Despite reports that China plans to wage war on the iron ore price, ASX 200 mining shares were in the green on Thursday.

In an effort to remove volatility from the steel-making commodity’s price, China wants to monopolise the country’s iron ore imports. As the largest purchaser of annual iron ore production, the country hopes to ‘force’ a lower selling price.

If true, this would be the latest incident of China dealing a trade blow to Australia. Not long ago, the People’s Republic ditched foreign ties over a range of goods after Australia called for an investigation into the source of the COVID-19 pandemic.

At the time, ASX 200 iron ore mining companies dodged a bullet, with China unable to feed an alternative source. However, these recent developments suggest the Xi Jinping-led country could threaten the lucrative industry.

Applying a chokehold on ASX 200 mining shares

Earlier today, my colleague Zach covered analyst expectations of a more buoyant iron ore price for the remainder of the year. While insightful in their own right, perhaps those estimates failed to factor in China’s latest plan.

Reportedly, the China Iron and Steel Association is joining forces with state-owned steel groups to form a group capable of dictating prices. The ambition isn’t farfetched considering China accounts for 70% of annual purchased iron ore production. In total, the country imports around 1 billion tonnes per year.

The Australian Financial Review sourced comments from an unidentified Beijing policy adviser on the matter, with the individual stating:

The [world’s biggest] iron ore suppliers will have no one else to turn to when it comes to serving the world’s largest market. That would force them to give us a discount.

Under such circumstances, ASX 200 mining shares could see profits dwindle as they fall beholden to a state-owned customer that would account for 70% of demand.

Despite this, ASX-listed iron ore giants such as BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) appeared relatively unfazed today. Shares in the two companies ended the day up 0.25% and 0.67% respectively. Although, shares in Fortescue Metals Group Limited (ASX: FMG) closed 1.26% lower.

Harder in practice

While the possibility of a state-controlled conglomerate could pose a threat to miners, not everyone is convinced it will happen. On paper, it seems relatively straightforward: but in practice, such a move might be difficult to pull off.

One such person who isn’t so sure about China curbing the market is Liberum analyst Tom Price. The London-based broker shared his perspective with the AFR, saying:

Even if a price agreement is secured, smaller mills and traders may go and do deals with iron ore mines on the side. Then the whole thing breaks down.

For now, the iron ore price sits near US$132.50 per tonne — down approximately 35% from a year ago. Many ASX 200 mining shares are in the green this year after a rebound in the price of iron ore.

The post ‘Force them to give us a discount’: ASX 200 mining shares lift despite China’s latest move to curb iron ore prices appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: BHP’s NSW coal update, Link takeover on the rocks
• Why I think the BHP share price is a good buy for the long term
• BHP share price pushes higher despite coal sale fail
• Green machine: Here’s why the Fortescue share price is rising today
• Broker names 2 ASX 200 mining shares with big dividends to buy now

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 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 Neometals Ltd (ASX: NMT) share price is surging 10% higher on Thursday and now rests at $1.01 apiece.

Investors have bid the Neometals share price higher today on no news.

In broad market moves, the S&P/ASX 300 Metals and Mining index (XMM) has spiked nearly 1% into the green today. Year to date returns for both are seen below.

What’s up with the Neometals share price?

Neometals shares have bounced from 6 month lows today. The company attracted buyers when shares were fetching 92 cents apiece at the close yesterday.

With the share price sliding from former highs of $1.95 in April, the selling pressure’s been on the stock and prices have now traced 39% lower this year to date.

The share jumped back on 13 May when the company announced a deal with Mercedes Benz to build a lithium-ion battery recycling plant.

However, the joy was shortlived and the share continued in its downtrend soon afterwards. The company did release an investor presentation today, although nothing to be considered price sensitive.

In the update, Neometals it explained it is an “emerging, sustainable battery materials producer… underpinned by proprietary, green, processing technologies [with] 16 granted patents [and] 54 Patents pending.”

Investors certainly don’t appear to have reacted poorly to the update, that’s for sure.

Alas, despite no market sensitive updates today, investors have bid the share upwards in line with strengths in the wider sector.

