On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a positive fashion. The benchmark index rose 0.3% to 7,513.7 points.

Will the market be able to build on this on Tuesday? Here are five things to watch:

ASX 200 expected to rise

The Australian share market looks set to rise following a strong night in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 47 points or 0.6% higher. On Wall Street, the Dow Jones rose 0.3%, the S&P 500 was up 0.8%, and the Nasdaq has stormed up 1.9% higher. The latter bodes well for the tech sector today.

Oil prices jump

Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 4.5% to US$103.67 a barrel and the Brent crude oil price has risen 3.4% to US$107.93 a barrel. Speculation that further sanctions could be placed on Russian oil and coal boosted prices.

RBA meeting

It is the first Tuesday of the month, which means the Reserve Bank of Australia (RBA) will be getting together to decide on the cash rate this afternoon. While the central bank has hinted that rate hikes are coming, the general consensus is that the RBA will be keeping its powder dry at this meeting. The market continues to expect the first hike to occur in May.

Gold price rises

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a good day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.65% to US$1,936.30 an ounce. Potential new Russian sanctions and higher inflation expectations took the precious metal higher.

Iluka remains a buy

The Iluka Resources Limited (ASX: ILU) share price remains in the buy zone according to analysts at Goldman Sachs. In response to its final investment decision on phase three of the Eneabba Rare Earth Refinery, the broker has retained its conviction buy rating with an improved price target of $14.00.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Monday
• Here’s what $10,000 invested in CSL shares 5 years ago looks like now
• Why Allkem, Iluka, Pendal, and Sayona Mining shares are charging higher
• The Santos share price has gained 26% this year. Is it too late to buy?
• These were the best and worst performing ASX sectors in March

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 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 Bruce Jackson.

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The Woodside Petroleum Ltd (ASX: WPL) share price finished Monday in the green after closing the session at $33.02 apiece, a 1.04% gain.

Woodside shares have spiked more than 5% in the past month of trade and have soared more than 50% this year to date as commodity markets rumble like the V8 engines they build and feed.

Key markets like oil and gas have ensured tidy gains for Woodside shareholders as well, given the company is a price taker where the share price is hypersensitive to fluctuations in commodity sectors.

What’s the outlook for April?

All the talk appears to be on the state of oil and LNG segments for Woodside this month, particularly as geopolitical tensions continue to plague global markets.

Brent Crude futures have pushed north over the weekend and Brent spot now trades at US$105 per barrel after gyrating heavily these past few weeks.

Meanwhile, US natural gas futures have extended gains. The commodity now trades around US$5.75 per million British thermal units (MMBtu) and is heading towards single-year highs of US$6.312/MMBtu in November.

Both UK Gas and Dutch Natural Gas contracts have followed a similar trend in the past few months. Their price movements, below, resemble a tracing of the alps instead of a price chart.

The volatility in all of these markets is sure to lock in big gains for players like Woodside, analysts say.

After a slump in financial performance during 2020, rising LNG prices and surging demand from Asia could be the welcome boost Woodside is searching for. That’s according to Henik Fung and Joyce Ho of Bloomberg Intelligence.

“Woodside Petroleum’s financial performance could get a boost from elevated LNG prices amid Asia’s rising gas demand and its reliance on Australia as a supplier,” the pair wrote in a recent note.

“Woodside’s merger with BHP’s petroleum business may further spur revenue and profit growth on volume gains once the deal is final before June 2022. Selling down its equity stake in Pluto Train 2 may yield sufficient liquidity to power other growth projects,” they added.

It appears that LNG markets are an important near-term catalyst that investors must consider, analysts are saying.

But this might not be on the cards for long, according to some commentary on the matter. Demand for LNG out of Asia has already started to slow in April, according to Megha Mandavia from The Wall Street Journal.

“As energy buyers in Europe reorganise to wean themselves off Russian gas in the wake of Vladmir Putin’s war on Ukraine – and natural gas prices skyrocket – Asian countries are facing some serious sticker shock,” Mandavia wrote.

