The Polynovo Ltd (ASX: PNV) share price has been thrown into the freezer this afternoon as the company gets ready to release what could be big news.

The medical devices developer appears to be preparing to announce a major product has received United States Food and Drug Administration (FDA) clearance.

The Polynovo share price was trading flat at $1.36 prior to being frozen ahead of the anticipated announcement.

Let’s take a closer look at what’s going on with the S&P/ASX 300 Index (ASX: XKO) stock today.

Polynovo stock in the freezer ahead of FDA news

The Polynovo share price isn’t going anywhere this afternoon. Meanwhile, fans are likely on the edge of their seats as they prepare to learn of the company’s latest news.

In requesting its trading halt, the company hinted that a “major” product had received clearance from the US food and drug regulator.

The approval could have a huge impact on the company’s ability to market the product in the North American nation.

However, eager market watchers will likely be left waiting over the weekend. The stock will remain frozen until Tuesday’s open unless the anticipated announcement drops between now and then.

Polynovo develops medical devices using its patented bioabsorbable polymer technology, Novosorb.

Its NovoSorb Biodegradable Temporising Matrix (BTM) brought in $37.6 million of sales last financial year. The product is a dermal scaffold for the regeneration of dermis that’s lost through surgery or burn.

The company lodged an application for FDA clearance for its Novosorb MTX product early last month.

Polynovo share price snapshot

This year has been a rough one for the Polynovo share price.

The stock has slumped 13% since the start of 2022. It’s also trading for 30.5% less than it was this time last year.

For comparison, the ASX 300 has slipped 11% year to date and 10% over the last 12 months.

The post Polynovo share price halted amid FDA news appeared first on The Motley Fool Australia.

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• 3 ASX 300 healthcare share winners on Wednesday
• Why did the Polynovo share price plunge 17% today?
• Why Aussie Broadband, Grange, NextDC, and PolyNovo shares are being hammered
• Polynovo share price plummets 15% despite surging full-year revenue
• Why City Chic, Macquarie Telecom, Polynovo, and Smartgroup shares are sinking

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 POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down a disappointing 1.4% to 6,748.9 points.

Four ASX shares that have avoided the selloff are listed below. Here’s why they are charging higher:

Computershare Limited (ASX: CPU)

The Computershare share price is up 3% to $25.68. This is despite there being no news out of the stock transfer and mortgage services company. However, given how it is positively leveraged to rising interest rates, investors may be snapping up shares on the belief that rates will go higher than initially thought.

Critical Resources Ltd (ASX: CRR)

The Critical Resources share price is up a further 3% to 7.8 cents. This lithium explorer’s shares have been on fire this week thanks to the release of a positive update on the 100% owned Mavis Lake Lithium Project. According to the release, assay results have returned the highest grade lithium results in the company’s history.

Judo Capital Holdings Ltd (ASX: JDO)

The Judo Capital share price is up over 2% to $1.19. This morning the business bank successfully priced its inaugural public senior unsecured benchmark bond issuance. Judo has issued a three-year fixed rate note priced at 265 basis points over the three-year swap rate. Management notes that the senior unsecured transaction represents another important milestone against the execution of Judo’s comprehensive funding strategy.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is up 2% to $1.68. This follows news that the fund manager is extending its share buyback for up to 10% of its issued share capital for another 12 months. The fund manager intends to buy shares should its board determine that the Platinum share price is trading at a significant discount to its underlying value.

The post Why Computershare, Critical Resources, Judo Capital, and Platinum shares are charging higher appeared first on The Motley Fool Australia.

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• Here are the top 10 ASX 200 shares today
• Guess which ASX 200 share is holding firm amid today’s carnage
• 3 ASX mining shares leaping more than 20% on battery minerals news
• 3 ASX 200 directors who have been selling shares in their companies this week
• Here are the top 10 ASX 200 shares 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 Judo Capital Holdings Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The A2 Milk Company Ltd (ASX: A2M) share price is down 0.71% today to $5.56 at the time of writing.

That’s a superior performance to the S&P/ASX All Ordinaries Index (ASX: XAO), which is down 1.5%.

