S&P/ASX 200 Index (ASX: XJO) shares pushed through another day of big earnings news as the index lifted for a third consecutive day. It closed Tuesday’s session 0.58% higher at 7,105.4 points, marking a new nine-week high.

The S&P/ASX 200 Materials Index (ASX: XMJ) led the way today, gaining 1.7%. Its top-performing constituent was BHP Group Ltd (ASX: BHP) after the iron ore giant posted a US$21.3 billion underlying attributable profit and a US$1.75 final dividend.

The sector’s strong performance was made more impressive by the struggling iron ore price. Iron ore futures slipped 2.8% overnight to reach US$106.79 a tonne. Meanwhile, some base metal prices fell as much as 4.5% and gold futures slumped 1% to US$1,798.1 an ounce.

The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) and the S&P/ASX 200 Health Care Index (ASX: XHJ) also outperformed, each gaining 1%.

It wasn’t all sunshine on the market today, however. The S&P/ASX 200 Energy Index (ASX: XEJ) slumped 1%. The Beach Energy Ltd (ASX: BPT) share price struggled for a second consecutive day to close down 3.95%. This is seemingly spurred by the company’s full-year results released yesterday.

All in all, nine of the ASX 200’s 11 sectors lifted on Tuesday. But which ASX share was the index’s top performer? Keep reading to find out.

Top 10 ASX 200 shares countdown

Tuesday’s best-performing ASX 200 share was Life360 Inc (ASX: 360). The tech company released its first-half results this morning, revealing its revenue had more than doubled year over year. Find out more about what Life360 has been up to here.

Today’s biggest gains were made by these ASX shares:

ASX-listed company	Share price	Price change
Life360 Inc (ASX: 360)	$5.80	5.45%
Pointsbet Holdings Ltd (ASX: PBH)	$3.90	5.41%
Event Hospitality and Entertainment Ltd (ASX: EVT)	$15.35	5.07%
BHP Group Ltd (ASX: BHP)	$40.51	4.09%
Altium Ltd (ASX: ALU)	$31.73	3.66%
Amcor CDI (ASX: AMC)	$18.45	2.79%
NIB Holdings Limited (ASX: NHF)	$7.12	2.45%
Aurizon Holdings Ltd (ASX: AZJ)	$3.99	2.31%
Endeavour Group Ltd (ASX: EDV)	$8.16	2.26%
Clinuvel Pharmaceuticals Limited (ASX: CUV)	$20.05	1.98%

Our top 10 ASX 200 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• Why has the Panoramic Resources share price surged 40% in a month?
• Are Coles shares an ASX buy ahead of the company’s earnings next week?
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Why BHP, Life360, Tassal, and Temple & Webster shares are charging higher
• Shopping Centres Australasia share price slips on FY22 results

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 Altium, Life360, Inc., and Pointsbet Holdings Ltd. The Motley Fool Australia has positions in and has recommended Amcor Limited. The Motley Fool Australia has recommended Aurizon Holdings Limited, NIB Holdings Limited, and Pointsbet Holdings Ltd. 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 iShares S&P 500 ETF (ASX: IVV) has been a solid performer for investors over the last month, it has risen by 7%. That’s a stronger performance than the 6.2% return for the S&P/ASX 200 Index (ASX: XJO).

As some investors may be aware, the performance of an exchange-traded fund (ETF) is dictated by the underlying holdings.

If, collectively, the value of the businesses that an ETF owns go up, then this benefits the ETF’s value.

The same can happen going downwards as well. When the group of shares that the ETF owns go down in value, then this would hurt the value of the ETF.

The S&P 500 represents a portfolio of around 500 businesses.

What shares are in the iShares S&P 500 ETF?

These are some of the biggest holdings in the S&P 500 ETF on 12 August 2022:

Apple (7.3%)

Microsoft (6%)

Alphabet (3.9%)

Amazon (3.5%)

Tesla (2.1%)

Berkshire Hathaway (1.5%)

UnitedHealth (1.4%)

Nvidia (1.3%)

Johnson & Johnson (1.2%)

Of course, there are hundreds of other names like Costco, Disney and McDonalds.

How did those names perform?

Let’s have a look at how some of the biggest positions have performed over the past month, as these are the ones that would have the biggest influence on the overall iShares S&P 500 ETF performance.

Over the last month, Apple shares are up 17.75%, Microsoft shares are up 15.4%, Alphabet shares are up 12%, Amazon shares are up 25.9% and Tesla shares are up 28.6%.

