It’s been a disappointing day for the S&P/ASX 200 Index (ASX: XJO), no two ways about it. At the time of writing, the ASX 200 is down by a rather horrible 2.02% at 6,821 points. If you’re looking for some green on the ASX boards today, it’s pretty hard to find.

But let’s at least try not to let that get us down. So instead, let’s take a look at the ASX 200 shares that are currently topping the share market’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Thursday

South32 Ltd (ASX: S32)

ASX 200 resources share South32 is first up today. This diversified miner has had a hefty 24.2 million shares change hands as its stands so far this Thursday. There’s nothing new out of South32 today, so we can probably assume this volume is the result of the movements of the company’s shares. As it stands presently, South32 has defied the market’s gloom today and is up a robust 1.9% at $3.81 a share after spiking to $4.07 earlier in today’s session. It’s this volatility and market defiance that is likely behind this elevated trading volume.

Telstra Corporation Ltd (ASX: TLS)

Telstra is next up this Thursday. Today’s trading session has seen a sizeable 30.92 million Telstra shares swap owners so far. Again, there are no major developments out of this ASX 200 telco today, so we can again likely put this volume down to the movements of the Telstra share price. Telstra initially rose this morning, but as the day has gone on, the company’s gains have turned red and the company is now down by 1.65% so far at $3.86 a share. This bouncing around is probably why we are seeing such volume today.

Pilbara Minerals Ltd (ASX: PLS)

ASX 200 lithium producer Pilbara is our final and most traded share of the day thus far. This Thursday has seen a whopping 33 million shares bought and sold as it currently stands. Again, this seems to be the result of a nasty share price movement. Pilbara has been sold off harshly. The company’s shares are currently down a depressing 4.46% at $3.10 each as it stands at the time of writing. It’s this steep fall that is almost certainly responsible for so many Pilbara shares finding a new home today.

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

More reading

• Bargain bonanza? Scott Phillips’ advice for a glass-half-full approach to falling ASX share prices
• It’s official – ASX 200 sinks into correction territory
• From hero to Xero (ASX:XRO): share price tumbles 8% to hit 52-week low
• ASX 200 (ASX:XJO) midday update: Premier impresses but Kogan disappoints again
• Telstra (ASX:TLS) ‘best placed in the Aussie mobile market’ says JP Morgan

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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Key Points

• Woodside shares remain in positive territory amid management decision to end investment in Myanmar
• Political unrest along with human rights violations weighed in on the outcome
• Withdrawal of assets is expected to impact the company’s bottom line

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The Woodside Petroleum Limited (ASX: WPL) share price is one of the few companies that’s in the green today. This comes after the company announced that it will pull its assets out of the Southeast Asian nation of Myanmar.

Over the last week, the world markets have dropped regarding concerns of military tension between Russia and Ukraine. In addition, interest rate rises and the spread of Omicron is fuelling investors’ concerns.

The S&P/ASX 200 Index (ASX: XJO) has fallen by more than 10% and is officially in correction territory. However, Woodside shares have maintained their edge and become resilient to market movements due to stable oil prices.

At the time of writing, the energy giant’s shares are up 1.95% to $24.60 apiece. However, in early morning trade, its shares reached an intraday high of $25.24.

In comparison, the benchmark index is down 2.11% to 6,814.6 points.

Woodside signals end of partnership

In a statement to the ASX, Woodside advised it has decided to withdraw from its interest in Myanmar due to political unrest.

For over 8 years, the company has conducted multiple exploration and drilling campaigns in hope to develop energy resources.

However, all Myanmar business decisions were put under review following the State of Emergency declared in February 2021. The military took over the country and detained senior government leaders in response to alleged fraud during November’s 2020 general election. Widespread human rights abuses were reported on a frequent basis in Myanmar.

Woodside holds a 40% participating interest in the A-6 Joint Venture as joint operator, as well as participating interests in exploration permits AD-1 and AD-8.

In 2021, the company retracted the exploration permits covering offshore Blocks AD-2, AD-5, and A-4.

Currently, Blocks AD-6, AD-7 and A-7 are in the process of being relinquished.