“[LNG] demand in Asia has already taken a meaningful hit. In the long run, the consequences could be even more profound – slower Asian LNG demand growth through the remainder of the first half of the decade,” she added.

Reportedly, Asia Pacific LNG imports have tightened by 10% year on year from Q1 CY21 whereas Indian LNG imports have stalled by 25%.

Therefore, Woodside’s outlook in April appears to be hinged on what LNG and oil markets decide this month.

Meanwhile, the consensus price target on Woodside’s share price is $32.86 according to Bloomberg data, with around 67% of analysts advocating to buy the stock right now.

The post What’s on the cards for the Woodside share price in April? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Monday
• These were the best performing ASX 200 shares during the first quarter
• What boosted the Whitehaven Coal (ASX:WHC) share price on Friday?
• The Woodside share price gained 12% in March. Here’s why
• 5 things to watch on the ASX 200 on Friday

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 Bruce Jackson.

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The Pilbara Minerals share price had an outstanding month in March.

The lithium miner’s shares soared 18% between market close on 28 February and the close of trade on 31 March. In today’s trading, the Pilbara share price leapt 5.54% to finish at $3.62.

Let’s take a look at what happened during the month.

What’s lifting the Pilbara share price?

Pilbara Minerals is a Western Australian based lithium and tantalum explorer working on its 100% owned Pilgangoora Lithium Tantalum Project.

The Pilbara share price headed north in early March amid optimistic broker coverage. The team at Macquarie rated the Pilbara share price a buy at the time.

Marcus Today senior investment analyst Henry Jennings also recommended Pilbara as a buy in March, as my Foolish colleague Sebastian reported. Jennings said:

After recent falls, the stock is now starting to look attractive and with brokers now upgrading lithium price forecasts, PLS is a buy at around 280c. Having a producer is a bedrock but it is also good to have an explorer with upside potential.

Growth and optimism

On 31 March, Pilbara reported a step forward in its lithium growth strategy. A scoping study provided preliminary support for constructing a demonstration-scale chemicals facility at Pilgangoora. This would produce value-added lithium phosphate salts via an “innovative” refining process. Pilbara shares soared more than 7% on 31 March alone.

As my Foolish colleague James noted, renewed optimism in the shift to electric vehicles may have also favourably impacted the Pilbara share price. Lithium is a critical component in electric vehicle batteries.

In February, Pilbara delivered a statutory profit after tax of $114 million in its FY22 half-year result. The company also reported a record sales revenue of $291.7 million.

Share price snapshot

The Pilbara share price has exploded nearly 234% in the past 12 months, while it has climbed 13% year to date. In the past week, the company’s shares have soared nearly 13%.

For perspective, the S&P/ASX 200 Index (ASX: XJO) index has returned about 10% over the past year.

Pilbara has a market capitalisation of about $10.8 billion based on the current share price.

The post The Pilbara (ASX:PLS) share price soared 18% in March. Here’s why appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Monday
• ASX lithium shares set to deliver next positive surprise to investors
• Own Pilbara Minerals shares? Here’s why the CEO is so bullish on lithium prices
• The US is backing Aussie critical minerals projects, and these ASX mining shares could be set to reap the rewards
• Here’s why the Pilbara Minerals (ASX:PLS) share price is spiking today

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 Bruce Jackson.

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The ASX boards have been dominated by resources shares that have shot up in value over the past month or two. If you stick to the green metals space, you don’t need to look too far to find some stellar short-term performers.

Investors seem to be extremely bullish on this market niche right now. Take Pilbara Minerals Ltd (ASX: PLS). It’s up close to 30% over the past month. Or AVZ Minerals Ltd (ASX: AVZ), which has given investors a return of more than 52%. But the Australian Vanadium Ltd (ASX: AVL) share price is a standout performer.

Australian Vanadium shares gained an extraordinary 16.67% just today, closing at 10.5 cents a share. But it was less than a month ago that this company was trading at just 4 cents a share. That means the Australian Vanadium share price has rocketed 162.5% in under a month.