These numbers indicate that the biggest shares actually performed much better than the overall S&P 500 index – it was other index constituents that didn’t do as well. For example, over the past month, the Johnson & Johnson share price is down 4.7%.

Why are the technology shares rising?

To truly know the answer to that question, you’d need to ask the buyers and sellers of those shares of the past month why they transacted at the price they did. This could explain what has happened to the iShares S&P 500 ETF.

There has been a lot of volatility in 2022. Investors have been trying to get to grips with inflation and rising interest rates. Central banks are increasing interest rates to try to bring inflation under control.

Warren Buffett once said this about interest rates:

The value of every business, the value of a farm, the value of an apartment house, the value of any economic asset, is 100% sensitive to interest rates because all you are doing in investing is transferring some money to somebody now in exchange for what you expect the stream of money to be, to come in over a period of time, and the higher interest rates are the less that present value is going to be. So every business by its nature…its intrinsic valuation is 100% sensitive to interest rates.

But, some iShares S&P 500 ETF investors may be thinking that interest rates may not need to go as high as previously expected. Monthly inflation in the US may have peaked after the latest figure was lower than the previous month. But, the next question is not ‘how high’ inflation goes, but ‘how long’ elevated inflation remains. Time will tell.

The post Here’s why the iShares S&P 500 ETF (IVV) has climbed 7% in a month appeared first on The Motley Fool Australia.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. 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 positions in and has recommended Alphabet (A shares), Alphabet (C shares), Amazon, Apple, Berkshire Hathaway (B shares), Costco Wholesale, Microsoft, Nvidia, Tesla, and Walt Disney. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Johnson & Johnson and UnitedHealth Group and has recommended the following options: long January 2023 $200 calls on Berkshire Hathaway (B shares), long January 2024 $145 calls on Walt Disney, long March 2023 $120 calls on Apple, short January 2023 $200 puts on Berkshire Hathaway (B shares), short January 2023 $265 calls on Berkshire Hathaway (B shares), short January 2024 $155 calls on Walt Disney, and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Amazon, Apple, Berkshire Hathaway (B shares), Nvidia, Walt Disney, and iShares Trust – iShares Core S&P 500 ETF. 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 Bitcoin (CRYPTO: BTC) price is trading right about where it was this time last week.

Meanwhile, Ethereum (CRYPTO: ETH), the world’s number two crypto, remains up 5% over the week.

We say ‘remains’ up because both tokens have lost ground over the past 24 hours.

The Bitcoin price is down 4% while Ethereum is down 6%.

Still, Ethereum has gained an impressive 36% over the last month compared to a price gain of 11% for BTC.

So why has Ethereum been outperforming?

Ethereum outpaces Bitcoin price gains as Merge approaches

The answer to Ethereum’s outperformance looks to be the upcoming Merge.

This will see the Ethereum blockchain transition from proof of work (POW) to proof of stake (POS). Once complete, the POW protocol will require a lot less computing power, cutting costs, increasing efficiency, and producing far less carbon emissions.

While the Merge has been underway for well over a year now, it may finally go from the final testing stages to live use by the middle of next month.

Commenting on how this transition has helped Ethereum rally faster than the Bitcoin price, eToro’s market analyst and crypto expert Simon Peters said:

In terms of how the market is reacting there is now obvious evidence that it is becoming more actively sensitive to developments on The Merge. The [Ethereum]price has been on an upward trajectory and has reacted positively to developments as investors buy into the token ahead of the change.

But there is a more fundamental long-term potential here. The POS change will alter the economics of the token. While other blockchains already use POS, none have the sheer scale and variety of uses compared to Ethereum.

Will it last?

The Ethereum and Bitcoin price have both fallen over the past day. Is the Merge party over?

Addressing the retrace, Matt Maley, chief market strategist at Miller Tabak & Co, said there may be some profit taking going on. He noted investors may be cautious with some worrying economic data coming out of China.

Maley said (quoted by Bloomberg), “We have to realise that the crypto market is still speculative. I think it’s normal and healthy, digesting the recent gains, especially in Ethereum.”

Looking ahead, Alkesh Shah, global crypto strategist at Bank of America, cautioned of potential further corrections ahead for risk assets, which would likely see the Ethereum and Bitcoin prices fall.

“Our view is that risks related to rising rates, inflation and a mild recession are likely discounted,” he said. “But the potential for a hard recession … may result in growth underperformance and another risk asset correction, including crypto/digital assets.”