The other remaining Blocks AD-1 and AD-8, the A-6 Joint Venture and the A-6 production sharing contract have begun a formal exit.

The decision to withdraw from Blocks A-6 and AD-1 is expected to impact net profit after tax (NPAT) by approximately US$138 million (A$194.9 million). This is in addition to the US$71 million (A$100.28 million) exploration and evaluation expense for Block AD-7.

Woodside CEO, Meg O’Neill touched on its state of affairs, saying:

Woodside has been a responsible foreign investor in Myanmar since 2013 with our conduct guided by the UN Guiding Principles on Business and Human Rights and other relevant international standards.

Given the ongoing situation in Myanmar we can no longer contemplate Woodside’s participation in the development of the A-6 gas resources, nor other future activities in-country.

Woodside share price summary

The Woodside share price is down 4% over the last 12 months, but up 12% year-to-date. The company’s shares accelerated to an 11-month high of $25.90 last week despite the turmoil in global markets.

Based on today’s price, Woodside commands a market capitalisation of $23.86 billion, with approximately 969.63 million shares on issue.

The post Woodside (ASX:WPL) share price slightly retraces following Myanmar withdrawal appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• Why are ASX 200 energy shares tumbling on Tuesday?
• Why 2022 could be a strong year for the Woodside (ASX:WPL) share price: Saxo Markets
• 5 things to watch on the ASX 200 on Tuesday
• Why AGL (ASX:AGL) and Origin (ASX:ORG) shares tumbled today

Motley Fool contributor Aaron Teboneras owns Woodside Petroleum Ltd. 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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It has been another difficult day for the S&P/ASX 200 Index (ASX: XJO) following a wild night on Wall Street.

At one stage today, the benchmark index was down as much as 2.9% to 6,758.2 points. This is despite the ASX 200 being up 1.1% in earlier trade.

This means the index has fallen into correction territory following a decline of greater than 10% from recent highs.

What’s happening?

The ASX 200 has come under pressure again today amid concerns about the potential for rates to rise sooner than expected. This follows comments out of the US Federal Reserve overnight which indicated that its first hike could be coming as soon as March.

There are a number of reasons why this is spooking the market. One of those is that interest rates play a key role in valuations. When the risk-free rate is low, valuations are high, and vice versa when the risk-free rate is high.

This is because if investors can get a return from a risk-free asset, riskier assets will need to generate stronger returns to satisfy investors.

As an example, while an investor may have been willing to pay 20x earnings for Coles Group Ltd (ASX: COL) shares with interest rates at close to zero, they may only be willing to pay 18x earnings when interest rates at 2%, ceteris paribus. This is because they may believe the potential return will be sufficient enough at 18x earnings to warrant not just leaving their funds in a risk-free savings account or term deposit.

The good news for investors is that the market almost always overreacts to situations like this, with shares being oversold and bargains being created across the market. In fact, The Motley Fool Australia’s Chief Investment Officer, Scott Phillips, is continuing to buy during the volatility, noting that the Australian share market has never yet failed to recover to a new high following previous market crashes.

Scott’s sage words

In response to today’s declines, Scott said:

“We’ve been here before.

Over and over. It’s never nice. It’s rarely fun.

But it happens.

We were here during the 2020 COVID crash. During the GFC. During the dot.com crash. During the Asian Financial Crisis. The 87 crash.

But remember: the ASX has never yet failed to regain, and then surpass, its previous highs.

Is that a guarantee? No. We can’t morally or legally give you one.

But I have a high degree of confidence that history will be a good guide.

Because our businesses find ways to meet needs, deliver on wants, and keep growing.

Democratic capitalism has a bright future, despite the volatility.

I’m fully invested. I’m not selling. I’ll continue to buy.

Eyes on the horizon. Keep a long term perspective Fools!”

The post Bargain bonanza? Scott Phillips’ advice for a glass-half-full approach to falling ASX share prices appeared first on The Motley Fool Australia.

