South32 Ltd (ASX: S32) shares have fallen lower again in Thursday afternoon trade.

At the time of writing, the mining giant’s shares are down around 5% to $4.78 each.

Today’s decline means the shares have now fallen around 10% since hitting an all-time high of $5.30 last week.

But it’s not all bad news. The shares are still trading 35% higher for the year-to-date and are a huge 82% higher than 12 months ago.

Why are the shares falling this week?

There hasn’t been any price sensitive news out of South32 over the past week to explain the latest share price decline.

It looks like the selloff is a mixture of investors taking their profit off the table after a rally through July and August, combined with softer sentiment about ASX mining shares.

Renewed geopolitical tensions and higher oil prices has put pressure on inflation figures and commodity prices. These broad market pressures have seen some investors turn away from mining shares like South32.

Today is also South32’s ex-dividend day. The miner announced a 7.5 cents per share final dividend as part of its latest FY26 results announcement late last month. The shares are scheduled to be ex-dividend today, with payment on the 15th of October. 

It’s typical for share prices to decline on ex-dividend days because new buyers won’t receive any of the upcoming dividend. 

Now the question is, is the rally over for South32 shares? Or is there more upside ahead?

Let’s find out what the experts think.

Are South32 shares a buy, sell or hold now?

Going forward, it looks like brokers are quite optimistic about the outlook for S32 shares going forward.

Market Index data shows that the majority of brokers have a buy rating on the mining shares. The $5.13 average target price implies a potential 2% upside ahead.

On TradingView, sentiment is a little more dividend. Out of 13 analysts, six have a buy/strong buy rating and another six have a hold rating. One rates the stock as a sell.

The average target price of $5.31 implies a potential 11% upside for South32 shares, at the time of writing.

Joshua Baker from RaaS Group has a hold rating on South32 shares driven by stronger commodity price outlooks in key metals, including zinc. 

Elsewhere, Blake Halligan from Gray Perry Wealth Advisers has a sell rating on South32 shares. He said that given recent share price increase, commodity price volatility, global uncertainty and execution risk on major projects, investors may want to consider cashing in some gains at this stage of the cycle.

The team at Morgans downgraded South32 shares to a hold after reviewing its FY26 numbers, and increased its price target to $4.90. The broker said it thinks the earnings upcycle is now reflected in the latest price. It also noted the stock has outperformed even the pure copper producers.

The post South32 shares fall 10% from all-time high: Is the rally over? appeared first on The Motley Fool Australia.

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Motley Fool contributor Samantha Menzies 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.

Macquarie Group Ltd (ASX: MQG) shares are moving higher on Thursday.

This comes despite another legal headache returning to investors’ radar after appearing largely settled.

At the time of writing, the investment bank’s stock is up 0.81% to $241.76.

That still leaves the stock down almost 8% over the past month, although it remains around 19% higher in 2026.

So, what’s going on?

What is the new claim about?

According to The Australian, Gordon Legal has launched a class action in the Supreme Court of Victoria against Macquarie Investment Management.

The action involves Rachelle Dessent and around 2,800 account holders who invested in the Shield Master Fund through Macquarie’s platform.

Macquarie agreed last September to compensate affected investors for the money they had put into Shield.

Around $480 million was invested in the fund between 2022 and its closure in 2024, with roughly $321 million coming through Macquarie’s platform.

But Gordon Legal says getting the original investment back doesn’t necessarily cover everything investors lost.

It says some investors potentially missed out on returns their superannuation could have earned if the money had been invested elsewhere.

Furthermore, the claim is also seeking compensation for the distress investors allegedly suffered.

Gordon Legal partner James Naughton told The Australian that some investors “have not been fully compensated for all their losses, even if they have already received payouts”.

Why is Shield still causing problems?

Shield was available through Macquarie’s superannuation platform from early 2022 until investments were stopped in 2023.

The fund later collapsed and was put into liquidation, leaving thousands of investors facing losses.

That ultimately left Macquarie facing regulatory action over the issue.

Last year, ASIC took Macquarie Investment Management to court after the company admitted it failed to place Shield on a watch list for extra monitoring.

Macquarie later agreed to pay around $321 million to roughly 3,000 affected investors.

What should investors watch?

At this stage, there’s no telling how much more this could end up costing Macquarie.

Gordon Legal is seeking further compensation, but no dollar figure has been put on the claim just yet.

Evidently, that makes it hard to know whether this could become another sizeable cost or something Macquarie can absorb easily.

Nonetheless, investors don’t seem too worried today, with the shares still trading slightly higher.

I’d be watching how the case develops and whether Macquarie ends up facing another sizeable payout over the Shield collapse.

The post Why Macquarie’s $321 million Shield problem is back in court appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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 Macquarie Group. The Motley Fool Australia has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XAO) shares are up 0.3% to 8,724.3 points on Thursday.

The market has endured much volatility in the calendar year-to-date (YTD).

We started the year with a major metals commodity sell-off in late January/early February.

Then the US and Israel attacked Iran in late February, leading to a world oil supply crisis that has raised inflation.

The Reserve Bank of Australia (RBA) has raised interest rates three times in 2026 in an effort to curb resurgent inflation.

The market is pricing a 76% chance of another 0.25% hike when the RBA board meets again on 28-29 September.

Overnight, the US Federal Reserve raised interest rates for the first time in three years.

The Fed increased its benchmark rate by 0.25% to a range of 3.75% and 4%, also due to persistently high inflation.

On top of that, bond yields have surged to multi-year highs in both Australia and the US over the past month.

Rising bond yields, especially at today’s level of 5% or more for 10-year bonds, can pull investment away from ASX shares.

Put all of this together and it’s not so great for the share market.

The ASX 200 was up 5.6% for the YTD just before the conflict in Iran began.

In the month following the first strike, the ASX 200 fell 8.9%.

There have been more fluctuations ever since.

Today, ASX 200 shares have slipped into the red for the YTD.

Here’s a visual aide.

Despite all of this, a large survey shows ASX shares investors are still buying stocks amid the volatility.

Investors still buying ASX shares

A survey of more than 8,500 Aussie investors and traders conducted by CMC shows continuing engagement in the ASX share market.

More than 55% said they were more cautious, but 87% plan to carry on investing the same amount, or more, over the next six months.

Fraser Allan, Head of Premium Client Management at CMC, said uncertainty in markets had not deterred investors this year.

Rather than stepping back, they appear to be reassessing how and where they participate, a measured response that reflects neither complacency nor retreat.

That’s a meaningful shift from what could be expected, given that uncertainty has in the past led some retail investors and traders to flee to cash.

This time, some investors and traders are staying in the market and adjusting how they participate.

ASX exchange-traded funds (ETFs) were the most common way investors and traders had added to their portfolios this year.

About 48% increased their investment in ETFs, 38% raised their ASX shareholdings, and 21% increased their US stock positions.

The post ASX shares investors are still buying despite volatility: survey appeared first on The Motley Fool Australia.

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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 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.