The S&P/ASX 200 Index (ASX: XJO) is tentatively breaking positive ground so far this Wednesday. At the time of writing, the ASX 200 is up, but only just, by 0.13% at 7,105 points.

But let’s dive a little deeper and check out the ASX 200 shares currently at the top of the market’s volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume so far this Wednesday

Telstra Corporation Ltd (ASX: TLS)

ASX 200 telco Telstra is our first share to take a gander at. At this point, a whopping 21.21 million Telstra shares have been bought and sold on the markets. There has been no major news or announcements out of the telco so far today.

However, the company is suffering a steep share price drop. But, it’s for a pleasing reason. The company has just traded ex-dividend for its upcoming interim payment of 8 cents per share. This drop, as well as Telstra’s ongoing share buybacks, may explain why we are seeing so many of the telco’s shares flying around. 

Santos Ltd (ASX: STO)

Santos is our next share up this Wednesday. This ASX 200 energy company has had an impressive 21.33 million of its shares swap hands so far. This probably has something to do with the dramatic jump in value Santos is currently enjoying. 

The oil company is currently up by 5.6% at $7.67 a share. Higher energy prices are obviously good news for a company that sells energy, so this is the likely cause of the elevated volume figures we are witnessing. 

South32 Ltd (ASX: S32) 

ASX 200 diversified mining company South32 is our final and most traded share so far on Wednesday. The miner has had a notable 21.8 million shares find a new home at the time of writing. It’s been a big day for South32. 

Not only has this company enjoyed a robust 5.26% gain so far, but South32 hit a new 52-week high of $5 a share today as well. That puts the miner up by an impressive 82.5% over the past 12 months. These big gains and new highs are the probable cause of South32’s presence on this list today. 

The post These 3 ASX 200 shares are topping the volume charts on Wednesday appeared first on The Motley Fool Australia.

More reading

• 3 ASX All Ords mining shares cracking new 52-week highs today
• Why Core Lithium, MVP, Rio Tinto, and South32 shares are rising today
• Will Mike Cannon-Brookes bring an extra $1 billion to the table in his AGL takeover bid?
• This commodities index just saw its biggest rise in over 10 years. What might this mean for ASX 200 shares?
• ASX 200 (ASX:XJO) midday update: Rio Tinto, South32 storm higher, PointsBet sinks

Motley Fool contributor Sebastian Bowen owns 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 owns 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 Bruce Jackson.

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Shares in Metals Australia Ltd (ASX:MLS) are surging 49% into the green today to now trade 7.6 cents apiece.

Investors are responding well to a company announcement that sees Metals Australia announce assay results from the company’s Manindi Lithium Project.

Metals Australia shares have broke away from the broad index over the past 5 days of trading, and are now close to doubling in that time on last check.

It has also surpassed the S&P/ASSX 200 Metals & Mining Index (ASX: XMM) in that time, even as all commodities are at decade long highs, as shown on the chart below.

What did Metals Australia announce?

The ASX mining company announced the release of assay results from the “systematic rock chip sampling program testing key pegmatites” at Manindi, located in WA.

Metals Australia says that it undertook a systematic rock chip sampling program over a 500m strike length within nearby pegmatites, including the recently discovered “Foundation Pegmatite”.

“Over 1.2km strike length of Lithium-CaesiumTantalum (LCT) bearing pegmatites have been sampled at an average spacing of approximately 40 metres”, the company said.

From its results, the company says that “outstanding” sample results were collected and that lithium mineralisation has been confirmed along the entire 500 metres strike length of this Foundation Pegmatite.

“Highly anomalous lithium (Li), Tantalum (Ta), Caesium (Cs) and Rubidium (Rb) results were produced from
all pegmatites sampled…including up to 2.30% Li2O and 0.70% Rb with an average of 1.29% Li2O and 0.51% Rb over the entire 500 metre strike length”, it remarked.

The company also advised that it is currently testing a reverse circulation (RC) drilling program of up to 3,500 metres at the site that has already intersected up to 16 metres downhole of mineralised pegmatite.

Now Metals Australia is waiting on the samples of this above RC program to be submitted to the laboratory for examination.