More reading

• It’s official – ASX 200 sinks into correction territory
• From hero to Xero (ASX:XRO): share price tumbles 8% to hit 52-week low
• ASX 200 (ASX:XJO) midday update: Premier impresses but Kogan disappoints again
• 2 cheap financial ASX shares to buy right now
• 5 things to watch on the ASX 200 on Thursday

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 owns and has recommended COLESGROUP DEF SET. 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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Key points

• The Western Areas share price hit a new multi-year high today after the release of its quarterly report.
• This comes as many ASX shares suffer through a shocking week
• The All Ordinaries Index has fallen more than 5% since Friday’s close

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This week has been a bloodbath on the ASX. The All Ordinaries Index (ASX: XJO) has slumped around 5% since Friday’s close. However, one of its constituents hit its highest point since 2019 today.

At the time of writing, the Western Areas Ltd (ASX: WSA) share price is $3.54. That’s 2.61% higher than its previous close. However, earlier today, it hit a new multi-year high of $3.58 – representing a 3.7% gain.

The gain followed today’s release of the nickel producer’s earnings for the quarter ended 31 December.

Western Areas share price gains on strong December quarter

• Cashflow increased to $34.4 million ­– up from $31.1 million in the September quarter
• Total mined nickel increased 12.2% quarter-on-quarter to 4,600 tonnes
• Realised nickel price increased to $12.48 per pound – up from $11.90
• Sold 4,511 tonnes of nickel – 13% more than during the prior quarter
• Ended the quarter with $142.6 million of cash in the bank
• Entered an agreement to be acquired by rival, IGO Ltd (ASX: IGO)

Over the quarter just been, the company received a takeover bid from IGO, offering to acquire all Western Areas shares for a price of $3.36 apiece.

The all-cash offer implies a valuation of around $1.1 billion and was accepted by the Western Areas board.

Additionally, the company’s mill production increased to 4,025 tonnes of nickel concentrate – up from 3,804 tonnes the prior quarter.

Finally, its unit cash cost of nickel in concentrate dropped to $4.87.

What else happened in the quarter?

Over the December quarter, this ASX All Ordinaries mining share continued to develop the Odysseus mine after announcing its first ore production in October.

The company also narrowed down the contenders for Cosmos nickel offtake for the first 2 years of Odysseus’ production.

Finally, the company began diamond drilling at Mt Goode. The exploration campaign is proceeding on schedule.

Western Areas also noted it experienced some minor production losses due to COVID-19 over the quarter.

The key area impacted was the maintenance of its underground mobile equipment, as staff shortages of diesel mechanics and fitters along with long-hole production drillers made its dint.

What did management say?

Commenting on the update likely fuelling the Western Areas share price, managing director Dan Lougher said:

Development at Odysseus has ramped up considerably and we significantly de-risked the future development schedule for the project during the quarter. We also made positive progress in continuing to bolster the high-potential AM6 and Mt Goode deposits, which provide significant upside value potential at Odysseus.

In tandem with this, we have entered the final stages of the Cosmos nickel offtake tender process, for the initial two years of Odysseus’ production, following substantial market interest. It was also very pleasing to see mine production from Forrestania increase by over 12% during the quarter, principally on the back of increased production at Spotted Quoll, enabling us to capitalise on the robust nickel price environment.

What’s next for this All Ordinaries share?

Western Areas anticipates a scheme booklet outlining the IGO takeover, alongside details of its board’s recommendation and an independent expert’s report, will be sent to shareholders in March.

Following the booklet’s release, the company expects to hold a scheme meeting wherein shareholders will vote on the takeover in April.

If all goes to plan, the takeover should be finalised later that month.

Additionally, the company anticipates up to 20% of its workforce may be impacted by the Omicron variant after Western Australia’s borders are reopened.

Western Areas share price snapshot

Since the end of 2021, the Western Areas share price has gained 3.3% while the All Ordinaries Index has slipped almost 9%.

The company’s stock is also 20% higher than it was this time last year, while the All Ordinaries is up just 0.5%.

The post In a sea of red, this ASX All Ordinaries share is hitting 2-year highs. Here’s why appeared first on The Motley Fool Australia.

More reading

• Here’s why the Recce (ASX:RCE) share price is climbing today
• Kelly Partners (ASX:KPG) shares are up 27% since early December and pay monthly dividends

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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Could the Vanguard Australian Shares Index ETF (ASX: VAS) be the best exchange-traded fund (ETF) on the ASX?

