The past two months or so haven’t exactly been a happy time for ASX shares. Since the end of March, the All Ordinaries Index (ASX: XAO) has lost around 4.2% of its value. But it’s been a far harder time for the Nearmap Ltd (ASX: NEA) share price.

Nearmap, an aerial mapping company, has seen its shares fall from more than $1.50 each in late March to today’s price of $1.175 at the close of trade on Friday. That represents a fall of more than 20% in just two months or so.

So why have Nearmap shares been suffering so severely over the past two months?

Why has the Nearmap share price tanked?

Well, it’s not entirely clear what’s happened to the Nearmap share price.

It’s very possible that these falls could have been sparked by the flood of cash we have seen fleeing the tech sector over the past few months. Tech shares of all shapes and sizes have been experiencing some heavy volatility over the year to date.

Since late March, the S&P/ASX All Technology Index (ASX: XTX) has lost close to 20% of its value. We’ve seen this play out in other ASX tech shares like Block Inc (ASX: SQ2), Zip Co Ltd (ASX: ZIP) and Xero Limited (ASX: XRO).

All of these companies have lost more than 20% of their value since the end of March. Block is down almost 40%, Zip almost 50%. So in the context of these moves, the Nearmap share price’s experience doesn’t seem too peculiar.

According to an expert…

But Nearmap has also been suffering from some coolness towards its shares from ASX brokers. Back in April, my Fool colleague covered how broker Macquarie downgraded Nearmap shares to a neutral rating, with a 12-month share price target of $1.34. This may have helped Nearmap shares slump 3.5% at the time. Not exactly a ringing endorsement.

So it’s probably a combination of these factors that have led Nearmap shares to such a dismal performance of late. No doubt investors will be hoping the next two months are more fruitful than the last two.

At the current Nearmap share price, this ASX tech share has a market capitalisation of $581.56 million.

The post Why has the Nearmap share price dumped 20% since the end of March? appeared first on The Motley Fool Australia.

More reading

• Nearmap share price jumps 9% on Friday
• How much further can ASX 200 tech shares tumble? Macquarie weighs in

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc., Nearmap Ltd., and Xero. The Motley Fool Australia has positions in and has recommended Block, Inc., Nearmap Ltd., and Xero. 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.

from The Motley Fool Australia https://ift.tt/H9nhNDR

Energy costs are skyrocketing, so much so that it’s taking up the front pages of newspapers.

Russia’s invasion of Ukraine has triggered an international shortage that has reached all the way to the other side of the planet, with gas and electricity providers hiking prices.

The energy crisis is so bad that one electricity retailer this week urged customers to switch to another provider before their bill doubles.

So does this mean ASX-listed companies like Origin Energy Ltd (ASX: ORG) and AGL Energy Limited (ASX: AGL) are wise buys right now?

Morgans analyst Max Vickerson took a look at the situation and picked which one he would back:

Energy retail market in crisis

The crisis is starting to have a snowball effect. Smaller retailers urging their own customers to leave will reduce competition in the medium term.

But this is good news for bigger power providers.

“Retailers like AGL that can cover most of the higher wholesale prices with fixed fuel contracts should see margins expand,” Vickerson said on the Morgans blog.

He explained that spot prices for power are remaining “stubbornly and consistently high”, indicating it’s not short-term demand surges that are causing the cost spike.

“In that kind of environment baseload generation is the most effective and fuel efficient method to cover spot market exposures.”

Baseload futures indicate spot prices will remain high well into the 2025 financial year.

AGL vs Origin: The verdict

So is Origin or AGL the better buy at the moment?

Origin this week announced a significant downgrade to its outlook, which saw its share price tumble 15% in one day.

But it’s not like AGL hasn’t had its problems. Technology entrepreneur Mike Cannon-Brookes led a shareholder campaign that forced the company to drop demerger plans and saw its chair and CEO depart last week.

Despite the governance issues, Vickerson feels like AGL is in a better position to navigate through the current energy crisis.

“AGL’s fixed price NSW coal contracts, better logistics and its integrated mining operation in Victoria will insulate it from the worst of the forces that have driven Origin to withdraw its FY23 energy markets guidance.”

