• Why AGL, Appen, CBA, & Rio Tinto shares are tumbling lower

    shadow of a man looking out a window with arrows signifying falling share price

    In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is having a mixed time. At the time of writing, the benchmark index is trading slightly lower at 7,581.6 points.

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

    AGL Energy Limited (ASX: AGL)

    The AGL share price is down 5% to $7.20 following the release of its full year results. For the 12 months ended 30 June, the energy company reported a 10% decline in revenue to $10.9 billion and a 33.5% reduction in underlying profits to $537 million. This led to AGL cutting its dividend by 23.5% to 75 cents per share.

    Appen Ltd (ASX: APX)

    The Appen share price has fallen almost 5% to $11.76. This morning the artificial intelligence data services company announced the exit of its chairman. Current chairman, Chris Vonwiller, will be retiring from the role on 28 October. Mr Vonwiller has held the title of chair for a period of 12 years and was also CEO from 1999 to 2010.

    Commonwealth Bank of Australia (ASX: CBA)

    The CBA share price has dropped 2.5% to $105.50. This appears to have been driven by a couple of bearish broker notes. Citi has downgraded CBA’s shares to a sell rating and cut the price target on them to $94.50. Whereas Credit Suisse has downgraded its shares to an underperform rating with a $95.00 price target. Both brokers have reduced their near term earnings estimates to reflect higher costs.

    Rio Tinto Limited (ASX: RIO)

    The Rio Tinto share price has tumbled 7% to $120.32. This decline is almost entirely attributable to the mining giant’s shares trading ex-dividend this morning. Rio Tinto is paying its shareholders fully franked dividends totalling 760.06 cents per share. This comprises an interim dividend of 509.42 cents per share and a special dividend of 250.64 cents per share.

    The post Why AGL, Appen, CBA, & Rio Tinto shares are tumbling lower appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

    *Returns as of May 24th 2021

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    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 shares of and has recommended Appen Ltd. The Motley Fool Australia owns shares of and has recommended Appen 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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  • Charger Metals (ASX:CHR) share price is powering 28% today, up 240% in a month

    share price gaining

    The Charger Metals NL (ASX: CHR) share price is continuing its impressive run since last week. In just 6 trading days, the lithium-focused minerals company has gained an astonishing 142% for investors.

    At the time of writing, Charger Metals shares are up 28.95% to 73.5 cents. When you compare that to the All Ordinaries Index (ASX: XAO), the All Ords is just flat at 7,857 points.

    What’s driving the Charger Metals share price higher?

    While no news came out of the company today, investors may be wondering what’s causing its shares to power ahead.

    Before market open yesterday, Charger Metals released a statement to the ASX providing an update on its Bynoe Lithium Project.

    The company advised that exploration activities have commenced, with field crews mobilised to expand mapping and geochemical sampling. So far, 14 pegmatite anomalies have been identified within a 5-kilometre-long zone from existing geochemistry results.

    It’s worth noting that 50% of the tenement has not yet been geochemically sampled. At the end of August, a detailed aeromagnetic survey will be flown to provide more clarity on the spodumene deposits.

    Charger Metals managing director, David Crook said:

    Charger Metal’s programmes of mapping, geochemistry and aero-magnetics now underway at the Bynoe Lithium Project are designed to refine the 5-kilometre-long cluster of lithium targets to a point where a substantial drilling programme can be planned.

    Quick take on Charger Metals

    Founded in 2020, Charger Metals is an Australian-based minerals company that operates in Western Australia and the Northern Territory.

    The company owns a 70% interest in the Bynoe Lithium Project, with the remaining 30% held by Lithium Australia NL (ASX: LIT). The site is located within the Bynoe Pegmatite Field forming part of the much larger Litchfield Pegmatite Belt in Northern Territory.

    Charger Metals also has majority interests in the Coates Project and the Lake Johnston Lithium and Gold Project, both in Western Australia.

    Since listing on the ASX boards on 9 July, the Charger share price has gained almost 270%. In the past month alone, the company’s shares are up 240%.

    The post Charger Metals (ASX:CHR) share price is powering 28% today, up 240% in a month appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Charger Metals right now?

    Before you consider Charger Metals, you’ll want to hear this.

    Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Charger Metals wasn’t one of them.

    The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

    *Returns as of May 24th 2021

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    Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has 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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  • Why the BlueScope Steel (ASX:BSL) share price hit a 52-week high today

    workers jump in air at steel factory

    The BlueScope Steel Limited (ASX: BSL) share price continues its hot run into the money after setting a new 52-week high in afternoon trading.

    As a result, BlueScope steel shares set their new 52-week high today, topping previous highs in July and back in May.

    There is no market sensitive information released today. Nonetheless, let’s capture the tailwinds behind the BlueScope Steel share price of late.

    What has BlueScope been up to lately?

    BlueScope released its preliminary unaudited results on 27 July for the second half of FY21. In it, the steel producer expects a record result for the period to 30 June 2021.

    As a result, it upgraded its earnings before interest and tax (EBIT) forecast to $1.19 billion for the second half and $1.72 billion for FY21.

    Moreover, BlueScope’s Australian steel products (ASP) arm “delivered substantially better results”, by growing approximately 60% this year to date.

    Accordingly, sales volumes reached a total of 1.3 million tonnes at ASP, which is the highest level since 2008.

    In addition, investor sentiment has been positive for the BlueScope Steel share price over the last few months.

    To illustrate, BlueScope shares hit their previous record high on 27 July, after a run of bullish momentum.

    Further, whereas the S&P/ASX 200 Index (ASX: XJO) has posted a return of around 4.3% over the past month, BlueScope shares have climbed a further 16.5% into the green over this time.

    Given this trot up north on the charts, it stands to reason that the current investor sentiment on BlueScope shares is bullish. Another point to consider is, that BlueScope shares are now trading in an uptrend that started in March 2020.

    BlueScope Steel share price snapshot

    The BlueScope Steel share price has posted a return of 42% over the year to date, extending the previous 12 month’s climb of 100%.

    These returns have outpaced the broad index’s gain of around 25% over the past year. At the time of writing, BlueScope has a market capitalisation of $12.2 billion.

    The post Why the BlueScope Steel (ASX:BSL) share price hit a 52-week high today appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

    *Returns as of May 24th 2021

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    The author Zach Bristow has no positions 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 Macquarie (ASX:MQG) share price is up 5% in a week. Here’s why

    happy people cheering

    The Macquarie Group Ltd (ASX: MQG) share price is setting new records on Thursday as the $60.28 billion banking beast notches up a new all-time high.

    At the time of writing, shares in the company are trading for $163.40, up 2.15%. However, the newly minted all-time high of $163.65 was set earlier in the session.

    What’s been happening with Macquarie?

    While the other banks are reporting earnings, Macquarie dished out its full-year results back in May. For a quick recap, the investment-focused bank delivered a 4% increase in net operating income year-over-year to $12,774 million. Pleasingly, earnings per share (EPS) grew by 7% to $8.43 per share compared to the prior year.

    According to the company’s investor relations page, the next item on the financial calendar is Macquarie’s FY22 half-year results on 29 October 2021. That’s a while away yet… so, what is closer to the present to explain the recent push in the Macquarie share price?

    Firstly, the investment bank’s latest bank capital note offering (BCN3) opened to investors yesterday. This will be an exchange-tradeable unsecured debt offering from Macquarie used to raise $500 million. The bank wants to use these funds as a buffer to protect senior creditors against losses. Additionally, the net proceeds of the offer will be used for general corporate purposes.

    A positive for Macquarie is the payout for this debt instrument has been set relatively low at 2.9% per annum. As a result, the funds from this sure-up the investment bank’s balance sheet at a reasonably low cost.

    Positive rating on Macquare share price

    Another positive for the Macquarie share price is broker sentiment. As my Foolish colleague James covered last week, the analysts over at Morgans find the investment bank appealing.

    The leading broker is attracted to Macquarie’s potential backed by exposure to infrastructure and renewables. Lastly, Morgans analysts have an ‘add’ rating and a $172.30 price target on the Macquarie share price.

    The post The Macquarie (ASX:MQG) share price is up 5% in a week. Here’s why appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Macquarie Group right now?

    Before you consider Macquarie Group, you’ll want to hear this.

    Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Macquarie Group wasn’t one of them.