That’s a hard question to answer. What makes an ASX ETF ‘the best’? In terms of popularity, Vanguard Australian Shares ETF wins hands down. It’s currently the largest ETF on the ASX by funds under management, with roughly $10 billion inside it.

But VAS doesn’t even come close to the ASX’s best-performing ETF of 2021. That honour went to the BetaShares Geared US Equity Fund (ASX: GGUS), with a 66.25% return last year. In stark contrast, VAS made a healthy but still-incomparable 17.64% or so return over 2021. 

VAS isn’t even the cheapest ASX index ETF. That distinction is owned by the BetaShares Australian 200 ETF (ASX: A200). This fund charges an annual management fee of 0.07%, which is below VAS’s current fee of 0.1%.

Why do ASX investors think VAS is the best ETF on the share market?

So what makes VAS so special in the eyes of Aussie investors? Well, it could be the fact that VAS is the only index fund on the ASX boards that tracks the S&P/ASX 300 Index (ASX: XKO). Most other ASX index funds, including A200, track the S&P/ASX 200 Index (ASX: XJO). There are also a few funds out there that narrow it down even further. For example, the SPDR S&P/ASX 50 Fund (ASX: SFY) only follows the top 50 companies out of the ASX 200.

But there are no peers to VAS when it comes to the ASX 300. As you might imagine, the ASX 300 includes every company in the ASX 200 index, plus an additional 100 smaller-cap shares. This provides more direct diversification, as well as providing exposure to some of the smaller, lesser-known companies on the ASX.

This has historically worked to VAS’s slight advantage. Over the past 10 years (to 31 December 2021), VAS has given investors an average return of 10.69% per annum. In contrast, the iShares Core S&P/ASX 200 ETF (ASX: IOZ), which of course is an ASX 200 ETF, has returned an average of 10.53% per annum over the same period.

So perhaps it is VAS’s unique structure that makes it the best ETF on our market in the eyes of the investors of the ASX. Investors are certainly voting with their money this way, going off of VAS’s significant lead in funds under management.

The post Is VAS (ASX:VAS) really the best ASX ETF on the share market? appeared first on The Motley Fool Australia.

More reading

• Is Vanguard Australian Shares Index ETF (ASX:VAS) the cheapest way to invest in ASX shares?
• Own VAS shares? Here’s how this ETF performed in 2021

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 S&P/ASX 200 Index (ASX: XJO) is falling hard today.

After posting gains of more than 1% in the first hour of trading, it’s all been downhill since then.

At time of writing the ASX 200 is down 1.59% since the opening bell today.

That brings the index down 8% since trading commenced for the year on 4 January.

And that, unfortunately, means we’ve now officially entered correction territory, which broadly relates to any pullback of more than 10%.

Why is the ASX 200 under pressure?

The ASX 200 has been under pressure in the new year as investors have begun to reposition their holdings with an eye on rising interest rates.

Once expected to remain at rock bottom levels through at least 2023, the US Federal Reserve and other leading central banks around the world are now likely to bring forward interest rate hikes into the next few months. Not to mention scaling back the massive bond buying (QE) programs put in place following the unset of the global pandemic.

This new hawkish turn has not only hit the ASX 200. It’s also seen US indices fall sharply, and sent the tech heavy Nasdaq into correction territory last week.

While the Reserve Bank of Australia hasn’t indicated it will follow suit, many analysts predict the RBA won’t be able to hold off from its own monetary tightening sooner rather than later.

Not all shares are sinking

Despite the broad selloff, it’s important to remember that not all ASX 200 shares are selling off today.

Oil and gas explorer, Beach Energy Ltd (ASX: BPT), for example, is up 8% at time of writing.

Australia energy supplier AusNet Services Ltd (ASX: AST) is well into the green too, up 4%.

The post It’s official – ASX 200 sinks into correction territory appeared first on The Motley Fool Australia.

More reading

• From hero to Xero (ASX:XRO): share price tumbles 8% to hit 52-week low
• ASX 200 (ASX:XJO) midday update: Premier impresses but Kogan disappoints again
• 2 cheap financial ASX shares to buy right now
• 5 things to watch on the ASX 200 on Thursday
• Is the Brickworks (ASX:BKW) share price a smart buy in this volatility?