He expects AGL will fix its boardroom issues soon enough, and rates the stock as a buy.

“AGL Energy’s standing has suffered because of the wrangling over the long term direction of the company, but the generation assets support stronger margins as consumer prices increase.”

Meanwhile, Vickerson is “wary” of buying into Origin shares, despite the current discount.

“By withdrawing guidance, management has highlighted the risks that can get amplified while spot electricity markets are so unruly,” he said.

“We retain our hold rating and will wait to see how the wholesale market fares during the coming peak winter season.”

The Origin share price is up 13.25% year to date, notwithstanding this week’s plunge. AGL shares have risen a tidy 38.35% since the start of the year.

Both pay reasonable dividends. AGL has a current yield of 5.7% and Origin 3.3%.

The post Energy crisis: Which is the better buy, AGL vs Origin? appeared first on The Motley Fool Australia.

More reading

• In the dark: ASX energy shares facing a perfect storm
• Why Allkem, Origin, PointsBet, and Zip shares are sinking today
• AGL share price unscathed by scrapped demerger. What’s going on?
• ASX 200 midday update: NAB completes acquisition, lithium miners sink, Origin tumbles
• Why is the Origin share price tumbling 15% today?

Motley Fool contributor Tony Yoo 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.

from The Motley Fool Australia https://ift.tt/V0qiW1r

Last week the S&P/ASX 200 Index (ASX: XJO) recorded its third successive weekly gain. The benchmark index climbed 0.8% to end the period at 7,238.8 points.

While a good number of shares climbed with the market, some rose more than most. Here’s why these were the best performers on the ASX 200 last week:

Beach Energy Ltd (ASX: BPT)

The Beach share price was the best performer on the ASX 200 last week with an 11% gain. Investors were buying Beach and other energy shares after oil prices charged higher. This was driven by the European Union slapping a partial ban on Russian oil imports and news that China is easing its COVID-19 restrictions.

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price wasn’t far behind with a gain of 10.2% over the period. This was driven by news that Bubs Australia Ltd (ASX: BUB) has signed a deal with the Biden Administration in the United States for the supply of 1.5 million tins of infant formula. This was in response to infant formula shortages due to the temporary closure of a major manufacturing plant. Investors appear optimistic that A2 Milk may also be able to benefit from these shortages.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price was on form and charged 9.6% higher over the last week. Investors were buying Fortescue and other iron ore mining shares after the price of the steel-making ingredient jumped again. For example, on Friday, the benchmark 62% fines iron ore price rose by US$6.86 or 5.1% to US$142.20 a tonne.

South32 Ltd (ASX: S32)

The South32 share price was a positive performer and rose 7.9% over the five days. Last week, this mining giant announced that it has finalised the purchase of an extra 16.6% stake in Mozal Aluminium. This increases its overall stake to 63.7% and means that the company’s equity share of aluminium production is now expected to be 281kt for FY 2022 and 370kt for FY 2023. In other news, analysts at Macquarie retained their outperform rating and $6.90 price target on its shares.

The post These were the best performing ASX 200 shares last week appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Here are the 3 most traded ASX 200 shares on Friday
• Why Altium, Fortescue, PeopleIn, and REA shares are storming higher
• 3 ASX 200 energy shares smashing multi-year highs on Friday
• Why are the ASX 200 iron ore giants outperforming on Friday?

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended A2 Milk and BUBS AUST FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/pXu0Nso

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

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

Bear markets aren’t fun. But despite the near-term pain, these challenging market conditions create an opportunity for investors to acquire industry-leading assets at a discount to their previous highs. Let’s explore why Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) could make great ways for investors to bet on a long-term crypto rebound. 

1. Bitcoin 

With a current price of $30,100, Bitcoin is down 56% from its all-time high of roughly $68,800, reached in November 2021. But this dip could represent a good entry point for investors, because the iconic asset’s long-term bull thesis as an increasingly trusted store of value remains intact. 