Indices tracking the materials and mining sectors are each booking gains today, reversing downward trends in both segments.

In the last 12 months, the Neometals share price has secured a 110% gain, despite trading down in 2022.

The post Why is the Neometals share price surging 10% today? appeared first on The Motley Fool Australia.

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• Mineral Monday: What you need to know about vanadium and which ASX shares are cashing in on it

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 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 Nearmap Ltd (ASX: NEA) share price is flying higher today after posting losses over the last two days.

At the time of writing, the aerial imagery specialist’s shares are up 5% to $1.05 apiece.

With no news out of the company, we take a closer look at could be pushing its company’s shares higher.

What’s driving Nearmap shares higher?

Following heavy losses on the ASX this week, a sharp rebound has ensued, sending the Nearmap share price higher.

In particular, the S&P/ASX All Technology index (ASX: XTX) is climbing 0.26% to 1,829.6 points.

It’s worth noting that the index was up as much as 2.8% during midday trade.

Furthermore, with Nearmap shares tanking 10% in a week, investors looking for a bargain may be providing support. This comes after its shares dipped under the psychological $1 barrier on Tuesday.

The last time this was seen was during the COVID-19 crash in March 2020.

Nonetheless, the company has been making tailwinds in recent times with the launch of its aerial camera system, HyperCamera3.

This is expected to be rolled-out in both Australia and New Zealand before entering the North American market.

Nearmap’s content is regularly relying upon government customers from 42 out 50 states in America. To put that into perspective, the average revenue per subscription is around US$22,350 in the North American market.

Nearmap share price summary

Since November 2021, the Nearmap share price has struggled to hold its ground, falling 55% over the 7-month time frame.

This comes regardless of the company announcing that it’s expecting to achieve the upper-end of its FY22 guidance.

It’s worth noting that Nearmap shares touched a 52-week low of 98 cents on Tuesday.

Based on today’s price, the company commands a market capitalisation of roughly $551.47 million.

The post Why is the Nearmap share price soaring 5% on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Why has the Nearmap share price dumped 20% since the end of March?

Motley Fool contributor Aaron Teboneras has positions in Nearmap Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Nearmap Ltd. The Motley Fool Australia has positions in and has recommended Nearmap 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 Woolworths Group Ltd (ASX: WOW) share price is down today as investors get to grips with the latest developments for the supermarket business. At the time of writing, the Woolworths share price is trading down 0.93% at $32.99.

Woolworths is already dealing with elevated inflation on a variety of products, with suppliers asking for price rises. But, Woolworths is also thinking about how to help customers as well.

Price freeze

Earlier this week, the supermarket business announced price freezes on a number of staple products.

According to Seven West Media Ltd (ASX: SWM) reporting, this is the first time that Woolworths has committed to price freezes in a century of operating.

Some of the products that won’t see a price rise this year, which are predominately Woolworths brand products, are: flour, sugar, vinegar, oats, eggs, tea bags, coffee, canned tomatoes, tomato sauce, pasta, frozen peas, cheese blocks and shredded cheese, bread rolls, bacon, chicken tenders, cans of tuna, yoghurt, juice, laundry powder, dishwashing liquid, fabric conditioner, sponges and bin bags.

The Woolworths CEO Brad Banducci said:

Food inflation in Australia began to increase towards the end of last year following many years of low inflation. Initially it affected mostly meat and imported products, but has since grown to impact almost every category.

Most recently, we have seen material inflation in vegetables given the very poor growing season on the Eastern Seaboard, due to the rain, high humidity and low light levels – hence what you may see on cucumbers, capsicums and lettuces amongst others.

Food inflation isn’t the only factor that the supermarket is having to deal with. The company will now also have a higher wage bill as it enacts wage increases. Higher costs could reduce profitability, which in turn may have (or already has had) an impact on the Woolworths share price.

Wage increase

As reported by The Australian, around 145,000 Woolworths staff are covered by the Fair Work Commission’s decision to increase the minimum wage by 5.2% and the award rate by 4.6%.

Woolworths will be passing on a $40 a week pay rise. A spokesman from Woolworths was quoted by the newspaper, who said:

Following today’s Fair Work decision, we will be passing on the annual pay increases under the modern award to our hourly-paid Woolworths Supermarket, Metro and Big W retail workers from July and will review for our salaried retail team members.

