What a day it has been for the S&P/ASX 200 Index (ASX: XJO) and ASX shares this Friday so far.

After yesterday’s loss, the ASX 200 has bounced back with a vengeance after a stunning night on the US markets last night. At the time of writing, the ASX 200 has rocketed by a pleasing 2.7%, propelling it back over 7,100 points.

But it’s time to dig deeper into these market moves. So let’s take a look at the shares that are currently dominating the ASX 200’s share trading volume charts right now, according to investing.com.

The 3 most traded ASX 200 shares by volume this Friday

Origin Energy Ltd (ASX: ORG)

Our first share up for discussion this Friday is the ASX 200 energy utility company Origin Energy. So far this session, a hefty 26.1 million Origin shares have been transferred to a new address. After rising almost 35% yesterday on the back of a takeover offer, Origin shares are coming back to earth slightly today.

The company has lost 3.5% at the time of writing to $7.56 a share. With all of the drama surrounding the takeover, not to mention the big share price moves, it’s no surprise to see Origin Energy on this list today.

Evolution Mining Ltd (ASX: EVN)

ASX 200 gold miner Evolution has been in the spotlight for much of this week. So far today, a sizeable 28.9 million Evolution shares have been panned out of the proverbial ASX river. This comes after yet another strong day for the gold price.

Evolution, along with other ASX gold miners, continues to push higher on the back of this strong gold price. Evolution shares are up another 5.76% today thus far to $2.57 a share. The company has risen almost 20% over the past week now. With these gains under the belt, there’s little doubt why so many shares are flying around.

Core Lithium Ltd (ASX: CXO)

Our third, final and most traded ASX 200 share today is none other than the ASX 200 lithium stock Core Lithium. At this point of today’s session, a whopping 37.1 million Core shares have been bought and sold on the markets.

Again, this seems like a byproduct of a healthy share price gain. Core Lithium shares have also rallied this Friday, gaining a robust 5.3% presently to $1.68 each. This comes after an evidently well-received business update this morning. This large rise in value is the probable cause for the elevated volumes we are witnessing.

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

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More reading

• 4 ASX 200 shares trading ex-dividend next week
• Why did the AMP share price just crack a new 52-week high today?
• Why is the Fortescue share price launching 5% on Friday?
• Elon Musk’s ‘Alan Bond’ moment?
• 5 of the craziest things making news on the ASX this week

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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You can’t have a dividend from an ASX 200 share without an ex-dividend date. While investors might not enjoy the share price falls that typically come with an ex-dividend date, the company has to draw the line between who gets the dividend and who doesn’t somewhere. There’s no free lunch here.

So here are five ASX 200 dividend shares that are cutting off new investors to their upcoming dividend payments next week.

4 ASX 200 shares going ex-dividend next week

Coronado Global Resources Inc (ASX: CRN)

First up is ASX 200 coal share Coronado. Coronado declared a special dividend of 13.42 US cents per share at the end of last month. The Australian dollar figure has yet to be determined. This special unfranked dividend is coming investors’ way on 12 December.

But investors have until 18 November, next Friday, to own Coronado shares if they wish to receive it. We will find out exactly how much shareholders are in line for in Aussie dollar terms on 24 November.

National Australia Bank Ltd (ASX: NAB)

Here is an ASX 200 bank share that we do know how much is coming investors’ way. NAB is another share that is lined up to pay out its shareholders soon. The bank’s final and fully franked dividend of 78 cents per share is scheduled to hit bank accounts on 14 December.

Investors will need to own NAB shares before the ex-dividend date of 15 November, next Tuesday. Investors can also receive additional shares instead of cash with the bank’s dividend reinvestment plan (DRP). The election date for the DRP is 17 November.

Westpac Banking Corp (ASX: WBC)

NAB isn’t the only ASX 200 bank about to pay out a dividend. Westpac shareholders are also in line to receive their final dividend soon. Westpac will dole out its cash on 20 December (Merry Christmas!), but investors will need to own the shares by the ex-dividend date of 17 November, next Thursday.