A2 Milk share investors have had a rocky few years. In fact, they’ve been terrible years. This is an ASX share that has been truly relegated to the doghouse over the pandemic period.

Let’s take a look at recent history.

The A2 Milk share price plunge

Back in July 2020, the A2 Milk share price was at an all-time high of $20.05. Since then, it has fallen 72%.

No one said the buy-and-hold strategy is easy.

To be fair, investors who bought in at the time of the initial public offering (IPO) in 2015 have still made a bundle. A total of 895%, to be precise (incorporating that painful 72% fall in recent years).

As my Fool colleague Sebastian points out, A2 Milk was once considered a market darling. In fact, it was viewed as an ASX growth share.

Between April 2015 and April 2018, the A2 Milk share price rose by an astounding 2,000%. After this honeymoon period, it experienced some volatility but continued to move up gradually until July 2020.

And then came the impact of the COVID-19 pandemic, which had a profound effect on A2 Milk’s daigou channel.

Are things turning around?

A2 Milk’s FY22 full-year results revealed revenue and earnings about 5% above consensus expectations.

The company reported a 59% lift in underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) to NZ$196.2 million. Its net profit after tax (NPAT) was up 42.3% to NZ$114.7 million.

A2 Milk told the market it expected high single-digit revenue growth in FY23.

What do the experts think?

In a recent webinar, equity analyst Anna Milne from WAM Leaders Ltd (ASX: WLE) was positive on A2 Milk.

Milne said:

So the CEO has made a lot of brave decisions recently to try and turn A2 around, and green shoots are starting to appear.

The daigou channel is now economical and they have price and margin, and it’s just one of these defensive names that has been in the doghouse. So we do like A2 Milk.

Leading fund manager Perpetual Equity Investment Company (ASX: PIC) is on the same page as Milne. The fundie sees “material upside” to the current A2 Milk share price, as my colleague Bruce reported.

In Perpetual equity’s August update, it noted that the most pleasing aspect of A2 Milk’s results was the strong growth of the China Label infant formula business. Despite a significantly lower birth rate in China, A2 Milk’s infant formula business had revenue growth of 40%. 

Finally, Bell Potter has retained its buy rating and lifted the share price target on A2 Milk to $6.60.

As my Fool friend James reported, Bell Potter was impressed that A2 Milk’s Australia-China exports were up 111% year over year in July — the “strongest read in nine months” — and China infant formula imports were up 31%.

The post Could the A2 Milk share price be ready to leave the ‘doghouse’? appeared first on The Motley Fool Australia.

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More reading

• Leading fund manager sees “material upside” to the a2 Milk share price
• Broker says the A2 Milk share price can charge even higher
• Why A2 Milk, BHP, Lovisa, and Nickel Industries shares are charging higher
• Why is the A2 Milk share price storming 6% higher on Monday?
• A2 Milk share price on watch following China update

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended A2 Milk. 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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Of the dividends that are coming ASX investors’ way this month, the Rio Tinto Limited (ASX: RIO) dividend must surely be among the most anticipated.

Like its contemporaries in the mining space, the last few years have seen record dividends from Rio Tinto. That’s thanks largely to historically high commodity prices.

Rio announced its half-year earnings back in July. Back then, investors might have initially experienced disappointment with what the company reported in terms of revenue and earnings.

But they might also have been disappointed that Rio did not declare a special dividend to accompany its interim payment. For the past few years, Rio has included a special dividend payment alongside its regular dividends. But not this time.

Saying that, it might be hard to dismiss the fact that the US$2.76 per share fully-franked interim dividend will be the second-highest ever doled out by Rio Tinto.

Unfortunately for would-be Rio investors, the company’s shares have already traded ex-dividend for this upcoming payment. The ex-dividend date was way back on 11 August.

So anyone who has bought Rio Tinto shares since will be ineligible for this payment. But eligible investors will only see the cash (or additional shares, if the dividend reinvestment plan is preferred) next week on 22 August.

The ASX will be closed on that day due to the public holiday commemorating the late Queen Elizabeth II. But Rio’s dividend is still scheduled to be paid out then.