We have previously said we support an increase in team member wages that keep pace with underlying cost-of-living increases and are committed to doing the right thing.

Broker unconvinced

The broker Macquarie was not a fan of these two developments – its Woolworths share price target is now $36.40. However, this still implies a possible upside of around 10%.

Macquarie rates Woolworths as neutral. The Australian reported that Macquarie analyst Ross Curran said:

We note that supermarkets often struggle to take margin during economic disruption.

We are at the bottom of consensus for FY23 and FY24.

Based on Macquarie estimates, the Woolworths share price is valued at 28 times FY22’s estimated earnings with a possible grossed-up dividend yield of 3.6%.

The post What’s dragging the Woolworths share price lower today? appeared first on The Motley Fool Australia.

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More reading

• 2 blue chip ASX 200 shares that Goldman Sachs rates as buys
• Why this top broker thinks the Woolworths share price is cheap
• Tolls and phones: Wilsons unveils 3 ASX shares to buy for a slowing economy
• Woolworths share price edges lower despite green milestone
• Why did the Woolworths share price underperform on Thursday?

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended 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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There’s probably a reason that most people associate the name of tech billionaire Bill Gates with Microsoft Corporation (NASDAQ: MSFT), or perhaps philanthropy, rather than cryptocurrencies or non-fungible tokens (NFTs).

Gates remains one of the richest people on the planet, despite his absence from the day-to-day running of the company he founded.

He’s even divested much of his wealth away from Microsoft in recent years (although he remains a large shareholder). But he probably hasn’t directed his enormous wealth into NFTs, or cryptocurrencies like Bitcoin (CRYPTO: BTC).

Why does Bill Gates shun NFTs and cryptocurrencies?

How do we know?

Well, Gates recently spoke at a TechCrunch talk on climate change, as documented by CNBC. Gates reportedly described cryptocurrencies and NFTs as something that’s “100% based on [the] greater fool theory”.

The greater fool theory is one that describes some assets as having value only being based on what the ‘next fool’ is willing to pay, rather than the asset’s productive value itself.

“I’m used to asset classes … like a farm where they have output, or like a company where they make products,” Gates said.

In terms of cryptocurrencies, the billionaire confirmed: “I’m not involved in that … I’m not long or short any of those things.”

Gates didn’t seem to have a far higher opinion of NFTs either. He joked that “expensive digital images of monkeys [would] improve the world immensely”, referring to the famous ‘Bored Ape Yacht Club’ series of NFTs, which have sold for astronomical prices over the past few years.

So Gates is certainly not a fan of either cryptocurrencies or NFTs. Instead, according to Gurufocus, Gates prefers to store his wealth in shares. His largest holding is in fellow crypto-sceptic Warren Buffett’s Berkshire Hathaway. But there’s also waste and recycling company Waste Management, Canadian National Railway Co, heavy equipment manufacturer Caterpillar, and grocer Walmart. That’s in addition to Microsoft, of course.

But it’s not as though all billionaires are shunning Bitcoin. The cryptocurrency has had some other high-profile backers among the world’s financial elite. The most famous is probably Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, who has directed his company to accept Bitcoin as a payment option in the past.

Another billionaire who is bullish on Bitcoin is hedge fund manager Paul Tudor Jones. Jones has said that he pursues a 5% allocation to Bitcoin in his portfolio.

The post Why tech billionaire Bill Gates is ‘not involved’ in crypto or NFTs appeared first on The Motley Fool Australia.

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• Why Bitcoin, Ethereum, and Dogecoin dropped and popped in the last 24 hours
• What is the realised Bitcoin price and why does it matter?
• 3 reasons Bitcoin, Ethereum and Solana just hit their lowest levels this year
• Why is the Bitcoin price crashing 16% today?
• Could cryptos be facing an upcoming wave of institutional selling?