The final dividend will be worth 64 cents per share, fully franked. Like NAB, Westpac investors also have the choice of opting for the optional DRP, with the election date set for 21 November.

Washington H. Soul Pattinson and Co Ltd (ASX: SOL)

Finally, we have the ASX 200 investing conglomerate Soul Patts. Soul Patts has the distinction of being one of the only ASX shares with a 21-year streak of raising its annual dividend every year. The streak continues this year, with the company’s final dividend of 43 cents per share coming in over last year’s payout of 38 cents per share.

In addition, Soul Patts will also be doling out a special dividend worth 15 cents per share as well. Both will come fully franked. The ex-dividend date for both payments is scheduled for 18 November, next Friday, with the payment date to be 12 December.

The post 4 ASX 200 shares trading ex-dividend next week appeared first on The Motley Fool Australia.

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More reading

• Why did the AMP share price just crack a new 52-week high today?
• Why is the Fortescue share price launching 5% on Friday?
• 5 of the craziest things making news on the ASX this week
• Can this help A2 Milk pick up the pieces in China?
• Why have Minerals Resources shares hit two new all-time highs this week?

Motley Fool contributor Sebastian Bowen has positions in National Australia Bank Limited and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Sayona Mining Ltd (ASX: SYA) share price is outperforming the S&P/ASX 200 Index (ASX: XJO) today.

Sayona shares are up 4% and are currently trading at 25 cents. For perspective, the ASX 200 is up 2.62% today.

Let’s take a look at what is going on with the Sayona Mining share price.

What’s going on?

Sayona Mining is not the only ASX lithium share to rise today. Core Lithium Ltd (ASX: CXO) shares are up nearly 6%, while Piedmont Lithium Inc (ASX: PLL) shares are up 3.57%.

Sayona shares appear to be lifting amid a strong day for the ASX 200. Sayona joined the ASX 200 as part of the September quarterly rebalance.

Commenting on today’s ASX gains, City Index senior market analyst Matt Simpson said:

The combination of soft US inflation and the RBA’s hint at a pause has done wonders for the ASX 200, which is currently enjoying its second best day this year and back above 7100.

Sayona Mining is aiming to become North America’s largest lithium producer. The company is planning production from the North American Lithium operation in Canada in quarter one, 2023.

ASX lithium shares appear to be following in the footsteps of USA lithium shares today.

Sociedad Quimica y Minera de Chile (NYSE: SQM) shares rose 4% overnight, Livent Corp (NYSE: LTHM) shares leapt ahead 8.69% and Sigma Lithium Corp (NASDAQ: SGML) shares jumped 2.3%.

The USA had its top day of trading in more than two years, as my Foolish colleague James reported today. The NASDAQ-100 Index (NASDAQ: NDX) jumped 7.49%, while the S&P 500 Index (SP: .INX) stormed 5.54% higher.

Inflation data was cooler than expected. Janney Montgomery Scott chief investment strategist Mark Luschini told Bloomberg:

Investors have been wanting to bid prices higher on any catalyst, and this is as good as any.

Sayona Mining share price snapshot

Sayona Mining has exploded 92% in the year to date, while it has risen 66% in the past year.

For perspective, the ASX 200 has shed 4% in the past year.

Sayona has a market capitalisation of more than $2 billion based on the current share price.

The post Why is the Sayona Mining share price rising today? appeared first on The Motley Fool Australia.

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More reading

• Up 75% in 2022, is it time to cash in on Sayona Mining shares?
• Are ASX 200 lithium shares the new recession-proof investment?
• Why has the Sayona Mining share price dumped 33% in 2 months?
• Why did ASX lithium shares smash the market on Tuesday?
• Here are the 10 most shorted ASX shares

Motley Fool contributor Monica O’Shea 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 S&P/ASX 200 Index (ASX: XJO) has followed the lead of Wall Street and is racing higher. In afternoon trade, the benchmark index is up 2.6% to 7,145.9 points.

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

Accent Group Ltd (ASX: AX1)

The Accent share price is up over 12% to $1.69. This morning this footwear retailer released a trading update and revealed a 52% increase in total group owned sales for the first 18 weeks of the financial year. Accent also reported a 570 basis points increase in its gross margin over the period.