Rio Tinto’s next dividend finally revealed

But today, investors got some happy news to keep the home fires burning until next week’s payday. Rio has announced the final amount that ASX investors are set to receive.

The miner normally declared its dividend payments in US dollars when first announced. It then announces what its investors will receive in the local currency closer to the date, based on prevailing exchange rates.

So we already know that next week’s dividend would be worth US$2.76 per share. But today, we found out that ASX investors can expect a payment of $3.837 per share in our currency.

Rio Tinto shares will have a trailing dividend yield of 10.39% on the current pricing when the dividend is paid. That’s 11.32% if we include the value of the special dividend from earlier this year as well.

The post Hanging out for your Rio Tinto dividend? Here’s the latest appeared first on The Motley Fool Australia.

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• Morgan Stanley just boosted its outlook for aluminium. Here’s which ASX shares have exposure
• How big will the Rio Tinto dividend be in 2023?
• ASX 200 mining shares stage significant rebound in afternoon trading
• Rio Tinto share price slides despite new $3bn iron ore project
• Rio Tinto share price shrugs off latest blow to Turquoise Hill deal

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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ASX lithium shares are taking a beating today.

Granted, it’s a tough day on the market overall.

In afternoon trading the All Ordinaries Index (ASX: XAO) is down 1.5%.

But energy and metals mining stocks – of which ASX lithium shares arguably have a footprint in each – are doing it tougher.

This sees the S&P/ASX 300 Metals & Mining Index (ASX: XMM) down 2.5% while the S&P/ASX 200 Energy Index (ASX: XEJ) is down 4.1% at this same time.

How are ASX lithium shares holding up?

ASX lithium shares have been among the top performers in 2022.

But not today.

At the time of writing here’s how these stocks are holding up:

• Allkem Ltd (ASX: AKE) shares down 4.0%
• Core Lithium Ltd (ASX: CXO) shares down 6.0%
• Pilbara Minerals Ltd (ASX: PLS) shares down 3.0%
• Lake Resources N.L. (ASX: LKE) shares down 2.7%

Not that you should break out your tiny violin for long-term ASX lithium shareholders quite yet!

Here are the returns from these same stocks over the past 12 months:

• Allkem Ltd (ASX: AKE) shares up 60%
• Core Lithium Ltd (ASX: CXO) shares up 207%
• Pilbara Minerals Ltd (ASX: PLS) shares up 95%
• Lake Resources NL (ASX: LKE) shares up 79%

That compares to a 10% full-year loss posted by the All Ordinaries.

So, after all this outperformance, what’s going on?

Why the big Friday fire sale?

Lithium prices are flat over the past day and remain up 4% over the month and a whopping 242% over 12 months.

So, we can’t point the finger of blame there.

Instead, it looks like another rough day of selling in US markets – with futures pointing to more pain tomorrow (overnight Aussie time) – is pressuring shares across the board.

That fall was driven by inflation figures in the world’s largest economy coming in 0.1% higher in August than the numbers reported in July, while the market had largely priced in lower inflation.

This means investors can expect more hawkish tightening from the US Federal Reserve. And higher rates are particularly onerous to growth shares, like many lithium stocks, which are priced with future earnings in mind.

ASX lithium shares are also taking a harder fall in part because they have outperformed so strongly. Some profit taking is likely taking place today as investor sentiment again turns more risk averse.

The post ASX lithium shares take a beating on Friday appeared first on The Motley Fool Australia.

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• Why is the Pilbara Minerals share price in reverse today?
• Why is the Lake Resources share price tumbling again?
• Why is the Core Lithium share price sliding 4% today?
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why Lake, Pushpay, South32, and Tyro shares are dropping

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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The BHP Group Ltd (ASX: BHP) share price has had a rough year so far, falling nearly 10% since the start of 2022.

While that leaves it outperforming the S&P/ASX 200 Index (ASX: XJO) – it’s fallen 11% year to date ­– the stock’s tumble has left brokers tipping a considerable potential upside.

The BHP share price is $38.05 at the time of writing, having dumped 6% over the last 30 days.

For context, both the ASX 200 and the S&P/ASX 200 Materials Index (ASX: XMJ) have slumped 5% since this time last month.