The announcement follows on from an update on 28 February where Metals Australia advised it had intersected “high-purity flake-graphite concentrate results” at itsLac Rainy High-Grade Graphite Project. Tests there showed results were up to 96.8% total graphitic carbon (Cg) following the flowsheet development program.

Metals Australia share price summary

In the last 12 months, the Metals Australia share price has exploded 9% and is up another 97% this year to date.

During the past month of trading, shares have soared further into the green such that Metals Australia is thus leading most ASX shares in 2022.

The post ‘Outstanding lithium results’ are sending this ASX mining share rocketing 49% today appeared first on The Motley Fool Australia.

More reading

• Here’s why the Beach Energy (ASX:BPT) share price is climbing today
• Top broker tips another 28% upside for the Allkem (ASX: AKE) share price
• Here’s why all eyes will be on the size of Crown’s (ASX:CWN) potential AUSTRAC fine
• How did ASX lithium shares perform in February?
• 2 ASX 50 shares Morgans rates as buys

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 Beach Energy Ltd (ASX: BPT) share price is lifting on Wednesday.

Beach Energy shares are currently swapping hands at $1.60, a 4% gain. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.28%.

Let’s take a look at what might be impacting the Beach Energy share price today.

Surging oil prices

In global news, soaring oil prices may be boosting the Beach Energy share price today. This morning, my Foolish colleague James noted oil prices at 7-year highs could help the company have a good day.

Russia’s invasion of Ukraine has sparked fears of supply disruptions, CBS reported. International benchmark Brent crude oil hit $107.57 per barrel on Tuesday in the United States, the highest price since July 2014.

Based on Bloomberg figures, Brent Crude surged 7% to US$104.97 at market close on Tuesday, while WTI crude oil climbed 2.45% to $105.94.

Beach to offload assets

Closer to home, Beach Energy today revealed to the ASX market it would offload some of its assets in the Cooper Basin. Bass Oil Ltd (ASX: BAS) will acquire an interest in eight of Beach’s Cooper Basin tenements for $650,000. A subsidiary of Beach has entered a sale and purchase agreement with Bass.

The assets include the accretive Worrior and Padulla oil fields and properties that contain appraisal and possible exploration targets.

Subject to shareholder approval, Bass will raise $1.2 million via the placement of 800 million Bass shares on the market at $0.0015 per share.

Looking ahead, my Foolish colleague Zach reported on Monday JP Morgan analysts are optimistic Beach Energy shares can climb higher.

The broker highlighted the company is on track with its growth aspirations, offers good exposure to a diversified suite of assets and has zero net debt.

Beach Energy share price snapshot

The Beach Energy share price has slipped 1.9% in the past 12 months but is surging 27% year to date.

For comparison, the benchmark ASX 200 has returned about 5% over the past year.

In the past month alone, Beach Energy shares have climbed 9%, while they have jumped almost 5% in a week.

Beach Energy has a market capitalisation of about $3.6 billion.

The post Here’s why the Beach Energy (ASX:BPT) share price is climbing today appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Tuesday
• Up 20% this year, why the Beach Energy (ASX:BPT) share price can climb higher: broker
• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Tuesday

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 Allkem Ltd (ASX: AKE) share price is gaining quietly today and, at the time of writing, is 0.36% higher at $9.735.

After a solid period last year, the Allkem share price is struggling in 2022, down 7% this year to date.

However, one broker is heavily bullish on the lithium company and reckons there’s plenty more upside potential for investors to bite into.

Can Allkem climb another 28% this year?

Analysts at Swiss investment bank UBS expect Allkem to deliver a strong result this year that should bode well for its share price.

The broker reckons Allkem will secure higher pricing for its lithium products and this should translate to higher earnings in 2022.

Considering that spodumene and lithium prices have soared 63% and 85% respectively this year already, the broker notes Allkem’s earnings should benefit.

Further, the company’s guidance on lithium carbonate pricing is for US$25,000 per tonne, a step ahead of the UBS forecast of US$23,000 a tonne.

This comes as Allkem renegotiated a one-third split in prices for its long-term carbonate contracts. This could lead to a phasing out of fixed prices.