The post This is why Ethereum has been outpacing the Bitcoin price gains. Will it last? appeared first on The Motley Fool Australia.

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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 positions in and has recommended Bitcoin and Ethereum. The Motley Fool Australia has positions in and has recommended Bitcoin and Ethereum. 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 Panoramic Resources Ltd (ASX: PAN) share price has taken off over the past month, up almost 42%.

In today’s session, the small-cap nickel and gold explorer once again closed higher, up 6.25% to 25.5 cents.

The company’s wild run of late includes two separate share price spikes over the past four weeks.

Let’s examine.

What’s pushing the Panoramic Resources share price?

The first share price surge occurred on 1 August. That’s when Panoramic Resources reported further positive drilling results at its Savannah Nickel Project in Western Australia.

The company reported “mineralisation thicknesses continue to be significantly better than predicted”.

In its statement, the company said:

Results from the first two drill fans above the 900 Fault have the potential to significantly increase the Savannah Mineral Resource in this area of the mine and support the development of a second mining front to support mining operations at Savannah North.

On the same day, Panoramic delivered a presentation at the Diggers & Dealers Mining Forum.

Investors bid up the Panoramic Resources share price to 22 cents that day, a 10% gain.

How BHP’s offer to buy Oz Minerals helped Panoramic

The biggest news out of the resources space this month is the takeover offer made by BHP Group Ltd (ASX: BHP) to OZ Minerals Limited (ASX: OZL).

OZ Minerals is a significant player in the copper and nickel segments. BHP offered to buy OZ Minerals for $25 per share, which was a 32% premium on the share price at the time.

BHP is the biggest company on the ASX, with a whopping market cap of $197 billion. To put that into perspective, it single-handedly accounts for 11% of the value of the ASX 200.

When a company of this significance offers a premium price to buy you out, you must have something it seriously wants. And in the case of OZ Minerals, that’s copper and nickel.

These two minerals are expected to play a large role in the decarbonisation era, and the takeover attempt reinforced their importance. This had a flow-on effect to many smaller ASX mining shares. It benefitted Panoramic Resources because the company derives most of its revenue from nickel mining activities.

Oz Minerals announced the rejected offer on 8 August, sparking massive media and investor attention.

Since then, the Panoramic Resources share price has ascended 20%.

The future of nickel and electric vehicles

Rising demand for nickel has also helped the Panoramic Resources share price trajectory of late.

The price of the commodity has increased by 6.5% over the past month, according to Trading Economics.

Nickel is now one of the world’s most in-demand metals, according to reporting on abc.net.au.

Right now, nickel is primarily used to make stainless steel. But it’s also needed in the lithium-ion batteries that make electric vehicles (EVs) run. In fact, those batteries need more nickel than lithium to function.

The article cited a CSIRO report that shows “about five times as much nickel (48,006 kilotonnes) will be needed to meet global demand by 2050 as lithium (8,990 kilotonnes)”.

The article quoted Jessica Farrell, who is the president of the BHP Nickel West operations:

If we look out to 2030, we see a 60% increase in electric vehicles and then out to 2040 we see that going up another 30%, to 90%.

So, we see an incredibly good trajectory for demand — and that’s globally.

We’ll also see that transition locally, I think, a lot faster than we expect.

Panoramic Resources share price snapshot

The Panoramic share price is up 48% over the past 12 months and down 14% year to date.

The post Why has the Panoramic Resources share price surged 40% in a month? appeared first on The Motley Fool Australia.

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More reading

• Why is nickel such a big deal and which ASX shares have exposure?
• Why BHP, Life360, Tassal, and Temple & Webster shares are charging higher
• The BHP share price now trades on a fully franked dividend yield of 11%
• Everything you need to know about the latest BHP dividend
• BHP share price charges 5% higher on ‘better than expected result’

Motley Fool contributor Bronwyn Allen has positions in BHP Billiton Limited. 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 Northern Star Resources Ltd (ASX: NST) share price has continued to tread higher in the past month.

At the end of market trade on 15 July, shares in the gold miner finished the day at $6.75 apiece.

Fast forward a month, and the share has closed at $8.11, up 20% over the period.

Let’s take a look at what’s causing Northern Star shares to regain their shine lately.

What’s happened to the Northern Star share price?

A rebound in confidence across the market appears to be leading the Northern Star share price higher since mid-July.