Motley Fool contributor Sebastian Bowen has positions in Bitcoin, Caterpillar, Waste Management, Microsoft, and Walmart Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Berkshire Hathaway (B shares), Bitcoin, and Microsoft. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2023 $200 calls on Berkshire Hathaway (B shares), short January 2023 $200 puts on Berkshire Hathaway (B shares), and short January 2023 $265 calls on Berkshire Hathaway (B shares). The Motley Fool Australia has recommended Berkshire Hathaway (B shares) and Bitcoin. 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 Sonic Healthcare Limited (ASX: SHL) share price is edging higher today, up 0.24% to $32.84.

But like most ASX shares in 2022, it has struggled amid lower market sentiment as inflation and interest rates rise.

On the first day of trading this year, Sonic Healthcare shares closed at $46.14. So, the pathology provider has endured a 28.8% loss in share price value year to date.

Based on this, Sonic has underperformed its peers in the sector in 2022. The S&P/ASX 200 Health Care Index (ASX: XHJ) is down 16.7% year to date.

However, over the past 12 months, Sonic has outperformed the index, down 10.5% compared to 15.8%.

How do the experts view the Sonic Healthcare share price?

Top broker Bell Potter believes Sonic Healthcare is well-placed for growth. It points to the growing demand for pathology services and international expansion opportunities.

The broker said:

[Sonic is] the world’s third largest pathology provider with significant operations in the USA, United Kingdom, Germany, Switzerland, Belgium, Australia and New Zealand. Against the backdrop of continuing growth in the demand for pathology services over the longer term, the group has further international expansion opportunities in both existing and new geographical markets.

Another top broker, Morgan Stanley, doesn’t just say buy, it says go overweight on this one.

The team has put a price target of $40 on Sonic Healthcare shares, implying a potential gain of more than 20% in 12 months’ time.

The broker says Sonic has benefitted from massive COVID-19 testing. This boosted its earnings in FY21 and the broker is expecting the same for FY22.

Morgan Stanley also points out that Sonic’s base business revenue is also rising. HY22 base revenue was up 4.3% year-on-year and up 2.5% compared to HY20 (before COVID-19).

However, the team expects earnings to normalise in FY23. So, they value the Sonic Healthcare share price at 10 times FY22 estimated earnings and 16 times FY23 estimated earnings.

What else is happening at Sonic Healthcare?

In its half-year results for FY22, Sonic Healthcare revealed it had spent $585 million in acquisitions and joint ventures during the half. It plans to continue to explore further opportunities for expansion.

CEO and managing director Dr Colin Goldschmidt said:

During the half-year Sonic invested A$585 million in acquisitions and joint ventures that will enhance the future growth of the company. The acquisition of Dallas-based ProPath has significantly strengthened Sonic’s anatomical pathology operations and management in the USA, whilst the acquisition of Canberra Imaging Group has materially expanded the revenue, footprint and talent of Sonic’s Radiology division.

Our strategic investment into Harrison.ai and the establishment of a pathology AI joint venture is a very exciting step for Sonic. Harrison.ai is a leading global healthcare AI company and we believe that the combination of Sonic and Harrison.ai, through our joint venture, will be a powerful force in developing best-in-class AI diagnostic tools for pathology.

Sonic’s global management teams continue to focus on identifying and assessing synergistic acquisitions and outsource contracts. Sonic is well positioned to continue to invest in and expand the business with an active pipeline of opportunities under evaluation, backed by a very strong balance sheet.

What about dividends?

As my fellow Fool Tristan reported recently, Sonic has a ‘progressive dividend policy’.

This has led to the company increasing its dividend every year for approximately a decade.

Most recently, Sonic Healthcare upped its interim dividend by 11% to 40 cents per share.

And it was 100% franked too, which is not usual for the stock.

The post Why this top broker tips 20% upside for the Sonic Healthcare share price appeared first on The Motley Fool Australia.

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• Buy these 2 quality ASX 200 shares: broker
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• Is it reasonable to expect share price growth AND reliable dividends from ASX shares?

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 Sonic Healthcare 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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The Dogecoin (CRYPTO: DOGE) price is on a tear.

One Dogecoin is currently trading for 6.1 US cents. That’s up 15% since this time yesterday.

The meme token, with a Shiba Inu as its mascot image, ranks number 11 on the list of global top cryptos with a market cap of US$8 billion.