UBS notes that Allkem’s “realisation is improving structurally” and that “spot prices are maintaining particularly high levels, which is likely to see strong upward moves in Allkem’s realised prices through the year”.

The Swiss broker is bullish on Allkem, rating it a buy and valuing the company at $12.40 per share. That signals a 28% upside potential at the time of writing.

Meanwhile, the bulk of analysts covering Allkem also have it as a buy with more than 83% of brokers urging their clients to purchase the stock, according to Bloomberg Intelligence. The consensus price target is $13.55.

This is substantially higher than for the same time last year. Then only 46% of analysts were saying to buy the stock and 7% were advising to sell.

As of today, there are no brokers advocating to sell Allkem, according to Bloomberg.

Allkem share price snapshot

In the last 12 months, the Allkem share price has surged more than 114% but has faltered almost 7% this year to date.

During the past month though, the company’s shares have reversed course after adding almost 11% in gains during the past week of trading.

The post Top broker tips another 28% upside for the Allkem (ASX: AKE) share price appeared first on The Motley Fool Australia.

More reading

• How did ASX lithium shares perform in February?
• Lithium bonanza! Broker says the Allkem (ASX:AKE) share price could double
• 5 things to watch on the ASX 200 on Tuesday
• ASX 200 (ASX:XJO) midday update: Zip to buy Sezzle for $491m, GrainCorp storms higher
• Allkem (ASX:AKE) share price higher amid results and ‘surging demand for lithium’

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 Crown Resorts Ltd (ASX: CWN) share price is recovering on Wednesday despite concerns that potential AUSTRAC fines could impact the $8.9 billion takeover offer from private equity firm, Blackstone.

The casino operator’s share price dipped yesterday after AUSTRAC announced it is pursuing civil penalties against Crown in the Federal Court.

The watchdog claims Crown failed to comply with anti-money laundering and counter-terrorism financing laws.

At the time of writing, the Crown share price is $12.42, 0.4% higher than its previous close. For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.19%.

Let’s take a look at what the proceedings might mean for the planned takeover.

Could this impact the $8.9 billion Crown takeover?

The AUSTRAC investigation was addressed in the takeover’s implementation deed. It states that any fine given by AUSTRAC is seen as a ‘prescribed regulatory event’ and thus, won’t be treated as a ‘material adverse change’.

However, according to reporting by The Australian, if fines handed to Crown total more than $750 million, Blackstone will be able to walk away from the takeover unscathed.

Blackstone declined to comment on the matter.

The case filed against Crown alleges Crown Melbourne breached Australia’s anti-money laundering and counter-terrorism financing laws 382 times. Meanwhile, Crown Perth allegedly crossed them 165 times.

Each breach of the law could cost Crown between $18 million and $22.2 million.

Thus, the fines could theoretically cost the company billions of dollars. Though, it’s worth noting that AUSTRAC will likely consider Crown’s ability to pay before deciding on an amount.

This is likely no surprise to keen-eyed market watchers. The casino operator’s half-year earnings report stated AUSTRAC’s investigation was likely to result in civil penalty proceedings.

It also said it’s “likely that Crown Melbourne and Crown Perth will be required to pay significant civil penalties” on the back of the proceedings.

However, the company hasn’t put aside any provisions to pay the fines, stating it’s impossible to estimate the potential cost.

Crown share price snapshot

The Crown share price has been cruising through 2022 so far.

It has gained 3% since the year began. It’s also currently 24% higher than it was this time last year.

Crown’s current share price is 5% lower than Blackstone’s bid at $13.10 per share.

The post Here’s why all eyes will be on the size of Crown’s (ASX:CWN) potential AUSTRAC fine appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Zip shares tumble, AUSTRAC takes aim at Crown
• Crown (ASX:CWN) share price falls on AUSTRAC court proceedings news
• Crown (ASX:CWN) share price dips despite growing confidence the company has ‘turned the corner’
• Why Bendigo and Adelaide Bank, Crown, JB Hi-Fi, and Newcrest are pushing higher
• ASX 200 (ASX:XJO) midday update: JB Hi-Fi impresses, Crown accepts $8.9bn Blackstone bid

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 past month was thrilling for some ASX-listed lithium shares, yet underwhelming for others.