So what’s behind this eye-watering move? Well, it’s hard to say for sure. But some developments have likely pushed investors towards this small-cap vanadium share.

Australian Vanadium share price rockets higher

The first is a general appetite for companies involved in green metals, battery materials and technologies and renewable energy that we have been seeing from investors lately. Vanadium is a metal that has been identified as a potentially game-changing ingredient in a new generation of batteries known as redox flow batteries.

This technology is still emerging. But even so, many experts are excited about its potential future. Redox flow batteries use significant quantities of vanadium. So if this technology takes off, it’s not unreasonable to foresee a huge rise in the demand for the metal.

And Australian Vanadium is, of course, building out its capacity to produce this potentially green metal.

But another major development seems to have gotten investors hot under the collar for Australian Vanadium shares. Last month, the company announced that it has been awarded a $49 million grant under the federal government’s Modern Manufacturing Initiative (MMI). Australian Vanadium will use the funds to develop its Australian Vanadium Project near Geraldton, Western Australia.

Australian Vanadium is a company with a market capitalisation of just under $300 million. Thus, a grant of $49 million is a significant injection.

In its recent joint announcement with Australia, which we covered last week, the United States government has also singled out vanadium as a critical mineral. This could imply that further government assistance is possible as the US builds out secure supply chains of critical minerals.

All in all, it doesn’t get much better than the month the Australian Vanadium share price has just had.

The post How has the Australian Vanadium (ASX:AVL) share price exploded 160% in a month? appeared first on The Motley Fool Australia.

More reading

• Here’s why the Australian Vanadium (ASX:AVL) share price is racing 23% higher

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 Bruce Jackson.

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The Carnaby Resources Ltd (ASX: CNB) share price rocketed today following the release of exploration results.

The company’s shares surged 17.8% to finish the day at $1.45. For perspective, the S&P/ASX 200 Index (ASX: XJO) has climbed 0.27% today.

Let’s take a look at what this explorer announced earlier.

‘Exceptional drill’ results

Carnaby Resources reported “exceptional exploration results” at the Greater Duchess Copper Gold Project in Mount Isa, Queensland.

The company released exploration results at both the Nil Desperandum and Lady Fanny prospects. At Nil Desperandum, drill hole NLDD084 intersected 31 metres at 3.9% copper, and 1.0 grams per tonne of gold from 313m.

Meanwhile, at the Lady Fanny Prospect, the company reported exceptional drill results and visual intersections. Broad zones of copper gold mineralisation were intersected including:

• 22m at 2.4% copper, 0.5 grams per tonne gold in the drill hole LFRC019
• 19m at 2.4% copper, 0.9 grams per tonne gold in the drill hole LFRC010
• 43m of strong copper sulphide visuals in the drill hole LFRC120

Managing director Rob Watkins commented on the results:

We are in the early stages of unearthing the scale and significance of the Nil Desperandum and Lady Fanny discoveries.

The drill results and visuals coming in from the ongoing drilling continue to point towards a major new resource and development project at the Greater Duchess Copper Gold Project.

Share price recap

The Carnaby Resources share price has surged nearly 494% in the past 12 months, while it has gained nearly 8% this year to date.

In contrast, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned 10% in the past 12 months.

The post Carnaby Resources (ASX:CNB) share price shoots 17% higher. Here’s why appeared first on The Motley Fool Australia.

More reading

• Here’s why the Telix (ASX:TLX) share price surged 10% today
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Game on: Why the PointsBet (ASX:PBH) share price is zipping higher today
• The Lynas Rare Earths (ASX:LYC) share price just hit a 10-year high!
• Why is the Bank of Queensland (ASX:BOQ) share price slipping today?

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 Bruce Jackson.

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The Telix Pharmaceuticals Ltd (ASX: TLX) share price took off today after the company released news of its lead product and a $23 million funding package.  

Telix’s prostate cancer imaging agent Illuccix is now available for order in the United States, with patients scheduled to receive the product this month.

Additionally, a partnership involving the company has been awarded a significant funding package by the Federal Government.  