Block Inc (ASX: SQ2)

The Block share price is up 12% to $101.49. This follows a very strong showing for the payment company’s NYSE listed shares on Thursday night. Block’s shares rose 18% on Wall Street after investors flooded back into the tech sector amid hopes that inflation could now be peaking. The market appears hopeful that this could lead to the US Federal Reserve slowing its interest rate hikes.

Nufarm Ltd (ASX: NUF)

The Nufarm share price is up 4% to $5.68. This appears to have been driven by a broker note out of Credit Suisse. According to the note, the broker has upgraded this agricultural chemicals company’s shares to an outperform rating with a $6.85 price target. This implies potential upside of 20% from current levels.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 20% to 75 cents. Investors have been buying Zip and other ASX tech shares today following the softer inflation reading in the United States. The gains have been so strong in the sector that the S&P/ASX All Technology Index has risen almost 5% today.

The post Why Accent, Block, Nufarm, and Zip shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• Wowsers: Why the Zip share price is up 18% today
• 3 ASX 200 tech shares booming 10% or more on Friday
• ASX 200 tech shares jump 6%
• Why is this ASX All Ords retail share rocketing 13% higher today?
• Analysts say these ASX dividend shares are buys

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, Inc. and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended Accent Group. 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Quarterly reports have given electric vehicle (EV) investors plenty to look at recently. Many stocks in the sector have been heading lower in recent weeks. Tesla (NASDAQ: TSLA) has led the way, perhaps for non-business-related reasons. Even with a bounce in the stock today, Tesla shares are down almost 17% just so far in November.

A jump in several stocks in the EV sector today may be due to more general economic news, but some of those are outperforming even the mammoth 6% gain the Nasdaq Composite index is seeing. As of 1:45 p.m. ET today, Tesla shares were up 6.1%. But Lucid Group (NASDAQ: LCID) and Fisker (NYSE: FSR) were higher by 7.1% and 21.6%, respectively. 

So what

Today’s Consumer Price Index (CPI) data showed that inflation slowed last month as the metric climbed at a 7.7% annual rate. That was below expectations and down from September’s 8.2% annual rate. Investors believe that’s a significant data point that could lead the Federal Reserve to slow or pause interest rate hikes. That resulted in today’s heavy buying of technology and growth stocks, including the EV sector.   

Now what

The move higher marks a reversal for Tesla shares, which have been on a slide recently. Investors found out on Tuesday that the downtrend was likely partially due to CEO Elon Musk selling almost $4 billion in his Tesla stock. Over a recent four-day span, Musk sold 19.5 million shares, raising about $3.95 billion. It’s still unclear if those sales were related to his Twitter purchase, since they occurred after that transaction closed. But it seems likely that it was in some way related. 

Lucid’s bounce today follows a 17% drop yesterday after the company reported its third-quarter results. Investors were not happy to see a decline in reservations for Lucid’s luxury EVs. But there were also positive takeaways from that report. The drop in reservations can be explained by the production delays that have plagued the company along with competitor vehicles entering the market. 

Lucid also told investors it was planning to raise another $1.5 billion through stock sales. Investors don’t want to see that dilution to existing shareholders, but Lucid had previously filed to potentially sell enough shares to raise up to $8 billion over three years. So it shouldn’t have come as a surprise, and the money will go toward growing the company’s international presence. 

Fisker hasn’t begun production yet, but it expects to just one week from now. That stock will likely remain volatile based on how its electric Ocean SUV is received, along with what the company says about production volumes.  

Today, these risky names got a boost from the macroeconomic news regarding inflation. Technology names in general will also likely continue to react to future data as it relates to where interest rates will head. Investors should be prepared for days like today — in either direction. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why Tesla Shares Jumped Today appeared first on The Motley Fool Australia.