Never underestimate the power of a first-mover advantage. It gives an entity name recognition, which can translate into trust and staying power. And after the high-profile meltdown of Terra/Luna (a $40 billion blockchain that collapsed 99% after its complex stablecoin algorithm failed), Bitcoin looks even more appealing. Its relatively simple design and 13-year track record make it ideal for investors who want a reliable place to keep and potentially grow their wealth without all the frills. 

Bitcoin’s strong brand has also earned it institutional interest from organizations such as the derivatives marketplace CME Group, which offers Bitcoin (along with Ethereum) futures. Institutional investment can help improve the liquidity of the Bitcoin market, and possibly reduce its volatility relative to more speculative and illiquid cryptocurrencies. 

2. Ethereum

As the second-largest cryptocurrency with a market cap of $223 billion, Ethereum enjoys much of the same trust and brand recognition that gives Bitcoin its staying power. But the asset’s utility and ambitious development roadmap will give it a long-term edge over rivals. 

Unlike Bitcoin, which primarily serves as a way for people to store and transfer wealth, Ethereum boasts a much broader use case. The blockchain is optimized to support autonomous programs called decentralized applications (dApps), which use smart contracts to offer services on the blockchain. And it is the undisputed leader in this category, hosting almost 3,000 of the roughly 4,000 projects. 

To keep up with demand, Ethereum’s developers are implementing an ambitious upgrade called The Merge, which will transition Ethereum from a proof-of-work consensus mechanism where miners solve puzzles to verify transactions and mint new coins to a proof-of-stake where users can verify transactions by locking up or staking’ existing coins in return for new ones.

The first step in this process is expected to go live in August, reducing Ethereum’s energy consumption by over 99% and opening the door for more changes to improve the platform’s speed and scalability. 

Get greedy when others are fearful

It’s tempting to buy when prices are rising and sell when they are falling, but investing legends like Warren Buffett recommend doing the opposite. Buying during a bear market allows you to get in cheaper and capitalize on the potential recovery. Bitcoin and Ethereum’s industry leadership and active development could make them top picks for investors who want to get greedy when others are fearful.   

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

The post 2 top cryptocurrencies to buy and hold for decades appeared first on The Motley Fool Australia.

More reading

• Why did crypto prices get massacred in May?
• Can the Ethereum price redeem itself in June? Crypto experts weigh in
• Has the Bitcoin price bottomed?
• Why is the Bitcoin price bouncing back this week?
• Down 17%, what went so wrong for the Bitcoin price in May?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin and Ethereum. The Motley Fool Australia owns and has recommended Bitcoin, Ethereum and Terra. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. 

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

from The Motley Fool Australia https://ift.tt/RbHinzr

There are a lot of shares to choose from on the Australian share market.

In order to narrow things down for investors, listed below are two ASX shares that are highly rated by analysts at Goldman Sachs. Here’s what the broker is saying about them:

Goodman Group (ASX: GMG)

The first ASX share that Goldman Sachs rates highly is Goodman Group. It is a leading integrated commercial and industrial property company with a portfolio of in-demand properties with exposure to key growth markets such as ecommerce.

Goodman has continued to experience strong demand for its properties in FY 2022. So much so, it recent upgraded its guidance again and is now expecting its earnings per share to grow 23% in FY 2022.

Goldman Sachs expects this solid form to continue. It commented:

We continue to forecast a ~19% CAGR in AUM over FY21-24e, with AUM reaching ~A$90bn by end FY24. We forecast development completions to contribute the majority (~75%) of AUM growth over 1H22-FY24e (based on development production of ~A$7bn pa). Furthermore, we note the robust levels of industrial rental growth being observed in a number of GMG’s key global markets, and expect this to underpin further growth in asset valuations

Goldman has a buy rating and $25.40 price target on the company’s shares.

Nitro Software Ltd (ASX: NTO)

Another ASX share that Goldman is bullish on is Nitro Software. It is the global document productivity software company behind the Nitro Productivity Suite. This suite offers businesses of all size integrated PDF productivity and eSignature tools.

Goldman Sachs sees it as a great long term pick for investors. Especially after after its shares were sold off this year.