At market close on Monday, the Telix share price finished at $4.73, 10.77% higher than its previous close.

Let’s look at the news that drove the Telix share price higher today.

Telix stock launches 10% on Monday

The Telix share price was well and truly in the green on the news Illuccix, also known as the 68Ga-PSMA-11 injection, will soon be available at around 85% of United States-based positron emission tomography (PET) sites.

Additionally, a third pharmacy network partner has been signed up to supply the product, ensuring better regional coverage.

Key academic centres, including the University of Washington, are already booking patients to receive the injection this month.

Telix CEO and managing director Dr Christian Behrenbruch said the milestone will improve access to PSMA-PET imaging. It will also allow physicians to schedule dose delivery any time of the day.

“With the recent approval in the United States of PSMA therapy – and the importance of 68Ga-PSMA-11 for patient selection – it is an exciting time for molecular imaging in GU-Oncology,” commented Behrenbruch.

Also likely boosting the Telix share price is news of a $23 million funding package granted to the Australian Precision Medicine Enterprise Project.

The project involves Global Medical Solutions Australia (GMSA), Telix Pharmaceuticals, and Monash University.

GMSA is committing $41.2 million to the project over three years. Meanwhile, Telix and Monash will chip in $5 million and $11.2 million, respectively.

The grant funding is from the Modern Manufacturing Initiative’s Manufacturing Collaboration Stream – part of the Australian Government’s Modern Manufacturing Strategy.

It aims to help Aussie manufacturers scale up, compete internationally, and create jobs.

The project will address a manufacturing gap in Australia’s radiopharmaceuticals sector. It will support the innovative development and manufacturing of precision medicines and theranostics for the Australian and Asia Pacific markets.

However, its major vision is a domestic high energy cyclotron – the future source of critical radioisotopes.

The project will provide Telix with more capacity to develop and manufacture theranostic radiopharmaceuticals in Australia. That will help strengthen its global supply chain.

Telix share price snapshot

Today’s gains haven’t been enough to boost the Telix share price from its recent slump.

Right now, the company’s shares are trading for 42% less than they were at the start of 2022. Though, they’re still swapping hands for 2% more than they were this time last year.

The post Here’s why the Telix (ASX:TLX) share price surged 10% today appeared first on The Motley Fool Australia.

More reading

• Why Block, Lake Resources, Nearmap, and Telix shares are racing higher
• Here’s why the Telix (ASX:TLX) share price is leaping higher today
• These were the worst performing ASX 200 shares last week
• Why Atlas Arteria, Core Lithium, Premier, and Telix shares are dropping
• Why is the Telix Pharmaceuticals (ASX:TLX) share price plunging 14%?

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 Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is kicking off the week with another day in the green so far this Monday. At the time of writing, the ASX 200 is up by a robust 0.48% at just over 7,520 points. 

But let’s dip a little deeper into these gains and check out the ASX 200 shares topping the share market’s volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Monday

Liontown Resources Limited (ASX: LTR)

Battery metals company Liontown is our first share of the day. This Monday has seen a notable 15.41 million Liontown shares bought and sold on the markets thus far. There’s been no major news out from Liontown itself. However, as my Fool colleague Brooke covered earlier, this ASX 200 company has seen some impressive moves on the markets regardless. Liontown hit a new all-time high of $2.19 today. It’s currently up 9% at $2.12 a share. This big push upwards is almost certainly behind the elevated trading volumes we are seeing.

Pilbara Minerals Ltd (ASX: PLS)

ASX 200 lithium producer Pilbara is next up today. So far, a sizeable 18.22 Pilbara Minerals shares have been traded on the share market. Again, this doesn’t seem to be the result of anything the company has put out today. Rather a big share price move looks to be the culprit. The Pilbara share price is currently up a healthy 5.98% at $3.64 a share. No wonder we are seeing a boatload of Pilbara shares in new hands.

