The S&P/ASX 200 Index (ASX: XJO) broke a six-session-long winning streak on Wednesday, closing in the red for the first time since last Monday. The index was 0.32% lower at 6,975.90 points as of today’s close.

Consumer shares were today’s worst performers, with the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) and the S&P/ASX 200 Consumer Staples Index (ASX: XSJ) falling 1.2% and 0.9% respectively.

ASX 200 banks also had a shocking day after the Reserve Bank of Australia upped interest rates for a fourth consecutive month yesterday.

It wasn’t all bad though. The S&P/ASX 200 Information Technology Index (ASX: XIJ) lifted 2.2% today despite a disappointing session on Wall Street overnight.

The Nasdaq Composite Index (NASDAQ: .IXIC) sunk 0.2% in Tuesday’s session while the Dow Jones Industrial Average Index (DJX: .DJI) fell 1.2% and the dropped S&P 500 Index (SP: .INX) 0.7%.

At the end of Wednesday’s session, two of the ASX 200’s 11 sectors were recording gains.

But which share took out the top spot among the market’s biggest names? Keep reading to find out.

Top 10 ASX 200 shares countdown

Today’s best-performing ASX 200 share was Pinnacle Investment Management Group Ltd (ASX: PNI).

The financials stock has been on a roll lately, gaining more than 50% over the last 30 days. Find out what the company’s been up to here.

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

ASX-listed company	Share price	Price change
Pinnacle Investment Management Group Ltd (ASX: PNI)	$11.30	12.21%
Lake Resources NL (ASX: LKE)	$0.89	10.56%
Zip Co Ltd (ASX: ZIP)	$1.325	8.61%
Novonix Ltd (ASX: NVX)	$2.71	8.4%
Lynas Rare Earths Ltd (ASX: LYC)	$9.55	7.55%
EML Payments Ltd (ASX: EML)	$1.075	6.97%
Brainchip Holdings Ltd (ASX: BRN)	$1.11	6.73%
Chalice Mining Ltd (ASX: CHN)	$4.93	6.25%
United Malt Group Ltd (ASX: UMG)	$3.02	5.96%
Megaport Ltd (ASX: MP1)	$8.70	5.84%

Our top 10 ASX 200 shares countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check in at Fool.com.au after the market has closed during weekdays 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 are ASX lithium shares having such a top run on Wednesday?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why BWP, Lynas, Pilbara Minerals, and Pinnacle shares are charging higher
• Why is the Sezzle share price surging 8% on Wednesday?
• Up 10%, what’s going on with the Zip share price 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 positions in and has recommended EML Payments, MEGAPORT FPO, PINNACLE FPO, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended EML Payments and PINNACLE FPO. 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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Aussie Broadband Ltd (ASX: ABB)

According to a note out of Credit Suisse, its analysts have retained their outperform rating and $4.80 price target on this broadband provider’s shares. While the broker appears slightly disappointed with a slowdown in residential connections, it believes this has been driven partly by one-off impacts. However, it was pleased with the integration of the OTW business. It feels this business will be key to diversifying Aussie Broadband’s earnings in the coming years thanks to its exposure to the enterprise market. The Aussie Broadband share price is trading at $3.15 on Wednesday.

BHP Group Ltd (ASX: BHP)

A note out of Citi reveals that its analysts have retained their buy rating and $44.50 price target on this mining giant’s shares. Citi is expecting iron ore prices to strengthen later this year as steel production rates in China are supported by policy easing. It also sees constrained iron ore supply as a positive for prices. The broker is expecting this to underpin a fully franked dividend yield of approximately 10% in FY 2023. The BHP share price fetching $35.58 this afternoon.

Qualitas Ltd (ASX: QAL)

Analysts at Goldman Sachs have retained their buy rating and lifted their price target on this real estate investment company’s shares to $3.20. This follows news that the company has received a major mandate from the Abu Dhabi Investment Authority. Goldman believes the mandate is a validation of the company’s leading product breadth and track record in Australian CRE private credit strategies. Outside this, the broker sees Qualitas as a way to gain attractive exposure to an emerging asset class. The Qualitas share price is trading at $2.32 on Wednesday.

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

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More reading

• Broker names 3 of the best ASX shares to buy in August
• Is the iron ore price entering a bear market?
• Why A2 Milk, Qualitas, Telix, and Ventia shares are pushing higher today
• Why did the BHP share price slump 6% in July when the ASX 200 leapt higher?
• Guess which ASX All Ordinaries share has rocketed 40% in 2 days?