In typical earnings season fashion, some companies received praise from shareholders while others were punished. Meanwhile, prices for the electric-enabling commodity coasted further upwards — strengthening by ~28% during the month.

Let’s shine a light on some of the most well-known ASX lithium shares. Where did they go right, and where did they go wrong in February?

ASX lithium shares: fully charged or battery depleted?

Allkem Ltd (ASX: AKE)

The first company on our list, Allkem, performed reasonably well in February — gaining 4.9%. Although, the company’s shares had been trading sideways for most of the month. This changed after publishing its half-year results.

Importantly, the result marked the first since Allkem was formed through the merger of Galaxy Resources and Orocobre. The ASX lithium share delivered a US$13 million net profit for the half — climbing out of losses for the first time since 2019.

Pilbara Minerals Ltd (ASX: PLS)

Much like Allkem, Pilbara Minerals produced an inaugural profit for the six months ending 31 December 2021. However, the market did not respond in a positive manner to the announcement. Unfortunately, the profitable result was overshadowed by plans for the CEO, Ken Brinsden, to step down at the end of 2022.

The Pilbara Minerals share price trended downwards throughout February after a disappointing second-quarter update. Due to outages and the labour shortage, the company missed its downgraded guidance and expected to downgrade its FY22 guidance.

Overall, this ASX-listed lithium share fell 14.6% during the last month.

Liontown Resources Limited (ASX: LTR)

Changing it up, Liontown Resources is one lithium company that did not report earnings during February. But, it still made waves on 16 February after announcing a supply agreement with US electric vehicle maker Tesla Inc (NASDAQ: TSLA).

The landmark deal will see Liontown supply 700,000 tonnes of lithium spodumene concentrate to Tesla over a five-year period. Shares in the ASX lithium player surged 16% following the announcement — putting the share price up 2.5% for the month.

Core Lithium Ltd (ASX: CXO)

Finally, we arrive at Core Lithium, the smallest company by market capitalisation in this February roundup. Shareholders of this upcoming lithium explorer were jumping for joy last month.

Drilling results showed further high-grade lithium intersections at its Finniss Lithium Project. The stellar finding helped shares in this ASX lithium company gain 5.3% during the last month.

The post How did ASX lithium shares perform in February? appeared first on The Motley Fool Australia.

More reading

• Top broker tips another 28% upside for the Allkem (ASX: AKE) share price
• 3 ASX All Ords mining shares cracking new 52-week highs today
• Why Core Lithium, MVP, Rio Tinto, and South32 shares are rising today
• Giddy up: Core Lithium (ASX:CXO) share price races 11% higher on Tesla deal
• These 3 ASX 200 shares are topping the volume charts this Tuesday

Motley Fool contributor Mitchell Lawler owns Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Tesla. 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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If you’re looking to add some quality shares to your investment portfolio, then you might want to look at the ASX 50 shares listed below.

Here’s why analysts at Morgans are tipping these ASX 50 shares as ones to buy right now:

CSL Limited (ASX: CSL)

The first ASX 50 share to look at is CSL. This biotherapeutics giant could be a top option for investors looking for exposure to the healthcare sector.

Particularly given the underperformance of the CSL share price over the last 12 months, which Morgans appears to see as an opportunity for investors to buy in at a good price. Its analysts have an add rating and $327.60 price target on its shares.

Morgans explained: “Promisingly, plasma collections continue to improve, although remain slightly below pre-pandemic levels, and while industry wide issues remain (eg Omicron; staffing; increase costs), the worst appears behind us.”

“While near term challenges remain, the ongoing recovery in plasma collections, coupled with management’s confidence, paints a favourable earnings picture,” it adds.

Wesfarmers Ltd (ASX: WES)

Another ASX 50 share that is rated highly by Morgans is Wesfarmers. It is of course the conglomerate behind the Bunnings, Kmart, Officework, and Target businesses, as well as a collection of industrial businesses.