Do experts think the iron ore giant can pull out of its strop? Let’s take a look.

Is the BHP share price a buy right now?

Most experts offer a bullish outlook for the BHP share price. However, one top broker is breaking away from the pack in doubting the ASX 200 giant.

And that broker is UBS. It’s tipping the BHP share price to slide 6.7% to $35.50 amid falling commodity prices, my Fool colleague James reported earlier this month.

UBS isn’t alone in questioning commodity prices. Fitch Solutions is said to have dropped its outlook for iron ore earlier this week.

It now tips the steelmaking ingredient’s value to average US$115 a tonne this year, falling to US$100 a tonne in 2023, and by another US$10 each year thereafter until 2025, the Australian Financial Review reports.  

But, while iron ore makes up a large portion of BHP’s business, some tip its coal production to drive its stock higher in the near term.

According to The Australian, Macquarie lifted expectations on both the price of coal and BHP’s shares earlier this week. The broker now tips the BHP share price to lift 10% to $42.

Meanwhile, Morgans has flagged the mining giant as one of its top tips for September. Its analysts slapped the stock with a whopping $48 price target – representing a potential 26% upside, saying:

While there are more leveraged plays sensitive to a global recovery scenario, we see BHP as holding an attractive combination of upside sensitivity, balance sheet strength, and resilient dividend profile.

Finally, Citi and Goldman Sachs have both slapped the stock with buy ratings and respective price targets of $44.50 and $40.50.

The post BHP shares: Buy, hold, or fold? appeared first on The Motley Fool Australia.

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• 3 blue-chip ASX 200 shares touting the highest dividend yield in September
• What’s with ASX copper shares on Thursday?
• ASX 200 shares dump $60 billion in horror session. Here’s how Wednesday unfolded
• ASX 200 mining shares stage significant rebound in afternoon trading
• Rio Tinto share price slides despite new $3bn iron ore project

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 Goldman Sachs. The Motley Fool Australia has recommended Macquarie Group Limited. 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 large 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:

Endeavour Group Ltd (ASX: EDV)

According to a note out of Goldman Sachs, its analysts have retained their buy rating and $8.10 price target on this drinks company’s shares. This follows news that the Tasmanian government intends to introduce a state-wide player card system to protect those most at risk of problem gambling. Goldman feels this will be immaterial to Endeavour’s earnings and remains positive on its long term growth. This is being underpinned by its loyal customer base and focus on digitisation. The Endeavour share price is trading at $7.15 today.

Mineral Resources Limited (ASX: MIN)

A note out of UBS reveals that its analysts have retained their buy rating and $83.00 price target on this mining and mining services company’s shares. UBS has been looking at the potential spin off of the company’s lithium operations. Its analysts suspect that its lithium operations could trade at around 6x EBITDA on Wall Street, valuing the business at about A$17 billion. This compares to the current Mineral Resources market capitalisation of A$13 billion, which includes more than just its lithium operations. The Mineral Resources share price is fetching $67.75 this afternoon.

Westpac Banking Corp (ASX: WBC)

Analysts at Citi have retained their buy rating and lifted their price target on this banking giant’s shares to $30.00. Citi has become even more positive on the bank thanks to rising rates and their unprecedented levels of liquidity. Its analysts are expecting this to boost its net interest margin meaningfully in FY 2023 and has upgraded their earnings estimates to reflect this. The Westpac share price is trading at $21.55.

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

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• Attention Endeavour shareholders: Here’s some news on your dividends
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• Could Westpac shares soon be saying bon voyage to money managing?
• 5 things to watch on the ASX 200 on Friday
• Which ASX 200 bank share will win the great tech battle?

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

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Well, ASX 200 shares and the share market overall has had an extremely rocky September so far. The S&P/ASX 200 Index (ASX: XJO) has lost around 3.3% since the start of spring, including the nasty 1.3% loss we have seen from today’s session so far.

The ASX 200 has seen gains of more than 4%, and losses of more than 3% during the past 16 days. Talk about volatility.

This is precisely why many investors enjoy the relative consistency of dividend returns. Markets may move up and down, but cash is certain.