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 Aussie Broadband Limited. The Motley Fool Australia has recommended Aussie Broadband 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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Telstra Corporation Ltd (ASX: TLS) shares are trading sideways this afternoon after an update in relation to competition concerns.

The Australian Competition and Consumer Commission (ACCC) must have Telstra on speed dial at this point. Australia’s largest telecommunications network has been dealing with the corporate watchdog over a raft of matters. One such example is Telstra’s proposed acquisition of a majority stake in Fetch TV, which received the regulatory green light last month.

However, today’s news revolves around a ‘court-enforceable’ undertaking to level the playing field across the 5G network.

What are the consequences of not playing fair?

On Wednesday afternoon, the ACCC announced its acceptance of an undertaking to address actions taken by Telstra. These actions concern the all-important 5G network in Australia, a key growth pillar for telco operators.

According to the release, Telstra registered radiocommunications sites in the low band spectrum. Following an investigation, the corporate watchdog believes these registrations were made in a bid to impede Optus’ 5G rollout efforts.

The country’s corporate regulatory body came to this decision in part based on Telstra’s registration of 315 sites in the 900 MHz band after learning that Optus intended on applying for and utilising the 900 MHz band.

At the time of the undertaking, Telstra had deregistered 153 of the radiocommunications sites. However, Telstra will now need to deregister all remaining sites that would have constituted an obstacle to Optus’ rollout. Investors don’t appear to be pleased with the news, as Telstra shares dip lower today.

Commenting on the decision, ACCC commissioner Liza Carver stated:

Telstra’s undertaking will ensure Optus is not hindered from expanding its 5G rollout, giving more Australians access to a choice of 5G services in regional and metropolitan Australia. Telstra’s undertaking promptly addresses the ACCC’s competition concerns and stops the likely harm to competition and consumers quickly. It is an efficient and effective way to achieve a positive market outcome.

The outcome arrives while the verdict is still out on Telstra and TPG Telecom Ltd‘s (ASX: TPG) strategic tie-up.

Telstra shares in the spotlight

While the Telstra share price is in the red today, the company’s shares have faired reasonably well over the past year.

The S&P/ASX 200 Index (ASX: XJO) has slipped 6.7% over the past 12 months. Meanwhile, the telecom giant has served up an honourable 5.2% gain.

Oddly enough, this hasn’t coincided with an increase in earnings. Therefore, the increase in valuation has resulted in an expansion of the company’s price-to-earnings (P/E) ratio. At the present Telstra share price, the company trades on a 32.1 P/E.

The post ‘Competition is key’: Why Telstra shares are in the ACCC naughty corner today appeared first on The Motley Fool Australia.

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More reading

• Is the Telstra share price on the way back up?
• Top brokers name 3 ASX shares to buy next week
• Why this ASX 200 giant ‘looks attractive’ right now: expert
• Why is the Telstra share price lagging the ASX 200 on Thursday?
• Here are 2 ASX dividend shares to buy right now according to experts

Motley Fool contributor Mitchell Lawler 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 Telstra Corporation Limited. The Motley Fool Australia has recommended TPG Telecom 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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One $17 million ASX share has leapt 20% on Wednesday on a new world-first. The AML3D Ltd (ASX: AL3) share price rocketed after the company announced it’s the world’s first wire additive manufacturing company to be endorsed by a certain leading accreditation society.

At the time of writing, the AML3D share price is leaping 19.23% higher on the ASX, trading for 9.3 cents. That’s after fetching up to 34% higher during intraday trading.

For comparison, the All Ordinaries Index (ASX: XAO) is currently down 0.19%.

Let’s take a closer look at the latest news from the metal additive manufacturer.

This tiny ASX share is leaping 20% on a world-first

Wednesday has proven a good one for this tiny ASX share. The AML3D share price is rocketing after leading marine and industrial classification society DNV gave the company its tick of approval.

The body has granted AML3D’s proprietary WAM advanced manufacturing technology an additive manufacturing facility accreditation.

The approval demonstrates the company’s WAM technology meets integrity and quality standards for critical components in the oil, gas, and marine industries.

The accreditation allows AML3D to produce parts for critical operations in such industries and issue ‘class certification’ for components.

That gives the company a significant competitive advantage. It makes it the only wire-feed manufacturer endorsed to supply such high-value parts to DNV’s global customer base. As such, it expands the company’s range of potential customers across various industries.

AML3D managing director Andrew Sales commented on the news driving the ASX share higher today:

DNV facility accreditation allows us further access into the marine markets for high value essential components.