    The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

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    Motley Fool contributor Mitchell Lawler owns shares of Macquarie Group 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 shares of and 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 AGL share price is falling 5% lower this afternoon

    A hand holds onto the end of a power cord with a dangling plug

    The AGL Energy Limited (ASX: AGL) share price is not having a fun day today. At the time of writing, AGL shares are down a nasty 5.26% to $7.20 a share.

    We don’t have to look too far to see why this is happening today either. This share price move appears to be a clear reaction to the FY2021 earnings report AGL delivered to its investors this morning.

    AGL share price tanks on FY2021 earnings report

    As we covered extensively on the Fool this morning, AGL’s earnings report delivered some pretty sobering numbers. The company reported that revenues were down by 10% on the prior corresponding period to $10.9 billion over FY21. That resulted in the company’s underlying profits falling 33.5% to $537 million, and earnings per share (EPS) falling 31.6% to 86.2 cents.

    Even AGL’s hefty dividend went backwards. The company will be paying a full-year dividend of 75 cents per share for FY21, down 23.5% from the previous year’s payout. Management blamed lower wholesale electricity prices and reduced generation output as the primary drivers of these results.

    Even so, investors have evidently voiced their displeasure through the fall in AGL’s share price today. At the current price of $7.25 a share, the company is presently trading at levels we last saw way back in 2004. The company has now lost more than 40% of its value in 2021 so far, and more than 57% over the past 12 months.

    Of course, the next major event shareholders have to look forward to is the upcoming company split that AGL expects will be completed by the last quarter of FY2022. This will result in a new company called Accel Energy owning AGL’s generation assets, while the ‘new AGL’ will house the company’s retail business.

    At the current AGL share price, the company has a market capitalisation of $4.51 billion, and a dividend yield of 10.36%.

    The post The AGL share price is falling 5% lower this afternoon appeared first on The Motley Fool Australia.

    Should you invest $1,000 in AGL right now?

    Before you consider AGL, you’ll want to hear this.

    Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and AGL wasn’t one of them.

    The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

    *Returns as of May 24th 2021

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    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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  • Brokers give their verdict on the CBA (ASX:CBA) share price

    Man online with computers discussing the ASX 200

    The Commonwealth Bank of Australia (ASX: CBA) share price has run out of steam and is trading lower on Thursday.

    In afternoon trade, the banking giant’s shares are down 2.5% to $105.43.

    Why is the CBA share price under pressure?

    The weakness in the CBA share price on Thursday is likely to have been driven by the release of a couple of bearish broker notes this morning.

    In response to the bank’s full year results, both Citi and Credit Suisse downgraded the company’s shares to the equivalent of sell ratings.

    Citi has downgraded CBA’s shares to a sell rating and cut the price target on them to $94.50. Whereas Credit Suisse has downgraded its shares to an underperform rating with a $95.00 price target.

    Both brokers have reduced their near term earnings estimates to reflect higher costs.

    Is anyone bullish?

    One leading broker that remains positive is Bell Potter. This morning the broker upgraded the bank’s shares to a buy rating with an improved price target of $118.00.

    Based on the current CBA share price, this implies potential upside of 12% over the next 12 months.

    Bell Potter commented: “The main changes to our cash NPAT (continuing) projections relate to higher noninterest income (mainly higher card fees, fee waivers and removal of wealth contributions) as well as a still lower LIE charge in FY22 and beyond.”

    “Given these, cash NPAT is now 2% higher in FY22, FY23 and FY24. We have also matched the statutory and cash dividend payout ratios as follows: FY22 75%; FY23 75%; and FY24 75%. As a result, we have increased the valuation and price target by $13.00 to $118.00 per share and this includes adding the value impact of higher excess CET1 capital. CBA’s target share price has done well in the past three months and up by more than 25% in absolute terms. The rating is now back to a Buy,” it added.

    The post Brokers give their verdict on the CBA (ASX:CBA) share price appeared first on The Motley Fool Australia.

    Should you invest $1,000 in CBA right now?

    Before you consider CBA, you’ll want to hear this.

    Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and CBA wasn’t one of them.

    The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

    *Returns as of May 24th 2021

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    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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  • Woolworths (ASX:WOW) share price at new high despite development ruling

    Family of four celebrating inside a grocery store or supermarket

    The Woolworths Group Ltd (ASX: WOW) share price is well in the green today.