So considering the wild month we have had so far in September, it might be a good time to examine which ASX 200 blue chip dividend shares are offering the highest yields right now.

The Big Australian makes a splash

The first is a company we’d all be familiar with: BHP Group Ltd (ASX: BHP). The ‘Big Australian’ has long held a reputation as a dividend heavyweight on the ASX. But in recent years, the company has managed to turn this up to 11.

Record commodity prices have seen BHP pay out the biggest dividends in its long history in recent years. Today, the mining giant is sitting on a trailing dividend yield of 12.12%.

That comes from its last two dividend payments, which were worth $2.08 and $2.55 per share respectively. BHP’s dividends come fully franked too, which means this yield grosses up to a whopping 17.32% if we include the value of that franking.

Tabcorp Holdings Ltd (ASX: TAH) is next up. This gaming company is also boasting an eye-catching dividend yield at present. Come 23 September, Tabcorp will have paid out two dividends over the past 12 months, both worth 6.5 cents per share, fully franked.

At the current Tabcorp share price of 97 cents, this gives the company a trailing yield of 13.33% right now. However, two caveats. The first is that Tabcorp is set to be kicked out of the ASX 200 next week, largely thanks to its reduced market capitalisation after the spinoff of Lottery Corporation Ltd (ASX: TLC) earlier this year.

The second is that this spinoff removed a significant chunk of Tabcorp’s business. So it’s unclear if the company will be able to fund our dividends at these levels going forward. Saying that, Lottery Corp was spun out back in May, and Tabcorp will pay out 6,5 cents per share later this month, so this could be a good sign.

The highest-yielding ASX 200 dividend share?

Finally, we have Magellan Financial Group Ltd (ASX: MFG) Magellan’s status as a blue chip share might arguably be under threat, thanks to its near-75% plunge in value since the middle of last year. However, the fund manager’s dividends might be enough to tempt investors into a second look.

Magellan has doled out $1.79 in dividends per share over the past 12 months. Yes, the 68.9 cents per share final dividend that investors received earlier this month was a big drop from the $1.14 final dividend from last year. But this still leaves Magellan with a trailing yield of 14.21% right now.

One final thing to keep in mind with these ASX 200 dividend shares though. A company’s trailing dividend yield represents the value of past dividend payments, not future ones. there is nothing guaranteeing that investors buying these three shares today will continue to receive the advertised yields going forward.

Any dividend share can cut its dividend payments with little warning to shareholders. So keep that in mind. No one wants to buy into a dividend trap.

The post 3 blue-chip ASX 200 shares touting the highest dividend yield in September appeared first on The Motley Fool Australia.

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• What’s with ASX copper shares on Thursday?
• ASX 200 shares dump $60 billion in horror session. Here’s how Wednesday unfolded
• ASX 200 mining shares stage significant rebound in afternoon trading
• Here are the top 10 ASX 200 shares today
• Magellan share price drops 5% amid broader sell-off

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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The Woodside Energy Group Ltd (ASX: WDS) share price is set to end the week on a sour note as weakening oil prices and controversy over its $30 billion Browse gas project is weighing on sentiment.

Our largest ASX energy share is among those leading losses in the sector with a 4.48% drop to $32.22 in afternoon trade.

In contrast, the S&P/ASX 200 Index (ASX: XJO) is giving up 1.51%. Although it’s the energy sector that is the worst-performing group.

Why are ASX energy shares lagging the market

Woodside’s peers aren’t faring much better. The Beach Energy Ltd (ASX: BPT) share price is down 4.55% to $1.63. Meanwhile, the Santos Ltd (ASX: STO) share price has surrendered 3.39% to $7.69.

You can blame the close to 4% overnight decline in the Brent oil price to US$90.65 for the sector’s woes.

Fear of a global recession sparked by too-aggressive rate hikes from central banks in the United States across to Australia triggered the sell-off.

Browse project hangs heavy on Woodside’s share price

It doesn’t help that Woodside is copping fierce criticism from environmental groups for its Browse LNG project in Western Australia after it submitted its final environmental impact statement (EIS) to the government.