AVZ Minerals Ltd (ASX: AVZ)

Another ASX 200 lithium share in AVZ is our final company to take a look at this Monday. So far today, a hefty 29.76 million AVZ shares have swapped hands as it currently stands. To continue the trend we are seeing today, it again seems like AVZ is the beneficiary of yet another upward share price movement. In this case, the AVZ share price has gained a more muted 1.92% at $1.32 a share after rising as high as $1.36 earlier this morning.

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

More reading

• The Lynas Rare Earths (ASX:LYC) share price just hit a 10-year high!
• Here’s what $10,000 invested in CSL shares 5 years ago looks like now
• ASX lithium shares set to deliver next positive surprise to investors
• The Liontown (ASX:LTR) share price is surging 11% on Monday
• These were the best and worst performing ASX sectors in March

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 Bruce Jackson.

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The PointsBet Holdings Ltd (ASX: PBH) share price looks set to finish in positive territory at the close of Monday’s trade. This comes after the company announced an update in regards to its wholly-owned subsidiary, PointsBet Canada Operations 1 Inc (PointsBet).

As the time of writing, the sports betting company’s shares are up 3.03% to $3.74.

PointsBet gets in on the Ontario action

Investors appear pleased with the company’s latest news, bumping up PointsBet shares.

In its release, PointsBet advised that it has launched its proprietary iGaming and sportsbook operations in Ontario, Canada.

Furthermore, the company has also taken its first bet, bringing its online casino product to the state.

Located in east-central Canada, Ontario is the country’s most populous province and second largest geographically. It is home to Ottawa, Canada’s capital, with over 14.8 million people and a host of professional sports teams. This includes the famous Toronto Maple Leafs (NHL), Toronto Raptors (NBA) and Toronto Blue Jays (MLB).

PointsBet Canada CEO, Scott Vanderwel touched on the milestone achievement, saying:

Today is a great day for Ontario sports fans! On behalf of the entire PointsBet Canada team, I’d like to share how thrilled we are to see the province’s sports wagering market officially open. Just moments after 12:00am local time this morning, PointsBet Canada became one of the first private sportsbooks to take a legal wager.

Over the past few months, our team has been scaling and focused on building partnerships with the athletes, teams, and organizations that matter to Canadians. We know our customers will appreciate our unmatched in-play betting, great odds, depth of offering, and local Canadian support teams ready to assist when they need it. We will offer an unrivalled experience to sports bettors and gaming enthusiasts.

PointsBet share price snapshot

Despite edging higher on Monday, the PointsBet share price has tumbled by 70% over the last 12 months.

These losses have mostly come in 2022 following investor concerns about the company’s valuation and high marketing costs. Year to date, PointsBet shares are down 47%.

Based on today’s price, the company commands a market capitalisation of roughly $982.43 million.

The post Game on: Why the PointsBet (ASX:PBH) share price is zipping higher today appeared first on The Motley Fool Australia.

More reading

• These were the worst performing ASX 200 shares during the first quarter
• ‘Compelling valuation’: Broker tips PointsBet (ASX:PBH) share price to rise 80%
• Beaten-up: Are these 2 top ASX growth shares turnaround buys?

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. owns and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is enjoying a solid start to the week so far this Monday. At the time of writing, the ASX 200 is up a healthy 0.49% at just over 7,530 points. But that’s nothing against the Lynas Rare Earths Ltd (ASX: LYC) share price. 

Lynas shares are currently up a pleasing 2.61% at $11.38. What’s more, this company hit a new 52-week high of $11.59 a share earlier in today’s trading session. Not only is $11.59 a new 52-week high, but it’s also the highest Lynas shares have traded at since March of 2012 – almost exactly a decade ago.

Lynas’ performance over the last few years has been quite extraordinary. The company has now gained more than 76% over just the past six months alone. Over the past year, Lynas is up almost 81%. It gets better. since the lows of March 2020, the company has appreciated by more than 800%. And over the past five years, Lynas shares have given investors a whopping 1,190% return.

So what might be behind today’s share price move?

Why is the Lynas share price at a decade high?