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More reading

• Why Tesla stock is tumbling today
• Why did Elon Musk just sell $6 billion worth of Tesla shares?
• Why Tesla hit a new 52-week low today
• Why Tesla shares dropped below $200 on Monday
• Forget Dogecoin, this crypto could be the even bigger winner from Elon Musk’s Twitter takeover

Howard Smith has positions in Lucid Group, Inc. and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Tesla. 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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The United States just reported a softer-than-expected inflation number for October and the S&P/ASX 200 Index (ASX: XJO) sure is celebrating.

Most ASX investors’ portfolios and watchlists are a flood of green today. What a nice change, right?

At the time of writing, the ASX 200 is up 2.53% and the S&P/ASX All Ordinaries Index (ASX: XAO) is up 2.58%.

So, why is the Santos Ltd (ASX: STO) share price struggling?

Santos shares are currently flat at $7.52 per share but have spent much of the day in the red.

Why is Santos underperforming?

We’re possibly seeing a flow-on effect with the Santos share price today, following a major announcement on Tuesday.

Santos reduced its guidance for 2023 production and also revealed plans for a major restructure.

Santos will split its business into two divisions: Upstream Gas and Liquids and Santos Energy Solutions.

As reported by my Fool colleague Brooke, the Santos share price fell 5% on the day of the news. It hasn’t recovered since.

The only news from Santos today is another in a series of daily share buyback notices.

Overnight, the price of natural gas fell by 2.02% to US$6.11 MMBtu. The price is down 9.65% over the past month, according to Trading Economics.

Fundie says Santos share price is a sell

Benjamin Goodwin of Merlon Capital writes on Livewire that it’s time to cash in on ASX energy stocks.

His fund has taken profits on Santos shares as well as Woodside Energy Group Ltd (ASX: WDS) shares.

The fund has also sold down Ampol Ltd (ASX: ALD) and Viva Energy Group Ltd (ASX: VEA), as well as the ASX coal shares of New Hope Corporation Limited (ASX: NHC) and Whitehaven Coal Ltd (ASX: WHC).

Goodwin said:

Having previously identified and invested in the opportunities made available through prolonged underinvestment in traditional energy fuels and invested on the basis of the estimated risk/return trade-offs, we have been steadily reducing exposures as companies in this space have outperformed.

The post Why are Santos shares missing out on the ASX 200 party today? appeared first on The Motley Fool Australia.

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More reading

• Don’t panic! Here are 7 reasons we can avoid a recession: AMP
• 5 things to watch on the ASX 200 on Thursday
• Top brokers name 3 ASX shares to buy today
• Why did the Santos share price take a dive following the company’s investor briefing?
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Bronwyn Allen has positions in Woodside Petroleum Ltd. 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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Another week, another 52-week high for the AMP Ltd (ASX: AMP) share price.

The stock has been on a roll lately, hitting a 52-week high of $1.285 last Wednesday before matching it on Monday.

And it’s gone one further today, cementing an 18-month high of $1.295 in intraday trade on Friday. That marked a 2.37% gain on its previous close.

However, the AMP share price has since eased slightly. It’s currently trading at $1.29, 1.98% higher than it was at the end of Thursday’s session.

For comparison, the S&P/ASX 200 Index (ASX: XJO) has risen 2.54% at the time of writing.

The ASX 200 is seemingly taking the lead from New York, as is the S&P/ASX 200 Financials Index (ASX: XFJ). The sector has gained 1.95% right now.

So, what might be helping to drive the AMP share price – and the broader market – higher today? Let’s take a look.

AMP share price inks new 52-week high

The AMP share price inked a new 52-week high today despite no news having been released by the embattled financials giant.

While the stock has had a good run through 2022 so far, it’s still nearly 75% lower than it was in November 2017.

Today’s gains come amid a broader market surge, apparently brought on by an even stronger session on Wall Street overnight.

While most of Australia slept, the Dow Jones Industrial Average Index (DJX: .DJI) rose 3.7% and the S&P 500 Index (SP: .INX) lifted 5.5%. In true 2022 fashion, the gains appeared to be spurred by softer-than-expected US inflation data.

The nation’s consumer price index rose 0.4% in October and 7.7% over the prior 12 months, according to data released on Thursday (US time). That seemingly bolstered hopes the US Federal Reserve might ease up on rate hikes.

