superior shareholder returns”, which is why it has a target dividend payout ratio of 70% underlying net profit.

How big will the full-year dividend be?

The broker Citi’s numbers suggest that Metcash shares could pay a full-year dividend of 22.5 cents per share, which would translate into a grossed-up dividend yield of 7.5%.

This half-year dividend alone amounts to a grossed-up dividend yield of 3.8% from the ASX 200 share.

With Metcash having a dividend payout ratio that’s fixed to the performance of its profit, the performance of that profit will be key for future payouts.

In the first four weeks of the second half of FY23, the company continued to see growth.

Metcash’s food segment has seen sales growth of 4%, or 10.6% excluding tobacco, reflecting “strong demand” and inflation.

Hardware total sales increased by 8% year over year. There has been a contribution from both acquisitions and inflation, though adverse building conditions have been a headwind.

Liquor total sales increased by 8.9% year over year thanks to a “continuation of strong demand across retail stores and on-premise customers”.

Metcash share price snapshot

Over the last month, Metcash shares have risen by around 8%.

The post Guess which ASX 200 share is trading ex-dividend next week appeared first on The Motley Fool Australia.

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More reading

• Can a high-yield ASX dividend stock still be safe?
• Metcash share price higher on dividend boost
• 5 things to watch on the ASX 200 on Monday
• Almost ready to retire? How to generate $70k per year of passive income from ASX dividend shares
• 3 ultra-high-yield ASX dividend shares you might regret not buying at these prices

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Metcash. 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 All Ordinaries Index (ASX: XAO) is tumbling on Friday, but not all shares that call the index home are suffering.

Right now, the All Ordinaries is down 0.61% following a rough night on Wall Street.

Major New York indices tumbled overnight amid concerns about further rate hikes. The Dow Jones Industrial Average Index (DJX: .DJI) fell 2.25%, the S&P 500 Index (SP: .INX) plunged 2.5%, and the Nasdaq Composite Index (NASDAQ: .IXIC) plummeted 3.2%.  

Fortunately for ASX fans, there are plenty of pockets of green on the Aussie bourse today.

We’ve rounded up three that are positively outperforming – beating the index by as much as 4.6%.

3 ASX All Ordinaries shares taking off today

The All Ordinaries is tumbling today, but its downturn hasn’t upset the Catapult Group International Ltd (ASX: CAT) share price.

The sports analytics technology company’s stock is leaping 2.7% to trade at 76 cents at the time of writing.

It’s the second day in a row the stock has posted a notable gain. It lifted 4.2% in Thursday’s session. There’s been no news from the company since November.

Meanwhile, the 4.03% gain posted by the Aurizon Holdings Ltd (ASX: AZJ) share price is easier to explain. The All Ordinaries company announced it’s found a buyer for its East Cost Rail business – and it’s expecting to walk away with $425 million cash.

The sale of the business was a condition imposed by the competition watchdog on Aurizon’s acquisition of One Rail Australia earlier this year.

Right now, the Aurizon share price is $3.87.

Finally, the share price of All Ordinaries mineral developer BCI Minerals Ltd (ASX: BCI) is outperforming the broader market, gaining 1.92% to trade at 26.5 cents.

Like Catapult before it, there’s been no news from the stock to explain its Friday rise.

However, it’s worth mentioning the minerals share has been relatively volatile lately. It gained on Monday and Wednesday this week and posted falls on Tuesday and Thursday.

The post 3 ASX All Ordinaries shares smashing the market on Friday appeared first on The Motley Fool Australia.

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More reading

• Why Aurizon, Norwest, Rio Tinto, and Strike Energy shares are rising today
• Here are the top 10 ASX 200 shares today
• 3 ASX All Ords shares that had a cracking run on Friday

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

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.5% to 7,168.3 points.

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

Bank of Queensland Ltd (ASX: BOQ)

The Bank of Queensland share price is down 2% to $6.79. This appears to have been driven by a broker note out of Citi. According to the note, the broker has downgraded the regional bank’s shares to a neutral rating with a reduced price target of $7.30. Citi believes the bank’s profit growth will be challenged in the near term.

Block Inc (ASX: SQ2)

The Block share price is down 5% to $97.69. Investors have been selling this payments company’s shares after a poor showing from its US listed shares overnight. Block’s shares on the NYSE sank 7.5% on Thursday night after the tech sector was sold off amid concerns over rising interest rates.

Fletcher Building Limited (ASX: FBU)

The Fletcher Building share price is down almost 3% to $4.59. This morning, this building materials company released an update on the New Zealand International Convention Centre and Hobson Street Hotel project (NZICC). According to the release, despite good progress on site, the complexity of the rebuild means costs are now expected to exceed insurance proceeds on NZICC. This has resulted in an additional NZ$150 million provision for costs to complete the project.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is down 2% to $20.42. Investors have been selling Newcrest and other gold miners today after interest rate expectations climbed. This put pressure on the gold price during overnight trade and has led to the S&P/ASX All Ordinaries Gold index falling 2.4% this afternoon.

The post Why Bank of Queensland, Block, Fletcher Building, and Newcrest are dropping today appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Friday
• 3 ASX 200 value shares I think could soar in 2023
• Here are the top 10 ASX 200 shares today
• Why Arafura, Block, Leo Lithium, and St Barbara shares are storming higher
• Why Bendigo Bank, Block, Megaport, and Starpharma shares are rising today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block. The Motley Fool Australia has positions in and has recommended Block. 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 followed Wall Street’s lead and is on course to end the week in the red. At the time of writing, the benchmark index is down 0.55% to 7,166.1 points.

Four ASX shares that have not let that hold them back today are listed below. Here’s why they are rising:

Aurizon Holdings Ltd (ASX: AZJ)

The Aurizon share price is up 4% to $3.87. This morning this rail freight operator announced the sale of the East Coast Rail (ECR) business. Aurizon expects to receive cash proceeds of approximately $425 million, which represents the equity value of ECR. The purchaser, Magnetic Rail Group, will also assume ECR’s existing debt facilities. This divestment was required to gain approval for the acquisition of One Rail Australia.

Norwest Energy NL (ASX: NWE)

The Norwest Energy share price is up 33% to 6 cents. Investors have been buying this energy explorer’s shares after Mineral Resources Ltd (ASX: MIN) announced plans to make a takeover offer. Mineral Resources intends to make an all-scrip offer that equates to 6 cents per share. The two parties own the Lockyer Deep joint venture.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is up 2% to $115.85. This follows a rise in iron ore prices overnight. In addition, this morning, Goldman Sachs retained its buy rating on the mining giant’s shares with an improved price target of $119.20. Goldman notes that Rio Tinto’s shares have a “[c]ompelling valuation: trading at c. ~0.95x NAV.”

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is up 2% to 35.2 cents. Investors have responded positively to news that the energy developer plans to test the Southwest Erregulla and Erregulla Deep prospective resource. Management believes this has high impact and low risk upside resource potential.

The post Why Aurizon, Norwest, Rio Tinto, and Strike Energy shares are rising today appeared first on The Motley Fool Australia.

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More reading

• Why is the Norwest Energy share price rocketing 31% on Friday?
• Mineral Resources share price lower despite Norwest Energy takeover offer
• Why is the Rio Tinto share price wallowing on Wednesday?
• Why is the Fortescue share price tanking on Tuesday?
• 5 things to watch on the ASX 200 on Tuesday

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 recommended Aurizon. 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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