    Shares in the supermarket giant are currently trading 1.19% higher at a new, all-time high of $40.70. This comes despite the company receiving a negative ruling on one of its proposed land developments in Melbourne.

    Let’s take a closer look at the news.

    Woolworths share price jumps despite ruling

    The Woolworths share price appears to be shrugging off an unfavorable tribunal ruling on Thursday.

    As reported by The Age, the company’s development plans for a property in south-east Melbourne have been thwarted for a second time.

    Woolworths put forward a proposal to develop two apartment towers and a grocery store at its property in Elsternwick.

    The proposal was delivered to and rejected by councillors from the City of Glen Eira.

    Councillors rejected the proposal based on the low-rise status of the heritage street.

    This is the second rejection Woolworths has received for its development plans at the site.

    Residents of the area have protested against the development since Woolworths bought the land in 2017.

    Woolworths had previously presented its plans to the Victorian Civil and Administrative Tribunal (VCAT) last year.

    Following the original rejection of its proposal, the company amended the development plans by reducing the proposed height from 14 storeys down to 10 however this has not been sufficient for approval.

    The Woolworths share price is having a positive day on the ASX despite the plan’s rejection.

    At the time of writing, shares in the supermarket giant are trading at both an intraday and a new, all-time high.

    Snapshot of the Woolworths share price

    The Woolworths share price has had a stellar year thus far. Since the start of the year, shares in the supermarket giant have stormed more than 17% higher.

    There have been several catalysts that have boosted shares in Woolworths.  

    Of particular note was the company’s $10 billion demerger of its Endeavour business.

    The demerger saw Endeavour Group Ltd (ASX: EDV) become a separately-listed entity that owns retail and drinks businesses.

    These include popular bottle shop chains Dan Murphy’s and BWS as well as 300 licensed venues and 12,000 gaming machines.

    In addition, Woolworths’ grocery business has seen elevated consumer demand given COVID-19 induced lockdowns.

    Woolworths has looked to capitalise on this increased demand by launching a digital wallet for its Everyday Rewards loyalty program.

    No doubt shareholders will be keeping a close eye on the Woolworths share price this reporting season.

    The supermarket giant is slated to release its results for the full year on 26 August.

    The post Woolworths (ASX:WOW) share price at new high despite development ruling appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Woolworths right now?

    Before you consider Woolworths, you’ll want to hear this.

    Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Woolworths wasn’t one of them.

    The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

    *Returns as of May 24th 2021

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    Motley Fool contributor Nikhil Gangaram 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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  • QBE (ASX:QBE) share price leaping 8% higher on results

    jump in asx share price represented by man leaping up from one wooden pillar to the next

    The QBE Insurance Group Ltd (ASX: QBE) share price is charging higher, up more than 8% in early afternoon trading.

    Investor interest appears to have been piqued by the strong growth reported by the S&P/ASX 200 Index (ASX: XJO) insurance heavyweight in its half year financial results, released this morning.

    What’s did the ASX 200 insurance company report?

    QBE’s shares are surging after the company reported its adjusted cash profit lifted to US$463 million (AU$625 million) for the first half of the financial year. That’s up from a loss of US$66 million in the prior half year.

    Also flipping from a negative to a positive figure was QBE’s underwriting result. This went from a loss of US$189 million in the prior half to a positive US$642 million in H1FY21.

    Income hungry investors may also be helping drive the QBE share price higher today.

    The company declared an interim dividend of 11 Australian cents per share. That’s up from 4 cents per share in the previous half.

    QBE did not provide guidance for the second half of the 2021 financial year.

    QBE share price snapshot

    Over the past 12 months QBE has gained 24%. That’s right in line with the gains posted by the ASX 200.

    Year-to-date, the QBE share price has been a stellar performer, up 46% in 2021.

    The post QBE (ASX:QBE) share price leaping 8% higher on results appeared first on The Motley Fool Australia.

    Should you invest $1,000 in QBE right now?

    Before you consider QBE, you’ll want to hear this.

    Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and QBE wasn’t one of them.