While the 15% gain will be welcomed by investors, Dogecoin has a long, long way to go before recovering its all-time high. That was set on 8 May last year, when the token reached 73.8 US cents. It’s down a gut wrenching 91.8% since that high, according to data from CoinMarketCap.

So, why are crypto investors bidding up the Dogecoin price today?

Risk assets lift on US Fed move

It looks like there are two factors helping drive the Dogecoin price higher today.

First, the US Federal Reserve lifted the official interest rate in the world’s largest economy by 0.75% yesterday (overnight Aussie time) to combat soaring inflation of 8.6%.

While that was the biggest single rate hike in 28 years, crypto and share markets alike had largely priced in the higher rate, with some share selling earlier in the week.

And Fed chair Jerome Powell helped soothe investor nerves, saying that outsized rate increases wouldn’t become common.

“Clearly, today’s 75 basis-point increase is an unusually large one and I do not expect moves of this size to be common,” he said overnight.

Risk assets gained strongly on the news, with the tech-laden Nasdaq closing up 2.5%.

And cryptos are broadly joining the rally.

Bitcoin (CRYPTO: BTC), the world’s first and biggest crypto, is up 6% over the past 24 hours.

What else is boosting the Dogecoin price today?

Another factor that looks to be boosting the Dogecoin price is progress with Dogechain, with the first testnet launched yesterday.

Dogechain, if successfully implemented, will enable Dogecoin to participate in decentralised applications (dApps) and decentralised finance (DeFi), offering some real life utility to the meme token.

According to Bitcoinist, “Rather than compete with Dogecoin, Dogechain harmonises with the meme coin and enhances it with smart contract capability.”

Additional real world uses, atop serving as an alternate to fiat currencies for transactions, could offer greater support for the Dogecoin price.

The post The Dogecoin price just leapt 15%. Here’s why appeared first on The Motley Fool Australia.

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• Why Bitcoin, Ethereum, and Dogecoin dropped and popped in the last 24 hours
• ‘Wherever there’s smoke there’s probably crypto,’ warns Dogecoin founder
• What’s the outlook for crypto prices in June? Industry insiders weigh in
• Why did crypto prices get massacred in May?
• Down 37%, it’s been a dog of a month for the Dogecoin price in May, here’s why

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. The Motley Fool Australia has positions in and has recommended Bitcoin. 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 been enduring mixed fortunes on Thursday. At the time of writing, the ASX 200 is edging 0.05% lower at just under 6,600 points, having spent most of the day so far in the green.

So let’s delve deeper into these share market moves and take a look at the shares that are currently topping the ASX 200’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Thursday

Qantas Airways Limited (ASX: QAN)

The national carrier Qantas is first up this Thursday. In a surprise appearance on this list, a hefty 14.02 million Qantas shares have taken flight as it currently stands. It seems this volume may be the result of Qantas’ market-defying step lower today.

The airline has lost a nasty 3.5% of its value so far today and is now trading at $4.55 a share. So it seems it is this move downward that has sparked this elevated volume we see.

Pilbara Minerals Ltd (ASX: PLS)

Next up today we have ASX 200 lithium stock Pilbara. This Thursday has seen a sizeable 21.8 million Pilbara shares bought and sold thus far. There haven’t been any fresh developments out of Pilbara either.

But this lithium favourite has rebounded dramatically today. It’s currently up a pleasing 4.4% at $2.14 a share. It’s this big jump in valuations that has likely prompted so many Pilbara shares to trade today.

Telstra Corporation Ltd (ASX: TLS)

Finally today, we have the ASX 200 blue-chip telco Telstra. This Thursday has seen a whopping 37.1 million Telstra shares trade on the markets so far. But alas, we don’t exactly know why, seeing as there hasn’t been anything new out of Telstra. The company has seen some strong gains today though.

Telstra shares are presently up a healthy 1.7% at $3.895 each. But that comes after the telco rose as high as $3.91 a share earlier in today’s session. It’s this healthy rise that has probably elicited the volumes we see, considering how low Telstra’s share price is compared with its market capitalisation.