The team at Morgans believes that recent weakness in the Wesfarmers share price has created a buying opportunity for investors. Its analysts currently have an add rating and $58.50 price target on its shares.

It said: “Despite ongoing uncertainty in the operating environment, we think WES is well-placed to benefit when conditions improve and continue to view the stock as a core portfolio holding for long-term investors.”

This is due to its “diversified group of retail and industrial brands, solid balance sheet and strong leadership team that will continue delivering value for shareholders.”

The post 2 ASX 50 shares Morgans rates as buys appeared first on The Motley Fool Australia.

More reading

• The Wesfarmers (ASX:WES) share price dumped 9% in February. What happened?
• Why did the CSL (ASX:CSL) share price go backwards in February?
• ‘A lot of headroom to grow’: Is 2022 the year ASX investors turn to ESG shares?
• Top ASX shares to buy in March 2022
• Top broker tips over 20% upside for Wesfarmers (ASX:WES) share price

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. owns and has recommended CSL Ltd. The Motley Fool Australia owns and has recommended Wesfarmers 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 Woodside Petroleum Limited (ASX: WPL) share price is currently 5.44% higher at $30.24 — making it the best performing ASX energy share at the time of writing.

The S&P/ASX 200 Energy Index (ASX: XEJ) is up 4.42% so far, also making it the highest performing sector on the ASX today.

By comparison, the wider S&P/ASX 200 Index (ASX: XJO) is up just 0.03%.

So, what’s going on with Woodside today?

What’s going on with Woodside?

While the company didn’t have any price-sensitive news this morning, it released a report on its 2021 climate target progress.

In it, the energy giant revealed that it was on track to achieve its 2025 target of a 15% reduction in greenhouse gas emissions.

Woodside is aiming for a 30% decrease of emissions by 2030, and “net zero” by 2050, “or sooner”.

According to the report, the company says its methane emissions for the year accounted for 0.1% of production.

Woodside also outlined a number of energy projects, including its Woodside Solar Project, with an initial phase target of 100 megawatts (MW) and a maximum capacity of 500MW.

Its H2Perth and H2TAS plants are underway, with initial phase targets of hydrogen and ammonia achieved. Its Heliogen solar site is set for construction this year.

According to the company, “increased investment in hydrogen [is] needed to support the Net Zero Emissions 2050 pathway”.

Oil prices rising

Woodside’s increased share price is likely also being boosted by rising oil and gas prices on commodity markets.

According to Trading Economics, Brent crude oil is up more than 5% today to US$110.77 a barrel and natural gas is up 2.4% to US$4.68 MMBtu.

Russia’s invasion of Ukraine has put a strain on oil prices amid growing concern over “supply disruption”, with Russia a “key exporter”.

According to The Guardian, the United States and a number of other countries are set to access their emergency stores of oil in a bid to “stabilise global energy markets”.

This comes as the Brent crude oil prices hit a seven-year high.

Woodside share price snapshot

Over the last 12 months, the Woodside share price has jumped 22%, hitting a two year high today.

The company has a market capitalisation of $29 billion and a current price-to-earnings ratio (P/E) of 13.99.

The post Woodside (ASX:WPL) shares are up 5% today. Here’s the lowdown appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Rio Tinto, South32 storm higher, PointsBet sinks
• Own Woodside (ASX:WPL) shares? Here’s the latest on the energy giant’s major court win
• 5 things to watch on the ASX 200 on Wednesday
• 3 ASX energy shares smashing 52-week highs today
• The Woodside (ASX:WPL) share price is a buy: broker

Motley Fool contributor Alice de Bruin 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 All Ordinaries Index (ASX: XAO) is having a rather wild day of trading so far this Wednesday. At the time of writing, the All Ords is up a tentative 0.13% after descending into negative territory for much of the morning. But just because the market isn’t doing anything too remarkable, it doesn’t mean that some ASX shares aren’t. Today, we look at 3 ASX All Ords mining shares that are managing to crack new 52-week highs. 