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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After a decent start to the day, the S&P/ASX 200 Index (ASX: XJO) is tumbling lower again in afternoon trade. At the time of writing, the benchmark index is down 1.7% to 6,845.9 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

Cettire Ltd (ASX: CTT)

The Cettire share price is sinking 6% to $2.76 after weakness in the tech sector offset a positive announcement. According to the release, the online luxury goods marketplace will soon be offering beauty products. The company notes that this is a market estimated to be worth around $100 billion globally.

Evolution Mining Ltd (ASX: EVN)

The Evolution share price is down 11% to $3.48. This follows a pullback in the gold price and the release of the gold miner’s quarterly update. The latter saw Evolution produce 148,084 ounces at an all-in sustaining cost (AISC) of A$1,347 an ounce. The gold miner’s AISC was much higher than its full year guidance of A$1,135 to A$1,195 an ounce, which may have disappointed investors. Though, it is worth noting that the company has maintained this guidance.

Hipages Group Holdings Ltd (ASX: HPG)

The Hipages share price is down 15% to $2.81. Investors have been selling the tradie marketplace provider’s shares following the release of its second quarter update. That update revealed that its tradie subscribers and ARPU were softer than expected due to the ongoing disruption caused by the Omicron outbreak. However, management expects things to normalise in the second half as case numbers ease.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is down over 10% to $6.27 following the release of a trading update. According to the release, Kogan achieved a 9% lift in first half gross sales. However, due to significant margin weakness, the company disappointed with its earnings yet again. It reported a massive 58% decline in EBITDA to $21.7 million due to higher logistic costs and its investment in marketing.

The post Why Evolution, Cettire, Hipages, and Kogan shares are sinking appeared first on The Motley Fool Australia.

More reading

• Why is the Evolution (ASX:EVN) share price sinking 10% today?
• ASX 200 (ASX:XJO) midday update: Premier impresses but Kogan disappoints again
• Here’s why the Kogan (ASX:KGN) share price just sank 15%
• Cettire (ASX:CTT) share price gains on new $100b potential market
• 5 things to watch on the ASX 200 on Thursday

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 Cettire Limited, Hipages Group Holdings Ltd., and Kogan.com ltd. The Motley Fool Australia owns and has recommended Hipages Group Holdings Ltd. and Kogan.com ltd. The Motley Fool Australia has recommended Cettire 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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Key points

• Silver Lake shares are struggling today after its quarterly update
• Shares are down 13% at the time of writing
• Despite a strong quarter of production, operations were marred by the effects of lockdowns
• Company expects FY22 gold production of 235,000 to 255,000 ounces and 600–1,000 tonnes of copper.

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The Silver Lake Resources Ltd (ASX: SLR) share price is struggling today after releasing its quarterly update for the 3 months ended December 2021.

At the time of writing, the Silver Lake share price is down 12.69% on the day at $1.46 apiece, down from its intraday high of $1.62 at the open.

Silver Lake share price slips on ‘lower productivity and higher costs’

The company came in with a robust set of results, including:

• Group production for the quarter was 65,148 ounces gold equivalent
• Sales of 62,549 ounces gold and 239 tonnes copper at a gold sales price of A$2,436/oz and AISC of A$1,633/oz
• First half group production of 131,274 ounces gold equivalent
• Restricted mobility of skilled labour is resulting in lower productivity and higher costs
• Record quarterly gold production at Deflector of 31,838 ounces and 243 tonnes of copper for year to date production of 62,871 ounces and 494 tonnes copper
• Cash and bullion of $274 million at quarter end.

What happened this quarter for Silver Lake?

Silver Lake says it was the second consecutive quarter of record production at the Deflector site, underscoring “the returns expected to be generated over the coming years from the significant capital investment in FY21”.

Total production for the three months was 65,148 ounces gold equivalent, comprised by sales of 62,549 ounces gold and 239 tonnes copper. The company booked these sales at a realised gold sales price of $2,436 per ounce and an all-in sustaining cost (AISC) of $1,633/oz.