The S&P/ASX 200 Resources (ASX: XJR) sector closed 1.17% higher to 5,442.4 points today and is up 13% in a month.

In July, the ASX experienced strong volatility as concerns mounted over the gloomy outlook of the world economy amid inflationary pressures.

However, this has all been put to bed for now as the latest consumer price index data out of the US indicated inflation was cooling off.

With that being said, the market has been nudging higher as it’s likely that the US Federal Reserve will lay off its aggressive monetary tightening policy.

This is particularly important for the price of gold, as lower interest rates mean higher gold prices.

Investors tend to shift away from low-performing asset classes such as government bonds when the market is brimming with confidence.

In effect, stronger demand for gold leads to higher prices for it which, in turn, affects Northern Star’s earnings.

At the time of writing, the price of the yellow metal is hovering around US$1,780 per ounce, up 4% in the past 30 days.

What do the brokers think?

Late week, a couple of brokers weighed in with their thoughts regarding the Northern Star share price.

According to ANZ Share Investing, UBS cut its price target by 2% to $9.80 for the gold miner’s shares.

On the other hand, JPMorgan raised its rating by 5.6% to $9.50 per share.

Based on today’s price, this represents an upside of 20.8% and 17%, respectively.

Both brokers believe Northern Star shares are significantly undervalued given the current economic environment.

Northern Star is scheduled to report its FY22 results on Wednesday 24 August.

The post Why has the Northern Star share price climbed 20% in a month? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Monday
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• Is the Northern Star share price on the way back up?
• 5 things to watch on the ASX 200 on Monday
• How are ASX 200 gold shares reacting to the RBA rate hike?

Motley Fool contributor Aaron Teboneras has positions in Northern Star Resources Limited. 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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It’s been a pretty positive day for the Coles Group Ltd (ASX: COL) share price. At the closing bell, Coles shares were trading at $18.97 each, up a healthy 1.12% for the day.

That looks pretty good against the S&P/ASX 200 Index (ASX: XJO), which also rose, but by a less impressive 0.58%.

But no doubt most shareholders will be more excited, or perhaps concerned, about what is going to happen to the Coles share price next week. That’s because on 24 August, Coles is scheduled to report its full-year earnings for the 2022 financial year.

So with this big date looming, let’s examine whether the ASX experts reckon it might be a good opportunity to jump into Coles shares today before we all get a good look at the books.

Are Coles shares a pre-earnings buy today?

Well, as my Fool colleague Tristan covered earlier this month, one ASX broker who is eyeing off the company right now is Citi. The broker currently rates Coles as a ‘buy’, with a 12-month share price target of $21.

If that came to pass, it would represent an upside of almost 11% from the current share price. Citi reckons the grocer is well placed to weather the current inflationary economic environment and expects profit growth at the company.

The broker is also anticipating higher dividends from Coles going forward. It is pencilling in a final dividend of 32 cents per share from Coles next week, bringing its total for FY22 to 65 cents per share. Citi is also forecasting this to rise to 75 cents per share for FY23.

But not all ASX brokers are in unison here.

Another broker we covered earlier this month was Ord Minnet. It has a ‘lighten’ rating on Coles today, with a share price target of $17 – implying a potential downside of 10% from today’s pricing. This broker reckons dampening consumer demand will not escape Coles’ bottom line.

So a bit of a mixed bag when it comes to opinions on this ASX blue chip today. Let’s now see what happens next week.

In the meantime, the Coles share price is currently up 6% this year to date. That gives this ASX 200 consumer staples share a market capitalisation of $25.32 billion, with a dividend yield of 3.22%.

The post Are Coles shares an ASX buy ahead of the company’s earnings next week? appeared first on The Motley Fool Australia.

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• Shopping Centres Australasia share price slips on FY22 results
• Endeavour share price outperforms on Tuesday to smash new, all-time high
• Sims share price slips despite stellar growth in FY22
• Why is the Rio Tinto share price lagging the ASX 200 on Tuesday?

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 positions in and has recommended COLESGROUP DEF SET. 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 struggling today.

Woodside shares are currently trading at $32.07, a 1.72% fall. For perspective, the S&P/ASX 200 Energy Index (ASX: XEJ) is down nearly 1% today.

So why is the Woodside share price falling?

Oil prices fall

The Woodside share price may be in the red today, but it is not alone among ASX oil and gas producers. The Santos Ltd (ASX: STO) share price is descending 0.63%, while the Beach Energy Ltd (ASX: BPT) is down nearly 5%.