3 ASX All Ordinaries mining shares cracking new 52-week highs today

Core Lithium Ltd (ASX: CXO)

Core Lithium is the first ASX share enjoying a new high watermark this Wednesday. Core Lithium shares opened at 90 cents each this morning. But this ASX lithium stock hit 98 cents a share soon after midday and is currently trading at 96 cents a share, up a very pleasing 16%. That’s a long way from the 52-week low of just 18 cents that we saw in March of 2021.

Today’s move appears to have been sparked by the announcement that Core Lithium has just signed a new lithium spodumene concentrate supply deal with the US electric vehicle and battery manufacturer Tesla Inc (NASDAQ: TSLA). Core Lithium shares are now up an extraordinary 337% over the past 12 months. 

Coronado Global Resources Inc (ASX: CRN)

The Coronado share price is another All Ords company that’s on fire today. This metallurgical coal producer is currently up by 8.8% at $1.85 a share. That’s just a whisker off of the $1.88 price that we have just seen. That’s a new 52-week high for Coronado.

There has been no major news or announcements out of this company today. However, It’s likely that this new high has been assisted by rising prices of coal that management confirmed the company is enjoying when it released its FY21 earnings recently. Coronado shares are now up 88% over the past 12 months.

South32 Ltd (ASX: S32)

Our final mining share to check out today is the diversified miner South32. This former flame of BHP Group Ltd (ASX: BHP) is powering ahead today with a strong share price rise of its own. South32 shares are presently trading for around $4.96.

That’s just below the company’s new 52-week high of $4.98 that we saw earlier today. Again, rising commodity prices seem to be helping here. Although, as my Fool colleague James covered earlier today, some love from ASX brokers is probably helping as well. South32 has now put on more than 81% over the past year. 

The post 3 ASX All Ords mining shares cracking new 52-week highs today appeared first on The Motley Fool Australia.

More reading

• Why Core Lithium, MVP, Rio Tinto, and South32 shares are rising today
• ASX 200 (ASX:XJO) midday update: Rio Tinto, South32 storm higher, PointsBet sinks
• Giddy up: Core Lithium (ASX:CXO) share price races 11% higher on Tesla deal
• This broker tips South32 (ASX:S32) as one of the best ASX 200 mining shares to buy
• 3 ASX mining shares breaking new 52-week highs today

Motley Fool contributor Sebastian Bowen owns Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Tesla. 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has bounced back from a poor start and is trading higher. At the time of writing, the benchmark index is up 0.2% to 7,112.8 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The Domino’s share price is down a further 2.5% to $77.77. Investors have been selling this pizza chain operator’s shares since the release of its half year results. Those results fell short of expectations due to a much weaker than expected performance from its Asian operations. It was because of these operations that Goldman Sachs downgraded its shares earlier this week.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down 5% to $16.82. Yesterday the team at UBS responded to Magellan’s latest funds under management (FUM) update by retaining its sell rating and cutting its price target to $15.40. It has concerns over the sharp decline in Magellan’s FUM, which won’t be helped by its flagship Global Fund being downgraded by a ratings agency.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is down 11% to $3.69. This appears to have been driven by a broker note out of Goldman Sachs. According to the note, while Goldman has held firm with its buy rating, it has slashed the price target on this sports betting company’s shares by a further 32% to $6.74. Goldman made the move to reflect a de-rating of peer multiples and lower earnings estimates.

Zip Co Ltd (ASX: Z1P)

The Zip share price has continued its slide and is down a further 5.5% to $1.95. Investors have been selling this buy now pay later (BNPL) provider’s shares following the completion of a ~$150 million institutional placement and amid a decidedly mixed response to its planned takeover of Sezzle Inc (ASX: SZL). Some analysts fear that Zip is overpaying to acquire its BNPL rival.

The post Why Domino’s, Magellan, PointsBet, and Zip shares are falling appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to buy today
• ASX 200 (ASX:XJO) midday update: Rio Tinto, South32 storm higher, PointsBet sinks
• Why is the PointsBet (ASX:PBH) share price sinking 13% today?
• ‘Strategic sense’: What brokers are saying about the Zip (ASX:Z1P)-Sezzle deal
• 2 ASX growth shares analysts say have 40%+ upside

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. owns and has recommended Pointsbet Holdings Ltd and ZIPCOLTD FPO. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and 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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