    The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

    *Returns as of May 24th 2021

    More reading

    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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  • Who are the biggest movers on the ASX 300 this Thursday?

    stockmarket graphic in background with man looking at stockmarket on phone

    The S&P/ASX 300 Index (ASX: XKO) is slightly higher today after reaching a record high yesterday morning.

    At the time of writing, the ASX 300 is settling around 7,583 points, up 0.1%.

    Let’s take a look at which top ASX 300 shares are some of the biggest movers today.

    Who are the biggest gainers today?

    GrainCorp Ltd (ASX: GNC)

    The best performer on the ASX 300 today is none other than GrainCorp. The company surprised the market by upgrading its FY21 guidance. As a result, GrainCorp is surging 14.99% to a multi-year high of $6.29. The company will report its final FY21 results on 11 November.

    QBE Insurance Group Ltd (ASX: QBE)

    Following suit, QBE shares have catapulted 8.04% to a 52-week high of $12.50. This comes as the insurance giant announced a strong first-half performance for FY21. The company highlighted a turnaround in its underwriting result and adjusted cash profit after tax. QBE declared a dividend of 11 cents per share to be paid on 24 September.

    Coronado Global Resources Inc (ASX: CRN)

    Coronado is also on the rise, pushing 5.94% higher to $1.07. With no news out of the company today, however, it appears shareholders are reacting to its half-year result released on Tuesday. The company reported revenue of $800.4 million, up 12% year-on-year.

    A recent broker note from Morgans, raised their price target for Coronado shares by 14% to $1.21. This implies an upside of around 13% based on the current share price.

    And the biggest fallers?

    Rio Tinto Limited (ASX: RIO)

    Heading south today is Rio Tinto’s shares. The mining giant is down a sizeable 6.82% to $120.33. This follows the company’s shares trading ex-dividend in which shareholders have sold off their holdings, but are still eligible for the upcoming dividend. Rio Tinto is set to pay a total dividend of roughly $7.60 per share comprising of an interim and special dividend. Shareholders can expect their accounts to be rewarded on 23 September.

    AGL Energy Limited (ASX: AGL)

    The last big mover for the day is AGL shares, down 4.21% to $7.28. The energy producer released its FY21 full-year results this morning, disappointing investors with a 34% drop in underlying profits. The company said it will pay a dividend of 34 cents per share on 29 September.

    The post Who are the biggest movers on the ASX 300 this Thursday? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in ASX 300 right now?

    Before you consider ASX 300, you’ll want to hear this.

    Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and ASX 300 wasn’t one of them.

    The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

    *Returns as of May 24th 2021

    More reading

    Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has 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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  • Top brokers name 3 ASX shares to sell today

    Model bear in front of falling line graph, cheap stocks, cheap ASX shares

    Yesterday I looked at three ASX shares brokers have given buy ratings to this week.

    Unfortunately, not all shares are in favour with them right now. Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:

    Commonwealth Bank of Australia (ASX: CBA)

    According to a note out of Credit Suisse, its analysts have downgraded this banking giant’s shares to an underperform rating with a $95.00 price target. The broker made the move on valuation grounds, believing that there is limited upside ahead due to the multiples its shares trade on. In addition, the broker has downgraded its earnings estimates to reflect CBA’s higher expenses and lower net interest margin. The CBA share price is fetching $105.54 today.

    Computershare Ltd (ASX: CPU)

    A note out of Citi reveals that its analysts have retained their sell rating but lifted their price target on this stock transfer company’s shares slightly to $15.30. This follows the release of its full year results for FY 2021. While Computershare delivered a result and guidance in line with its expectations, it isn’t enough for a change of rating. Citi continues to believe its shares are a touch expensive relative to its near term growth prospects. The Computershare share price is trading at $16.24 this afternoon.

    Fortescue Metals Group Limited (ASX: FMG)

    Analysts at Morgans have retained their reduce rating and $19.30 price target on this iron ore producer’s shares. According to the note, the broker suspects that Fortescue’s shares could tumble once they trade ex-dividend. It highlights that in February, all three large miners fell by more than three times their dividend in the month after going ex-dividend. In addition to this, it has concerns over its increasing costs and market sentiment relating to Fortescue’s push into green energy. The Fortescue share price is fetching $22.63 today.

    The post Top brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

    *Returns as of May 24th 2021

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    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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