Investors may be reacting to news on oil prices. As my Foolish colleague James reported this morning, oil prices dropped overnight due to weak economic data from China.

International benchmark Brent Crude Oil has fallen 0.86% to US$94.28 a barrel, Bloomberg data shows. Meanwhile, West Texas Intermediate (WTI) oil has descended 0.58% to US$88.89 a barrel, while Tokyo Crude Oil has slipped 1.58%.

Oil prices dropped after China, a major buyer of crude oil, released “disappointing” economic data, Reuters reported. The economy slowed, leading China’s central bank to slash lending rates.

IG Group market strategist Yeap Jun Rong said in comments cited by the publication:

Commodities prices across the board were under pressure as China’s July economic data painted a more downbeat growth picture than previously expected, which prompted renewed concerns on demand outlook

Woodside is due to report half year 2022 results on 30 August.

Woodside share price snapshot

The Woodside share price has exploded 51% in a year, while it is up 46% year to date.

In the past month, the company’s share price has climbed nearly 5%.

Woodside has a market capitalisation of nearly $61 billion based on the current share price.

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

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• Why did the Woodside share price lag the ASX 200 on Monday?
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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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It’s turning out to be another top day for the S&P/ASX 200 Index (ASX: XJO) and ASX shares this Tuesday. At the time of writing, the ASX 200 has risen by a pleasing 0.5% to just on 7,100 points.

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

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• Shopping Centres Australasia share price slips on FY22 results
• Endeavour share price outperforms on Tuesday to smash new, all-time high
• Sims share price slips despite stellar growth in FY22
• Why is the Rio Tinto share price lagging the ASX 200 on Tuesday?
• ASX 200 shrugs off prospect of further rate rises revealed in RBA minutes

Motley Fool contributor Sebastian Bowen has positions in Telstra Corporation Limited. 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 positions in and has recommended Telstra Corporation 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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ASX shares with exposure to nickel exploration and production are in the spotlight.

This comes as nickel prices are rebounding and global EV production is booming. China reported an all-time high of 571,000 EV sales in June, helping drive increased demand for the metal.

Like lithium, nickel is a core element in EV and grid storage batteries. Most of the global nickel production goes into making stainless steel. But some 15% is now used in the EV market. And that share is likely to grow, with a single Tesla battery requiring some 50 kilograms of nickel.

According to Hayden Bairstow, resources division director at Macquarie (courtesy of ABC News):

But certainly over time, expectations are that [electric vehicles] will become a much larger piece of the demand pie for nickel. It is about 15% now of the global nickel demand market, if you like, for electric vehicles.

That’s certainly grown from basically nothing a few years ago, and the expectations are that it will move into the 20s and 30% of the total, and beyond that over time, as the EV market gets larger and larger.

That strong demand growth should offer some welcome tailwinds for ASX shares with nickel exposure.

Which ASX shares have exposure?

There are a number of ASX shares with a strong focus on nickel exploration and production.

Some leading names include Poseidon Nickel Ltd (ASX: POS), Mincor Resources NL (ASX: MCR), and Nickel Industries Ltd (ASX: NIC).

Some of the biggest ASX mining shares have also been actively seeking to increase their nickel holdings, partly driven by forecasts of continued growth in EV battery demand.

In June IGO Ltd (ASX: IGO) completed its acquisition of nickel miner Western Areas.

At the time, IGO’s CEO, Peter Bradford said the move was “a logical consolidation of key nickel assets in Western Australia”. Bradford added that the acquisition improved the company’s position “as a leading, independent producer of metals critical for a clean energy future”.

BHP nickel expansion thwarted… for now

The largest ASX share of them all and one of the world’s biggest miners, BHP Group Ltd (ASX: BHP), made headline news earlier this month for its unsolicited, conditional and non-binding indicative proposal to acquire all shares in nickel and copper focused OZ Minerals Limited (ASX: OZL).

The takeover offer of $25 per share in cash was unanimously rejected by Oz Minerals’ board. Commenting on that decision, CEO Andrew Cole said, “We have a unique set of copper and nickel assets, all with strong long-term growth potential in quality locations.”

The post Why is nickel such a big deal and which ASX shares have exposure? appeared first on The Motley Fool Australia.

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More reading

• Obscure ASX mining share surges 29% following OZ Minerals copper deal update
• Here are the top 10 ASX 200 shares today
• What’s so good about copper anyway?
• How are ASX copper shares performing after Monday’s surge?
• What could another acquisition mean for BHP shares?