It commented:

We appreciate that a material re-rate likely requires a change in sentiment towards unprofitable tech companies, however we think NTO screens attractively relative to tech peers and on a longer-term view. Our focus now shifts to NTO’s execution on its pipeline of new business and e-sign cross-sell opportunities, with concerns over balance sheet now eased. We see NTO as an attractive long-term growth opportunity at a discounted valuation.

Goldman Sachs has a buy rating and $2.35 price target on the company’s shares.

The post Goldman Sachs rates these ASX shares as buys appeared first on The Motley Fool Australia.

More reading

• 2 ASX shares to buy if you don’t want to invest in the share market: experts
• Why has the Goodman share price tanked 14% in a month?
• Experts name 2 top ASX growth shares to buy in June
• Why I’d buy these 2 ASX 200 shares
• How to turn $20,000 into $180,000 in 10 years with ASX shares

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 Goldman Sachs. The Motley Fool Australia has recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/yhz2SBl

Today, the S&P/ASX 200 Index (ASX: XJO) paraded its third consecutive week of positive performance. At the end of the session, the benchmark index finished 0.88% higher at 7,238.8 points.

The lingering prospect of a 40 basis point increase to the Australian cash rate on Tuesday next week was not enough to shake investors of their bullish sentiment today.

Only one lonesome sector was unable to finish in the green today. The consumer discretionary sector was weighed down by disappointing performances from Domino’s Pizza Enterprises Ltd (ASX: DMP) and Wesfarmers Ltd (ASX: WES).

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Champion Iron Ltd (ASX: CIA) was the biggest gainer today. Shares in the iron ore exploration company jumped 8.14% as the price of the steel-making commodity rose to US$142.20 per tonne. Find out more about Champion Iron here.

The next best performing ASX share across the market today was Pilbara Minerals Ltd (ASX: PLS). The big name lithium producer experienced a generous 7.46% uptick in its share price as lithium companies continued their rebound on Friday. Uncover the latest Pilbara Minerals details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Champion Iron Ltd (ASX: CIA)	$7.84	8.14%
Pilbara Minerals Ltd (ASX: PLS)	$2.45	7.46%
Liontown Resources Ltd (ASX: LTR)	$1.27	6.72%
Nickel Industries Ltd (ASX: NIC)	$1.295	6.58%
Core Lithium Ltd (ASX: CXO)	$1.215	6.58%
Summerset Group Holdings Ltd (ASX: SNZ)	$9.58	6.44%
Wisetech Global Ltd (ASX: WTC)	$42.94	5.07%
Grange Resources Ltd (ASX: GRR)	$1.69	4.97%
Mineral Resources Ltd (ASX: MIN)	$60.35	4.81%
Block Inc (ASX: SQ2)	$119.76	4.52%

Our top 10 ASX shares today 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 shares today appeared first on The Motley Fool Australia.

More reading

• Why did the Nickel Industries share price leap 7% on Friday?
• Here are the 3 most traded ASX 200 shares on Friday
• One broker’s outlook for lithium supply and demand and what it could mean for ASX lithium shares
• Why are the ASX 200 iron ore giants outperforming on Friday?
• ASX 200 midday update: Healius disappoints, BHP and Fortescue storm higher

Motley Fool contributor Mitchell Lawler has positions in Block, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. and WiseTech Global. The Motley Fool Australia has positions in and has recommended Block, Inc., Wesfarmers Limited, and WiseTech Global. 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.

from The Motley Fool Australia https://ift.tt/w5mBMEH

It turned out to be a very pleasant day for the S&P/ASX 200 Index (ASX: XJO) on Friday. By market close, the ASX 200 had gained a healthy 0.88% and vaulted back over 7,200 points. But it was an even better day for one ASX 200 share. That would be the Nickel Industries Ltd (ASX: NIC) share price.

Nickel Industries shares ended up finishing the day at $1.30 each, up a pleasing 6.58%.

So what was behind this spirited performance?

Well, it’s not entirely clear. There hasn’t been any major news out from Nickel Industries today. There were the results of the annual general meeting to consider though. These were released earlier this week. Perhaps the biggest consequence of note was the approval of the name change from Nickel Mines to Nickel Industries which was approved by shareholders.