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

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More reading

• Despite rising bond yields, here’s why I’ll keep investing in ASX shares
• Market crash: A message from our CIO
• Fed rate rise breaks 28-year record. Will the RBA increase interest rates as aggressively?
• Why is the Pilbara Minerals share price surging 5% on Thursday?
• Appen share price rebounds 12%, topping ASX 200 gainers

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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It has been another disappointing day of trade for the Westpac Banking Corp (ASX: WBC) share price.

Earlier today, the banking giant’s shares dropped to a new 52-week low of $19.26. While this is disappointing, it does mean that the dividend yield on offer with its shares is widening.

In light of this, let’s now take a look to see what is expected from the Westpac dividend in the coming years.

What are analysts forecasting for the Westpac dividend?

According to a note out of Goldman Sachs, as with the rest of the big four, its analysts are expecting the Westpac dividend to increase consistently through to FY 2024.

In case you missed it, in FY 2021 Australia’s oldest bank rewarded its shareholders with a $1.18 per share fully franked dividend.

Goldman expects this to be lifted to $1.23 per share in FY 2022. Based on the current Westpac share price, this implies a potential fully franked dividend yield of almost 6.4%.

Pleasingly, the broker then expects the bank to increase its dividend to a fully franked $1.29 per share in FY 2023. This equates to a very generous 6.7% yield for investors at today’s prices.

Finally, a 17 cents per share increase is forecast in FY 2024, bringing the Westpac dividend to $1.46 per share. If Goldman’s estimate proves accurate, this will mean a sizeable fully franked 7.5% dividend yield for investors.

Is the Westpac share price in the buy zone?

The note reveals that Goldman Sachs only has a neutral rating on the Westpac share price at the moment.

However, with a price target of $27.29, this still implies significant potential upside of approximately 41% for investors over the next 12 months. That’s not bad at all for a neutral rating!

The post Here’s the Westpac dividend forecast through to 2024 appeared first on The Motley Fool Australia.

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More reading

• ASX 200 bank shares languish on Thursday despite market lift
• Why are ASX 200 bank shares having another day to forget?
• ASX 200 bank shares tumble: Citi says time to buy
• ASX 200 has its worst week in two years
• What’s impacting the Westpac share price on Friday?

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Newcrest Mining Ltd (ASX: NCM) share price is heading north today despite no announcements from the company.

At the time of writing, shares in Australia’s largest gold miner are up 2.71% to $23.88.

In comparison, shares in Newcrest’s peers Northern Star Resources Ltd (ASX: NST) and Evolution Mining Ltd (ASX: EVN) are up 1.38% and 1.48% respectively.

What’s happened to Newcrest shares?

Investors are bidding up the Newcrest share price as the price of gold holds its ground at U$1,832 per ounce.

The yellow metal has dropped 2% since last Friday as the United States consumer price index report was released.

As inflation recorded a peak of 8.6% in May, investors braced for more aggressive rate hikes by the Federal Reserve.

Traditionally, when interest rates climb, investors shift their assets away from gold into more safer alternatives like government bonds.

However, with the latest 0.75% rate hike already priced in, it appears investors are bargain hunting.

Newcrest shares have fallen almost 18% since hitting a 52-week high of $28.96 in April.

Furthermore, the S&P/ASX 300 Metals and Mining Industry Index (ASX: XMM) is recovering lost ground to climb 0.99% to 5,739.2 points.

The sector contains companies that are involved with gold, steel and precious metals.

It’s worth noting that if more aggressive rate hikes occur in 2022, this would likely drive investors away from gold.

Newcrest share price summary

The Russian war in Ukraine drove up commodity prices including gold which soared above the psychological US$2,000 barrier.

However, this was short-lived as China faced a COVID-19 crisis along with inflation movements that brought down the gold price.

Following a volatile 2022, the Newcrest share price is down around 3% for the period.

The company has a price-to-earnings (P/E) ratio of 15.17 and commands a market capitalisation of roughly $20.74 billion.

The post Why is the Newcrest share price glittering on Thursday? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Friday
• Why has the Newcrest share price tumbled 9% in a month?
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 on Friday
• Here’s why JPMorgan is bullish on the Newcrest share price

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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