DNV offers a broad range of customers including a heavy focus on oil and gas sector. [The sector is] a key growth target for AML3D.

This accreditation is a game changer for us.

The post ‘Game changer’: ASX share you’ve likely never heard of rockets 20% on world-first accreditation appeared first on The Motley Fool Australia.

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More reading

• ‘Competition is key’: Why Telstra shares are in the ACCC naughty corner today
• Why did the Paladin Energy share price rocket 28% in July?
• Why are ASX lithium shares having such a top run on Wednesday?
• Why Appen, ASX, Credit Corp, and Newcrest shares are dropping today
• How are ASX 200 gold shares reacting to the RBA rate hike?

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 Paladin Energy Ltd (ASX: PDN) share price continued to climb throughout July, outperforming the broader index.

For the month, the uranium producer’s shares soared by 28% after a couple of company announcements shifted investor sentiment.

In comparison, the S&P/ASX 200 Energy (ASX: XEJ) sector lagged in July but still ended in positive territory – up 6%.

Let’s take a look at what moved Paladin Energy shares last month.

What led Paladin Energy shares to power ahead?

After hitting a near year-to-date low of 56 cents on 13 June, the Paladin Energy share price turned its fortunes around.

This came on the back of a positive release by the company regarding the Langer Heinrich Mine located in Namibia.

Management made the decision to restart activities at the site due to the continuing strong uranium market fundamentals.

Paladin Energy is targeting production of uranium with first volumes for the March quarter of the 2024 calendar year.

When the news broke out, investors sent the company’s shares 2.36% lower because of a strong market sell-off.

However, the next day Paladin Energy shares roared 10.48% higher to 68.5 cents.

In addition, the company provided its June quarterly cash flow report on 26 July highlighting financial performance for the period.

Once again, the update excited investors and put the uranium producer’s shares on an upwards path until the end of July.

Over the last four days, its shares rose from a low of 62.3 cents to finish at 74 cents, up 18.7%.

According to ANZ Share Investing, a recent broker note by Bell Potter rated Paladin Energy at $1.05. Based on the current share price of 74 cents, this implies an upside of almost 42%.

Paladin Energy share price snapshot

With the uranium spot price rising to unprecedented levels, the Paladin Energy share price has accelerated by 45% in the past year.

Although its shares are down 16% in 2022. This is because of the extreme volatility that impacted the market earlier on.

Paladin Energy presides a market capitalisation of roughly $2.14 billion.

The post Why did the Paladin Energy share price rocket 28% in July? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Paladin Energy share price lights up on uranium project restart
• Here are the top 10 ASX shares today
• What is driving the Paladin Energy share price 7% higher today?
• Will ASX uranium shares be market-beaters in FY23?

Motley Fool contributor Aaron Teboneras has positions in Paladin Energy 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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ASX lithium shares are steaming ahead on the market today.

Lithium companies in the green include Ioneer Ltd (ASX: INR), Global Lithium Resources Ltd (GL1) and Lake Resources NL (ASX: LKE). Piedmont Lithium Inc (ASX: PLL) and Pilbara Minerals Ltd (ASX: PLS) shares are also ahead. In comparison, the S&P/ASX 200 Materials Index (ASX: XMJ) is climbing just 0.39% today.

So what is going on with ASX lithium shares today?

Lithium price outlook promising

The Ioneer share price is rising 9.43% today, while Global Lithium shares are lifting 7.86%. Meanwhile, Lake Resources shares have leapt 8.08%, Piedmont Lithium shares are ascending 6.4% and the Pilbara share price is rising 2%.

News out of Livent Corp (NYSE: LTHM) in the United States could be providing investors with confidence. The company reported record financial results in the second quarter of 2022 and higher lithium prices. Revenue exploded 114% compared to the prior year, while earnings before interest, tax, depreciation, and amortisation (EBITDA) was six times higher.

CEO Paul Graves said:

Lithium demand was exceptionally strong through the first half of 2022. Published lithium prices in all forms moved higher in the second quarter amid tight market conditions. We continue to achieve higher realised prices across our entire product portfolio.

Further, the company signed a six-year supply agreement with General Motors Company (NYSE: GM) including a $198 million advanced payment. Livent shares lifted 6.84% in the US on Tuesday. Lithium is a critical component of electric vehicle batteries.

Closer to home, Pilbara Minerals has also reported today the price of lithium remains strong. Spodumene prices are reaching more than US$5,000 per tonne, as my Foolish colleague Zach reported today. Pilbara highlighted the lithium deficit could grow by 1.8 million tonnes.