It’s not known if this caused any added optimism for Nickel Industries shares today though.

So let’s consider something else. Over the week, a number of green metals shares saw some savage selling pressure. These included many ASX lithium shares, as well as Nickel Industries. Wednesday saw Nickel Industries lose almost 4%, which was backed up by another 1.6% loss yesterday.

So perhaps today’s bullish moves higher were just an answer to the selling we saw earlier in the week. Perhaps investors saw a bargain when the market opened this morning.

Whatever the true reason for Nickel Industries’ stellar performance today, it was no doubt welcomed by shareholders after such a wild week.

At the current Nickel Industries share price, this ASX 200 share has a market capitalisation of $3.51 billion.

The post Why did the Nickel Industries share price leap 7% on Friday? appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Here are the 3 most traded ASX 200 shares on Friday
• ASX 200 midday update: Healius disappoints, BHP and Fortescue storm higher
• 5 things to watch on the ASX 200 on Friday
• ASX 200 midday update: Pilbara Minerals names new CEO, Wesfarmers’ strategy update

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

from The Motley Fool Australia https://ift.tt/uz4IGsp

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

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

What happened

The price of cryptocurrency Waves (CRYPTO: WAVES) has had an exciting week. At the time of writing, the price per token is only up 5.73% over the previous 24 hours. But the price has more than doubled over the past week. And it’s likely due to increasing optimism for the Waves ecosystem, which includes stablecoin Neutrino USD (CRYPTO: USDN).

So what

As a stablecoin, the price of Neutrino USD should always be $1. But it is more similar to failed stablecoin TerraUSD than to a stablecoin like Tether, which is backed by U.S. dollar reserves. And from May 9 to May 12, the price for Neutrino USD dropped all the way to $0.75, according to CoinMarketCap.com.

TerraUSD was collateralized by Luna (now called Luna Classic). The supply could increase or decrease by minting and burning new tokens in accordance to demand with an exchange mechanism between TerraUSD and Luna Classic. At least that’s how it was supposed to work. In reality, the two tokens ultimately entered what’s called a “death spiral” and couldn’t pull out.

Therefore, when Neutrino USD fell, many assumed that it would enter a death spiral with its accompanying token Waves as well. But it didn’t. As of this writing, the price of Neutrino USD is $0.99 — not perfect but practically recovered.

Because Neutrino USD was able to fight its way back, it’s restoring investor confidence in Waves, and that’s why the price has recovered so dramatically in the past week.

Now what

There’s a flip side to this conversation. To restore Neutrino USD to its $1 peg, coins had to be removed from circulation. Because of this, the overall market capitalization has fallen roughly 20% since April. This has effectively decreased total coin supply to meet user demand and stabilize the price.

But lower demand is a concern. For the price of Waves to keep going up sustainably, you’d want to see an increase in activity on the entire ecosystem, including for Neutrino USD. But as suggested by Neutrino USD’s declining market cap, that might not be happening right now, which is something to keep an eye on.

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

The post Why this small cryptocurrency kept making waves today appeared first on The Motley Fool Australia.

More reading

• What’s boosting the Ioneer share price 14% higher?
• Woolworths share price edges lower despite green milestone
• Investors are betting on the Pointsbet share price today, it’s up 5%
• Here are the 3 most traded ASX 200 shares on Friday
• Down 9% in a week, is the Lottery Corp share price a buy? 

Jon Quast 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.

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

from The Motley Fool Australia https://ift.tt/vWsj8JK

The Ioneer Ltd (ASX: INR) share price is leaping higher on Friday despite the company’s silence. However, the stock did tumble more than 20% over the course of Wednesday and Thursday

At the time of writing, the Ioneer share price is 52 cents. That’s 14.29% higher than its previous close but 3.7% lower than it was at the end of last week.

For context, the All Ordinaries Index (ASX: XAO) has gained 0.94% today and 0.77% since last Friday’s close.

Let’s take a closer look at what’s been going on with the lithium and boron producer and its peers today.