Silver Lake certainly wasn’t immune to the impacts of COVID-19 lockdowns on production, noting that “restricted mobility of skilled labour is resulting in lower productivity and higher costs”.

The company also notes that “community and industry uncertainty exists in relation to COVID-19 related definitions and treatment protocols for COVID-19 cases in Western Australia”, so much so that it has modified its operating
strategy at Mount Monger for H2 FY22 in response.

Aside from this, Silver Lake also executed multiple transactions in the acquisition of Harte Gold Corp, owner and operator of the Sugar Zone mine in Ontario, Canada.

The company attained the sale with an associated 81,287 hectare land package for approximately US$128 million. Further to this, Silver Lake purchased “an existing aggregate 2% NSR royalty over the Sugar Zone mine and entire Sugar Zone property for US$22 million, payable in Silver Lake shares”.

Finally, Silver Lake invested $5.5 million in exploration during the quarter as part of “a record $25 million
investment in exploration” set for completion in FY22.

Management commentary

Speaking on the release, Silver Lake’s directorship said:

Silver Lake will continue to prioritise its highest returning projects in the prevailing operating environment,
whilst retaining project scheduling flexibility should prevailing uncertainty and restricted labour market
return to more normalised conditions. The two most advanced projects which will be considered for
approval in H2 FY22 are the Tank South underground mine and the Santa project area (which includes open
pit and underground production opportunities).

What’s the outlook for Silver Lake Resources?

The company is well on track to deliver FY22 guidance according to the release today. It had previously outlined FY22 earnings estimates back in July 2021.

Specifically, Silver Lake estimates FY22 gold sales of 235,000–255,000 ounces of gold, and FY22 copper sales of 600–1,000 tonnes, hoping for an AISC range of $1,550 to $1,650 per ounce.

Silver Lake will also cease open-pit mining at its Aldiss side for H2 FY22 and will instead “utilise stockpiles to supplement underground mining throughout H2 FY22”.

Silver Lake share price snapshot

In the last 12 months, the Silver Lake share price has fallen hard and is now 10% in the red.

Across the previous month of trading, the downward momentum has continued and shares have plunged 15% in that time.

This year to date, shares have slipped further and are now down 18% since January 1 and are lagging the benchmark S&P/ASX 200 Index (ASX: XJO).

The post Why is the Silver Lake (ASX:SLR) share price plunging 13% today? appeared first on The Motley Fool Australia.

More reading

• These were the best performing ASX 200 shares last week
• Silver Lake (ASX:SLR) share price drops today following this bidding news

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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It hasn’t been a great day for the S&P/ASX 200 Index (ASX: XJO) this Thursday so far. At the time of writing, the ASX 200 has lost a depressing 1.58% and is sitting at 6,851 points. That comes after an initial spike into positive territory this morning. But that’s nothing compared to the Xero Limited (ASX: XRO) share price today.

Xero shares are currently down a nasty 4.91% at $106.68 a share. But Xero descended as low as $103 a share earlier today, a drop of 8% on the previous closing price.

That is a new 52-week low for Xero shares. It also puts this online accounting software-as-a-service (SaaS) company a long way from its last record high of $156.65 a share that we saw just back in early November. That means this once-high-flying ASX growth share has given back around 32% of its value over just the past 3 months or so.

It also means the Xero share price is now down around 25% over the past 12 months. Saying that, long-term shareholders are still well out in front. Even after these nasty falls, the Xero share price remains up a very pleasing 475% over the past 5 years.

So let’s take a closer look at this dramatic slump in value that Xero shareholders have had to suffer through recently.

Why are Xero shares hitting new lows today?

Well, it’s not entirely clear, unfortunately. There hasn’t been much in the way of big news or announcements from Xero recently. Indeed, the last major development out of the company was the pre-Christmas announcement that Xero is to acquire the Canadian tax software company TaxCycle for C$75 million (AU$83 million).

So we could mark Xero’s descent to a new 52-week low down to the savage sell-off in ASX tech shares that has been playing out over the past month or two. This period has seen most ASX tech shares smashed, mirroring similar moves over on the US markets.