Well, it’s not entirely clear. There have n;t been any announcements out of Lynas itself. Perhaps investors, buoyed by the buying pressure in the market, are sending Lynas shares higher in a bout of enthusiasm. Investors have been very excited over companies that produce green metals, which include the rare earths like neodymium that Lynas produces. In addition to Lynas, other companies in this space have also seen some pretty spectacular gains in recent months. These include Neometals Ltd (ASX: NMT), Liontown Resources Limited (ASX: LTR), Pilbara Minerals Ltd (ASX: PLS) and AVZ Minerals Ltd (ASX: AVZ).

We also got the news last week that the US government and the Australian government are working together to fund secure supply chains of critical minerals like lithium, vanadium, neodymium and praseodymium. The latter two minerals are both rare earths that Lynas produces. Thus, this agreement could prove to be beneficial to Lynas in coming months and years.

Whatever the reason why Lynas shares are shooting higher today, there is no doubt a legion of very happy shareholders watching on right now.

At the current Lynas Rare Earths share price, this ASX 200 share has a market capitalisation of $10.01 billion.

The post The Lynas Rare Earths (ASX:LYC) share price just hit a 10-year high! appeared first on The Motley Fool Australia.

More reading

• Here’s what $10,000 invested in CSL shares 5 years ago looks like now
• These were the best and worst performing ASX sectors in March
• Own AMP shares? Here’s how this ASX company did in March
• ASX 200 (ASX:XJO): Perpetual makes Pendal offer, Iluka hits record high
• Here’s why the performance of ASX 200 shares is smashing the S&P 500

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 Bruce Jackson.

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The Bank of Queensland Ltd (ASX: BOQ) share price is having a tough day on the market.

The bank’s shares are currently swapping hands at $8.255, a 2.88% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.43% at the time of writing.

So what is causing the company’s shares to drop today?

Broker downgrades

The Bank of Queensland share price could be struggling due to two recent broker downgrades.

Today, Ord Minnett downgraded the bank’s shares to a hold rating. And, on Friday, Macquarie downgraded BOQ shares to a neutral rating from outperform. Macquarie also cut the price target on the bank to $9.

Looking at the wider market, the S&P/ASX 200 Financials Index (ASX: XFJ) is also in the red today, down 0.14%.

Bank shares are a mixed bag on the ASX today. The Commonwealth Bank of Australia (ASX: CBA) share price has slipped 0.59% at the time of writing. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) is 0.22% lower and National Australia Bank Ltd (ASX: NAB) is down 0.62%. However, Bendigo and Adelaide Bank Ltd (ASX: BEN) is up 0.68%, Westpac Banking Corp (ASX: WBC) share price is edging 0.08% in the green, and Macquarie Group Ltd (ASX: MQG) is flat at the time of writing.

In today’s news, Bank of Queensland has selected Honey Insurance to offer home insurance to its 400,000 customers. In a release cited by Insurance Business Australia, the companies said:

Together BOQ and Honey have created a unique and innovative offering focussed on transforming how customers buy insurance and solving pain points by making the experience seamless.

Bank of Queensland share price snapshot

The Bank of Queensland share price is up 2% year to date but has lost nearly 5% in the past 12 months. In the last month, it has gained almost 6% although it has fallen 2% in a week.

In comparison, the S&P/ASX 200 Index (ASX: XJO) has returned more than 10% in the past year.

The banking share has a market capitalisation of about $5.3 billion based on the current share price.

The post Why is the Bank of Queensland (ASX:BOQ) share price slipping today? appeared first on The Motley Fool Australia.

More reading

• Why Air NZ, Bank of Queensland, Domain, and Perpetual shares are dropping
• ASX 200 (ASX:XJO): Perpetual makes Pendal offer, Iluka hits record high
• Why Bank of Queensland, Block, Premier Investments, and REA shares are dropping
• How did ASX 200 bank shares perform today?
• BOQ share price punches 8% higher in March to sprout into the green

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Bendigo and Adelaide Bank Limited. The Motley Fool Australia has recommended Macquarie Group Limited and Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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