What’s driving the Ioneer share price higher today?

 The Ioneer share price is the ASX All Ordinaries’ top performer on Friday.

The S&P/ASX 200 Materials Index (ASX: XMJ) is also having a good day today. While the company isn’t a constituent of the S&P/ASX 200 Index (ASX: XJO) many of its lithium-producing peers are among the sector’s leaders.

Right now, the share prices of fellow lithium stocks Liontown Resources Limited (ASX: LIO), Pilbara Minerals Ltd (ASX: PLS), and Mineral Resources Limited (ASX: MIN) are up 6.3%, 6.1%, and 5.2% respectively.

The lithium miners’ share prices’ gains might represent a rebound after Wednesday’s disastrous session.

Then, the market appeared to react to bearish sentiment from Goldman Sachs and news a major Chinese electric vehicle manufacturer could bypass lithium markets.

The Ioneer share price tumbled 16% on Wednesday and another 6% on Thursday. Thus, today’s movements might be a simple correction following the sell-off.

Though, the gain hasn’t been enough to boost the stock back into the longer term green.

The Ioneer share price is still nearly 37% lower than it was at the start of 2022. However, it is 38% higher than it was this time last year.

The post What’s boosting the Ioneer share price 14% higher? appeared first on The Motley Fool Australia.

More reading

• 3 ASX All Ordinaries mining shares having a terrific Tuesday

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs. The Motley Fool Australia has 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.

from The Motley Fool Australia https://ift.tt/akw8pZP

The Woolworths Group Ltd (ASX: WOW) share price is underperforming on Friday despite the company taking yet another major sustainability step.

The supermarket giant has pledged to pull plastic shopping bags from Woolies supermarkets and Big W stores over the coming 12 months.

At the time of writing, the Woolworths share price is trading at $34.56, 0.20% lower than its previous close. In comparison, the S&P/ASX 200 Index (ASX: XJO) is recording a 0.78% gain right now.

Let’s take a closer look at the company’s plan to remove 9,000 tonnes of plastic from circulation each year.

Woolies to wave goodbye to plastic carry bags

The Woolworths share price is struggling to fire up on Friday. Its suffering comes amid news the supermarket giant is ditching reusable plastic carry bags.

The bags in question are sold in-store for 15 cents each, with a 45-cent option available in Big W. They’re made from 80% recycled materials and are recyclable through REDcycle bins which can be found in Woolworths stores.

The supermarket operator has already ditched the bags in Western Australia ahead of a state government mandate. There, 76% of customers have supported the move. Next to wave goodbye to the bags will be South Australia and the Northern Territory, with the rest of the country following suit by June 2023.

The bags were first offered in 2018 to help customers adjust to the removal of single-use plastic shopping bags from supermarkets. Nowadays, 80% of Woolies shoppers already bring their own bags from home, according to the food retailer.

The supermarket will continue to provide 70% recycled paper bags for customers who forget to bring their own.

Woolworths supermarkets managing director Natalie Davis commented on the decision, saying:

Customers expect us to lead on sustainability, and this is one way we are growing greener by reducing plastic and ensuring the regular trip to your local Woolworths or BIG W is having less impact on the environment.

The reusable plastic bags have played their part and now it’s time to do away with selling plastic shopping bags at our checkouts for good.

Most Woolies’ produce departments will still offer plastic bags to carry fruit and vegetables. However, the company is working to provide more sustainable options. In South Australia, for example, it provides compostable fruit and veg bags, complementing the state’s access to household composting.

Woolworths share price snapshot

Today’s dip included, the Woolworths share price is around 10% lower than it was at the start of 2022.

It has also fallen nearly 5% since this time last year.

The post Woolworths share price edges lower despite green milestone appeared first on The Motley Fool Australia.

More reading

• Why did the Woolworths share price underperform on Thursday?
• Own Woolworths shares? Here’s how the retailer plans to combat rising wage costs
• How do ASX shares typically perform following a demerger?
• How safe is the Woolworths dividend?
• ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?

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.

from The Motley Fool Australia https://ift.tt/FtVrKJ2