Friday’s lift included, the AMP share price is 29% higher than it was at the start of 2022. It has also gained 12% since this time last year.

Comparatively, the ASX 200 has fallen 6% year to date and 3% over the last 12 months.

The post Why did the AMP share price just crack a new 52-week high today? appeared first on The Motley Fool Australia.

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More reading

• Why is the Fortescue share price launching 5% on Friday?
• Can this help A2 Milk pick up the pieces in China?
• Why have Minerals Resources shares hit two new all-time highs this week?
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today

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

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The Woodside Energy Group Ltd (ASX: WDS) share price is up 1.91% to $38.71, as the broader market enjoys a strong run following softer monthly inflation data from the United States.

Woodside has had an absolutely cracking year in 2022. The Woodside share price is currently up 71% in the year to date. This is largely due to energy supply constraints brought about by Russia’s invasion of Ukraine.

Just two years ago, Woodside shares were in a hole.

COVID-19 lockdowns meant global industrial activity and the use of vehicles declined significantly, reducing the need for fuel.

Woodside was a COVID-19 loser for sure. The Woodside share price dropped to about $16 in the market crash in March 2020. It then spent much of the following two years below $25 per share.

So, for those Woodside investors sitting on very healthy capital gains right now, is it time to sell?

Fundie says Woodside share price is a sell

Benjamin Goodwin of Merlon Capital thinks it’s time to cash in on the Woodside share price today.

Goodwin writes on Livewire that his fund has taken profits on a number of ASX energy stocks. These include Woodside, Ampol Ltd (ASX: ALD), Viva Energy Group Ltd (ASX: VEA), and Santos Ltd (ASX: STO).

The fund has also sold down the ASX coal shares of New Hope Corporation Limited (ASX: NHC) and Whitehaven Coal Ltd (ASX: WHC).

Goodwin said:

Having previously identified and invested in the opportunities made available through prolonged underinvestment in traditional energy fuels and invested on the basis of the estimated risk/return trade-offs, we have been steadily reducing exposures as companies in this space have outperformed.

The case to hold… or even buy?

Romano Sala Tenna, co-founder of Katana Asset Management, told my Fool colleague Bernd in a recent interview that he’s bullish on Woodside for dividend income purposes.

Right now, based on today’s Woodside share price, the oil and gas giant is offering a fully franked trailing dividend yield of 11.3%.

Back in September, Woodside declared its highest interim dividend since 2014 at 109 US cents per share.

This was due to a 400% profit surge, in part due to the merger with the petroleum business of BHP Group Ltd (ASX: BHP).

My colleague, Bruce Jackson, points out that Woodside is trading on trailing single-digit multiples.

For the record, the ASX website has Woodside sitting on a price-to-earnings (P/E) ratio of 8.1.

Bruce reckons Woodside has significant future falls in the oil price already reflected in its share price.  

The post This fund has been selling down its Woodside shares. Should you? appeared first on The Motley Fool Australia.

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More reading

• Why these 4 ASX dividend shares stand out from the crowd: fund manager
• 5 things to watch on the ASX 200 on Friday
• Amidst the ongoing tech stock wreck, value shares are everywhere. There’s just one catch…
• Don’t panic! Here are 7 reasons we can avoid a recession: AMP
• Why is the Woodside share price being whittled away today?

Motley Fool contributor Bronwyn Allen has positions in BHP Billiton Limited and Woodside Petroleum Ltd. 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 Fortescue Metals Group Limited (ASX: FMG) share price is leaping higher on Friday despite no fresh news from the iron ore giant. It’s roaring alongside the broader market in the wake of a ripper session on Wall Street.

The S&P/ASX 200 Index (ASX: XJO) is up 2.57% at the time of writing, while the S&P/ASX 200 Materials Index (ASX: XMJ) has lifted 3.52%.

The Fortescue share price is doing better than that, however. It’s surging 4.74% right now to trade at $17.58.

So, what’s going on with the market and one of its favourite mining stocks on Friday? Let’s take a look.

What’s going right for the Fortescue share price today?