The tech-heavy NASDAQ-100 (INDEXNASDAQ: NDX) Index has lost a painful 14.5% or so since 27 December, putting it well and truly in ‘correction’ territory. Over a similar time span, the S&P/ASX All Technology Index (ASX: XTX) has given up more than 20%.

So it hasn’t just been Xero getting whacked recently. We’ve seen steep falls in shares like Afterpay… sorry Block Inc (ASX: SQ2), Zip Co Ltd (ASX: Z1P), Altium Limited (ASX: ALU) and WiseTech Global Ltd (ASX: WTC) over the past month or so.

But it might not be all bad for Xero shareholders. My Fool colleague Zach recently covered 3 different top ASX brokers who are still seeing some significant upside in the Xero share price from here. So make sure to check that out.

At the current Xero share price, this ASX 200 share has a market capitalisation of $16.72 billion.

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Key points

• The Champion Iron share price soared 6% in early trading today
• The move coincides with the miner’s latest quarterly announcements
• The company has declared an inaugural dividend of 11 cents per ordinary share

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The Champion Iron Ltd (ASX: CIA) share price is up today after the company released a landslide of announcements to investors.

Among them was its latest quarterly activities report, and a declared dividend for shareholders.

And it appears the news has been well received by investors, with Champion Iron shares jumping as high as $6.03 apiece after market open, a rise of almost 6% on their previous close.

However, at the time of writing, the Champion Iron share price has settled back down to $5.76, an increase of 1.23%.

So what did the iron ore exploration and development company announce today? Let’s take a deeper look into Champion Iron’s quarterly operations and results…

What did Champion Iron report?

The key points in Champion Iron’s quarterly report for the period ended December 31 2021 included (all figures in Canadian dollars unless stated):

• Net income of C$68 million (AU$75.6 million) compared to C$120.8m for the prior corresponding period (pcp) in 2020
• Gross profit of C$132,550, down 38% on the pcp
• Earnings before interest, taxes, depreciation and amortisation (EBITDA) of C$122,127, down 43% on the pcp
• Revenues of C$253,016, down 23% on the pcp
• C$543.4 million in total cash on hand and restricted cash
• Total assets at C$1.92 million, up 52% on the pcp
• Total liabilities at C$827,728, up 2% on the pcp

The miner has also declared an inaugural dividend of 10 Canadian cents (approximately 11 Australian cents) per ordinary share to be paid 1 March 2022.

Overall, Champion Iron is confident its balance sheet shows potential for growth, being positive at C$11.07 million.

Since 31 December, the Champion Iron share price has increased by 5.5%.

What happened in the first half?

All in all, Champion Iron’s revenues for the three and nine-month periods ending 31 December 2021 were C$253 million and C$1.12 billion, respectively.

This compares to the prior corresponding periods of C$329.5 million and C$885.1 million respectively.

The company reported an increase in freight costs for the three-month period, compared to the year before (which were mainly put down to the booking time of transport).

According to Champion Iron, these freight prices “reached levels not seen since 2009, partially due to port congestion across Asia, with prices recently reverting to their historical relationship with iron ore prices”.

In fact, freight (and other costs) amounted to 27% of the gross average realised selling price, compared to 15% in the prior corresponding period.

However, costs have also been put towards phase II preparations at its Bloom Lake site in Québec, Canada.

Development at the Bloom Lake project

Champion Iron is looking ahead to its Bloom Lake phase II expansion project, in which a number of essential requirements have been ticked off the list.

Among the appeal of the site is a railway that can effectively transport produced iron concentrate into a loading port in Sept-ÎIes in Québec.

During the quarter, the company has injected an additional C$93.7 million of capital expenditure and start-up costs into the project, alongside C$2.4 million in advanced payments.

The project is expected to be commissioned by April, and be ready for commercial production by the end of the year. Some 400 people are working on the site to meet these milestones despite coronavirus challenges.

Champion Iron share price snapshot

In the last 12 months, the Champion Iron share price has increased by around 3%. However, it is up 6% this year to date.

It hit its 52-week-high of $7.60 in late July and its 52-week-low of $4.05 in early November.

The miner has a market capitalisation of $2.88 billion.

The post Champion Iron (ASX:CIA) share price jumps on quarterly results appeared first on The Motley Fool Australia.

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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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