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 Growthpoint Properties Australia Ltd (ASX: GOZ) share price has been stuck in the mud today after the company released its FY22 results.

The ASX-listed real estate investment trust (REIT) is currently down 0.53% to $3.72. In comparison, the S&P/ASX 200 Index (ASX: XJO) is enjoying a day in the green, up 0.5%.

Let’s review Growthpoint’s FY22 results.

What did the company report?

These were the highlights of Growthpoint’s full-year results for FY22:

• Revenue lifted by 5.9% to $311.5 million relative to FY21
• Net profit attributable to security holders fell 17% from $553.2 million to $459.2 million
• Distribution of 20.8 cents per share for the year, 4% higher than FY21
• Net tangible assets (NTA) per security went up by 9.4%
• The portfolio occupancy rate remained consistent at 97%

The increase in white-collar workers returning to the office meant rental income and other revenue from the office segment rose substantially.

Office revenue increased from $183.4 million in FY21 to $193.9 million in FY22.

Industrial revenue improved marginally with a $0.9 million uptick in FY22.

There was a strong property valuation uplift of 7.9% within the portfolio, which is currently valued at $5.4 billion.

The weighted average lease expiry (WALE) increased slightly from 6.2 years to 6.3 years.

Growthpoint secured more capital through refinancing $715 million of its debt facilities and entering into $350 million of new facilities to assist with strategic acquisitions this financial year.

What else happened?

In February 2022, Growthpoint extended its on-market buyback program for up to 2.5% of issued capital.

Growthpoint only acquired 499,458 securities (0.06% of issued capital) as the company’s share price recovered for the majority of the financial year.

In early August, Growthpoint announced it had acquired Fortius Funds Management Pty Ltd, which is expected to be completed in the first quarter of FY23.

What did management say?

Commenting on the FY22 results, Growthpoint managing director Tim Collyer said:

We have a had a strong performance this year, delivering a robust set of results which reflects the successful execution of the Group’s growth strategy and underlying strength of the business.

The Group’s portfolio continues to be leased to predominantly government, listed or large organisations and has maintained its high occupancy of 97% and WALE of 6.3 years as at 30 June 2022.

Growthpoint successfully leased approximately 234,000 square metres of accommodation, with key leases signed or renewed with Samsung, Fox Sports, Scope and Bunnings in the office portfolio and Woolworths, Linfox and Eagers Automotive in the industrial portfolio.

Regarding the outlook for the company, Collyer said:

Going into FY23, Growthpoint is positioned to manage the business through a period of higher inflation and higher interest costs, with 61% of its debt fixed at 30 June 2022 and ample headroom to debt covenants.

The Group’s gearing of 31.6% at 30 June 2022 remains below the target range of 35% to 45%, providing flexibility to invest in property or funds where we see value for security holders.

We intend to grow the recently announced funds management business, targeting 10% to 20% of Group EBIT, over the medium term delivering incremental growth to earnings and income stream diversification for security holders. Growthpoint remains committed to providing securityholders with sustainable income returns and capital appreciation over the long term.

What’s next for Growthpoint?

Management noted the changing environment has made it a challenging period for the Australian REIT sector.

There are concerns over the potential impact of further central bank rate rises, increasing interest costs, and higher inflation.

The company believes its industrial and metropolitan office properties will provide a resilient foundation for the group.

Growthpoint provided guidance for funds from operations of between 25 cents per share and 26 cents per share compared to 27.7 cents per share in FY22.

As for FY23 distribution, Growthpoint expects this to be 21.4 cents per share. This is premised on an average FY23 floating cash rate of 2.8%.

Growthpoint share price snapshot

The Growthpoint share price has fallen almost 8% in the past six months and by a similar amount in the past year. However, it is up by 3% over the past month.

In comparison, the ASX 200 has slipped more than 6% in the last year but has improved in the past six months, posting a drop of 2.50%.

The post Growthpoint share price lags ASX 200 despite ‘strong performance’ in FY22 appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Why is nickel such a big deal and which ASX shares have exposure?
• This ASX lithium share is surging 45% today. What’s going on?
• Why Bendigo and Adelaide Bank, Challenger, Seek, and Sims shares are dropping
• Why BHP, Life360, Tassal, and Temple & Webster shares are charging higher

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. Motley Fool contributor Raymond Jang has no position in any of the stocks mentioned.

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