The Fortescue share price is lifting alongside the broader market following the release of softer-than-expected US inflation data overnight and a moderate rise in the iron ore price.

Iron ore futures lifted 0.8% overnight to reach US$88.19 a tonne. Base metals also rose, with nickel leading the way, gaining 5.1%. That might be helping drive the iron ore favourite higher today.

Additionally, the US consumer price index was found to have lifted 0.4% in October and 7.7% over the 12 months prior. That drove gains across Wall Street amid hopes softening inflation could see the US Federal Reserve easing up on rate hikes.

Such international gains are being reflected right across the Aussie bourse today. Indeed, only two ASX 200 materials shares are in the red at the time of writing.

The Fortescue share price is also outperforming its major iron ore-focused peers today.

The Rio Tinto Limited (ASX: RIO) share price is gaining 3.71% right now to trade at $101.95, while that of BHP Group Ltd (ASX: BHP) is up 3.48% at $41.97.

Looking longer-term, however, the Fortescue share price has slipped 11.5% year to date. Though, it has gained 13.7% since this time last year.

Comparatively, Rio Tinto’s stock is up 2% year to date, and that of BHP is down nearly 1%. They’ve both gained around 14.5% over the last 12 months.

Meanwhile, the ASX 200 is down 6% year to date and 3% over the last 12 months.

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

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More reading

• Can this help A2 Milk pick up the pieces in China?
• Why have Minerals Resources shares hit two new all-time highs this week?
• 3 reasons I’m still bullish on Fortescue shares
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today

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

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The All Ordinaires Index (ASX: XAO) is having a cracker of a day today. At the time of writing, the All Ords is up an impressive 2.4% and is back over 7,300 points. But that is nothing compared to the performance of the Zip Co Ltd (ASX: ZIP) share price.

Zip shares have exploded today. The ASX’s largest buy now, pay later (BNPL) share is up an extraordinary 18.4% at the time of writing to 74 cents a share. This comes after Zip shares closed at 62 cents yesterday and opened at 69 cents each this morning.

So what on earth has happened to Zip that has invited this incredible revaluation from investors?

Why is the Zip share price rocketing 18% today?

Well, it’s nothing to do with anything out of Zip itself, it would seem. The company hasn’t released any ASX announcements since the results of its annual general meeting on 3 November. And investors reacted sceptically to the company’s investor presentation at the time.

However, we are seeing ASX tech shares boom in value across the market today. Block Inc (ASX: SQ2) shares are up more than 12%. Megaport Ltd (ASX: MP1) shares have enjoyed a 13% or so rise, and the WiseTech Global Ltd (ASX: WTC) share price is up more than 9%.

This comes after a stunning night on the US markets overnight. As my Fool colleague flagged this morning, the US S&P 500 Index rose by a stunning 4.7% during last night’s trading session. The NASDAQ 100 Index did even better, lifting by a jaw-dropping 7.5%.

These moves came after some better-than-expected inflation figures out from the US economy, which points to the possibility that interest rates might not rise as high as feared.

ASX shares, particularly tech shares, tend to be highly partial to the moves that their US counterparts make at any given time. So with such a strong showing stateside, the ASX was always going to have a good day. That is probably what is happening with the Zip share price this Friday.

Zip was probably in line for some of the best gains due to its miserable performance over 2022 thus far. Even after today’s incredible gains, the company remains down by a painful 82.9% over 2022 year to date.

So this might be why investors are in such a forgiving mood over the Zip share price today.

The post Wowsers: Why the Zip share price is up 18% today appeared first on The Motley Fool Australia.

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More reading

• Down 60% since late July, can Zip shares really ’emerge stronger from challenging times’?
• These 10 predictions could help you profit from the stock market regardless of inflation, interest rates or even another bear market
• Why is the Zip share price dropping today?
• Zip share price slides despite CEO pinpointing profit timeline
• What could this proposed regulation mean for Zip shares?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc., MEGAPORT FPO, WiseTech Global, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. and WiseTech Global. The Motley Fool Australia has recommended MEGAPORT FPO. 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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