Greenpeace estimates that Browse’s lifetime Scope 1 and Score 3 emissions will total 1.6 billion tonnes of carbon, reported the Sydney Morning Herald.

Scope 1 emissions measure the amount of carbon released from the project, while Scope 3 measures carbon from customers using gas from Browse.

The article also noted that Woodside avoided any commitment to “bury” 107 million tonnes of carbon.

Fuzzy maths plague carbon calculations

The final EIS said burying the carbon via carbon capture and storage is a “high-risk, high-cost” option. Therefore, it isn’t part of the base plan.

The 107 million tonnes of CO2 represent 33 times Woodside’s direct emissions in 2021. One would think that by not dealing with this issue, the ASX energy giant would not be able to meet its own climate goals.

Interestingly, management is insisting that pushing ahead with the stalled project can contribute to hitting the goals of the Paris climate accord.

Its reasoning is that Browse could cut 342 million tonnes of carbon from the atmosphere. This is the difference between using gas from the project to generate power and using fossil fuels.

Woodside share price snapshot

While the Woodside share price may be struggling today, it is up over 53% in the past 12 months. This makes it the best performer among the major ASX energy shares.

The Beach Energy share price is a touch behind with its 48% advance while Santos is sitting on a 20% gain.

In contrast, the ASX 200 lost over 9% of its value in the past year.

The post Why is the Woodside share price having such a woeful end to the week? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today
• Why Clover, Select Harvests, Whitehaven Coal, and Woodside shares are storming higher
• How this fundie is beating the ASX 300 without fossil fuels
• Why is the Woodside share price surging 4% on Thursday?

Motley Fool contributor Brendon Lau has positions in Santos 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 Lithium Energy Ltd (ASX: LEL) share price is sliding today amid broader weakness among ASX lithium shares.

Lithium Energy shares are currently trading at $1.24, a 3.5% fall. However, in earlier trade Lithium Energy shares tumbled 8.56% before pulling back. For perspective, the S&P/ASX 200 Materials Index is down 2% today.

Let’s take a look at what could be impacting the Lithium Energy share price today.

What’s going on?

Lithium Energy is a battery minerals company exploring lithium and graphite. This includes the Solaroz Lithium Project in Argentina, and the Burke Graphite Project in Queensland.

The Lithium Energy share price is down today, but it is not alone among ASX lithium shares. The Core Lithium Ltd (ASX: CXO) share price is down 5.18%, while Allkem Ltd (ASX: AKE) is falling 3.7%. Meanwhile, the Pilbara Minerals Ltd (ASX: PLS) share price is sliding 2.67%.

This follows a tough night on Wall Street in the USA for higher risk shares. Multiple lithium giants had a rough day on the New York Stock Exchange.

For example, Lithium Americas Corp (NYSE: LAC) fell 4% overnight, while Sociedad Quimica y Minera de Chile (NYSE: SQM) tumbled 7.91% and Albemarle Corporation (NYSE: ALB) fell 6.49%.

Sociedad Quimica y Minera de Chile advised it will need to spend $1.5 billion to cut its brine extraction in half by 2030, as my Foolish colleague James reported this morning.

Yesterday, Lithium Energy announced it had completed a $15 million capital raise. This will fund a ramp-up of drilling at the company’s Solaroz Lithium Brine Project.

Drilling is underway at the project. Fifteen million shares were issued at $1 per share. Lithium Energy shares fell 4% in early morning trade yesterday, before recovering and finishing the day 7.98% ahead.

Share price snapshot

The Lithium Energy share price has soared 116% in the past year, while it is rising 33% year to date.

For perspective, the ASX 200 Materials Index has slid 3% in the past year.

Lithium Energy has a market capitalisation of nearly $56 million based on the current share price.

The post Why is the Lithium Energy share price sliding today? appeared first on The Motley Fool Australia.

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More reading

• Morgan Stanley just boosted its outlook for aluminium. Here’s which ASX shares have exposure
• Guess which ASX mining share just soared 62% on a ‘significant rare earth discovery’
• Why is the Pilbara Minerals share price in reverse today?
• Why is this small-cap ASX lithium share rocketing 43% in a week?
• Why is the Sayona Mining share price diving 5% on Friday?

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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