Pilbara also released results of its latest auction on the Battery Material Exchange (BMX) today, as my Foolish colleague James reported. The company accepted the highest bid of US$6,350 per dry metric tonne (dmt), after receiving 67 bids online within 30 minutes.

Global Lithium also reported that “exponential take up of EVs” is causing lithium supply shortages in a presentation to the Diggers and Dealers Mining Forum.

The company reported that the “lithium market [is] surging [with] spodumene concentrate prices up +700% year on year”.

The post Why are ASX lithium shares having such a top run on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why BWP, Lynas, Pilbara Minerals, and Pinnacle shares are charging higher
• Pilbara Minerals share price dips despite upbeat lithium outlook
• Pilbara Minerals share price on watch following lithium auction price update
• Here are the 3 most heavily traded ASX 200 shares on Tuesday

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 dropped into the red on Wednesday. In late trade, the benchmark index is down 0.35% to 6,973.4 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are dropping:

Appen Ltd (ASX: APX)

The Appen share price has dropped a further 1.5% to $4.08. This artificial intelligence data services company’s shares have been sold off this week following a very disappointing trading update. Appen is expecting to report a 69% decline in half-year underlying EBITDA to $8.5 million due to softer digital advertising demand and a resultant slowdown in spending by some of its large customers. This morning Macquarie downgraded Appen’s shares to an underperform rating with a lowly $3.50 price target.

ASX Ltd (ASX: ASX)

The ASX share price is down 3.5% to $87.30. Investors have been selling this stock exchange operator’s shares after the release of a disappointing update on its CHESS replacement project. ASX is now expecting the system to go live in late 2024.

Credit Corp Group Limited (ASX: CCP)

The Credit Corp share price is down 2% to $22.58. This could have been driven by a broker note out of Morgans this morning. While the broker has retained its add rating, it has slashed its price target by over 20% to $26.80. Morgans was disappointed with Credit Corp’s guidance for FY 2023 but sees enough value in its shares to retain its add rating.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is down 2.5% to $19.04. This gold miner’s shares have come under pressure after the price of the precious metal dropped overnight. But it isn’t just Newcrest that is falling. The S&P/ASX All Ords Gold index is down 0.75% in afternoon trade on Wednesday.

The post Why Appen, ASX, Credit Corp, and Newcrest shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• How are ASX 200 gold shares reacting to the RBA rate hike?
• When were insiders last buying up Appen shares?
• ASX share price sinks as CHESS replacement delayed
• Why Appen, Credit Corp, Fortescue, and Santos shares are dropping
• Appen share price sinks 25% as earnings tank amid uncertain outlook

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 Appen Ltd. 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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S&P/ASX 200 Index (ASX: XJO) gold shares initially outperformed the benchmark index following yesterday’s 0.5% interest rate hike from the Reserve Bank of Australia.

Yesterday marked the fourth consecutive month that the RBA increased Australia’s cash rate.

The official interest rate stood at all-time lows of 0.1% heading into May this year, after more than a decade that had seen only rate cuts from the central bank. The cash rate now stands at 1.85%, with RBA governor Philip Lowe forecasting additional rate increases ahead.

Here’s how gold stocks are faring.

ASX 200 gold shares surge, then wane

The RBA reported on its rate hike decision at 2:30pm AEST.

In the hour or so immediately after the bank’s media release, the ASX 200 first shot up 0.5% before finishing the day up 0.4% from the time of the announcement.

But ASX 200 gold shares reacted even more positively, at first.

The S&P/ASX All Ordinaries Gold Index (ASX: XGD) – which contains gold stocks outside of the ASX 200 – initially leapt 0.9% before finishing the day up 0.3% from the RBA’s announcement.

Today, gold stocks are broadly heading the other way, with the Gold Index down 0.8% in afternoon trade today compared to a 0.3% loss posted by the ASX 200.

As for the biggest gold stocks

Investors bid up the prices of ASX 200 gold shares in the hour or so immediately after news of the RBA’s rate hike hit the wires.

The Newcrest Mining Ltd (ASX: NCM) share price initially leapt 0.9% before finishing yesterday flat. Newcrest shares are down 2.4% today.

Shares in Northern Star Resources Ltd (ASX: NST) followed a similar trend, first jumping 0.9% before finishing yesterday up 0.6%. Today the Northern Star share price is down 1.3%.

As for Evolution Mining Ltd (ASX: EVN), the ASX 200 gold share jumped 1.3% higher on news of the rate hike before closing the day up 0.4.% The Evolution Mining share price is flat in afternoon trade today.

While gold, and gold stocks, have historically tended to hold their value well during inflationary periods, investors are keenly aware that gold doesn’t pay a yield.

With interest rates heading sharply higher across most of the world, gold prices have dropped some 4% this calendar year, in US dollar terms.

That’s sent all three of the ASX 200 gold shares mentioned above deep into the red in 2022.

The post How are ASX 200 gold shares reacting to the RBA rate hike? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Wednesday
• The Newcrest share price tumbled 8% in July. What went wrong?
• 5 things to watch on the ASX 200 on Tuesday
• Evolution Mining share price higher on gold and copper resource boost
• 5 things to watch on the ASX 200 on Monday

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 S&P/ASX 200 Index (ASX: XJO) is again slipping this Wednesday. As it currently stands today, the ASX 200 has lost a notable 0.42% and is back to around 6,970 points.

But let us dive deeper into the movements of the ASX and have a look at the ASX 200 shares currently at the top of the share market’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Wednesday

South32 Ltd (ASX: S32)

First up today is diversified ASX 200 mining share South32. So far this Wednesday, a hefty 10.15 million South32 shares have been traded on the markets.

South32 has not made any ASX announcements since its quarterly report on 25 July. So today’s volumes are probably a result of the indecisive movements of South32 shares themselves.

The company initially fell sharply upon market open this morning, but has since recovered to record a gain of 1.2% at $3.78 a share right now. It’s this bouncing around that has probably elicited this elevated volume.

Pilbara Minerals Ltd (ASX: PLS)

Next up this Wednesday is ASX 200 lithium stock Pilbara Minerals. So far today, a sizeable 18.07 million Pilbara shares have been bought and sold. In this case, it might be the results of the battery metals exchange auction that Pilbara released this morning that is influencing trading volumes today.

As we covered earlier, Pilbara announced that it received strong prices for its lithium spodumene at this auction and that it is expecting higher demand and revenue in the future.

Pilbara shares have responded positively to this news after a brief dip this morning, and are currently up 2.2% at $2.80 a share.

Zip Co Ltd (ASX: ZIP)

Finally today, we have ASX 200 buy now, pay later (BNPL) share Zip. As it currently stands, a whopping 32.17 million Zip shares have changed hands.

This appears to be the byproduct of Zip’s stellar share price performance this Wednesday. As we looked into earlier, Zip shares are currently up by 11.9% at $1.36 a share, despite the absence of any news or announcements from the company.

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

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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 ZIPCOLTD 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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The Polynovo Ltd (ASX: PNV) share price is trading in the green during the afternoon session on Wednesday.

At the time of writing, shares in the medical devices company are trading 6.33% higher at $1.68 apiece. Earlier this afternoon, they hit an intraday high of $1.695 a share despite no market-sensitive news. It’s worth noting though the company hosted a webcast with its new CEO Swami Raote today.

In broader market moves, the S&P/ASX 200 Health Care index (ASX: XHJ) is rangebound today but has strengthened by around 10% since rolling into the new financial year.

What’s up with the Polynovo share price?

The company’s webcast with CEO Raote was held at 9:30 this morning. Raote was appointed CEO, effective immediately, on 29 July and comes with 30 years’ experience at pharmaceuticals giant Johnson & Johnson.

Most recently, he was “worldwide president for J & J’s Vision Car, a business with 5,600 employees across 120 countries and 2 manufacturing and research and development sites,” the company said in a separate note.

Those tuned in to the webcast today saw Raote answer prepared questions from Polynovo’s chair. There was no price-sensitive information released, nor was the webcast itself seen as price sensitive.

Nonetheless, investors look to have responded positively. Certainly, healthcare shares continue to catch a bid today, especially at the smaller end of town.

Regenerative medicine player Avita Medical Inc (ASX: AVH) is also surging almost 20% on the day, for instance.

As well, there’s a wave of momentum behind the broad sector right now.

As seen below, the healthcare benchmark is leading the way after taking off in June, even outperforming the energy and mining sectors.

With these factors in mind, the stage is set for the Polynovo share price to catch a bid today. In fact, 2022 has been a good year for the share so far.

It has clipped a 9.3% gain, despite trading down more than 27% over the past 12 months.

The post Why is the Polynovo share price popping 7% on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• These are the 10 most shorted ASX shares
• ‘Transformation growth’: Polynovo share price jumps 7% on new leadership
• Why IDP, PolyNovo, Sezzle, and St Barbara shares are pushing higher
• Why is the Polynovo share price down over 12%?
• These are the 10 most shorted ASX shares

Motley Fool contributor Zach Bristow 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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