Australia’s top brokers have been busy adjusting their estimates and recommendations again, leading to the release of a large number of broker notes this week.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Aristocrat Leisure Limited (ASX: ALL)

According to a note out of UBS, its analysts have retained their buy rating and lifted the price target on this gaming technology company’s shares to $34.25. The broker notes that the vast majority of casinos in the United States are now open. It feels this bodes well for Aristocrat’s overall growth in the near term. Especially given its growing digital business, which has been doing a lot of the heavy lifting lately. I agree with UBS and would be a buyer of its shares right now.

Cochlear Limited (ASX: COH)

Analysts at Morgan Stanley have retained their overweight rating and $229.00 price target on this hearing solutions company’s shares. According to the note, the broker believes the company is winning market share and will continue to do so thanks to its new Kanso 2 product. In addition to this, it is a fan of Cochlear’s Remote Check offering, which was approved by the FDA a few months ago. I think Morgan Stanley is spot on and feel Cochlear would be a great long term option for investors.

Sonic Healthcare Limited (ASX: SHL)

Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $35.00 price target on this healthcare company’s shares. The broker notes that Sonic has just won another major COVID-19 testing contract in the United States. It estimates that this could be worth upwards of US$3 billion to the company over 12 months. I agree with Morgan Stanley and feel Sonic could be worth a closer look.

More reading

• 4 ASX shares I’m looking to buy today
• 2 quality ASX shares to buy now to get rich later
• Where I would invest my BHP dividends in September
• Why a recession shouldn’t matter for the ASX share market
• 3 ASX blue-chip shares I would buy at today’s prices

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 Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. and Sonic Healthcare Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Brokers name 3 ASX shares to buy right now appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3gWR6Pe

Today is the kind of day that will put short-term investors on edge. You know, the kind of investors who were greedily eyeing the huge share price gains of leading tech and healthcare shares and decided to pile in for a quick buck.

Short-term gains are broadly going backwards today, with the S&P/ASX 200 Index (ASX: XJO) down 2.7% in early afternoon trading.

Tech share prices are among the hardest hit. The S&P ASX All Technology Index (ASX: XTX), which tracks 50 of Australia’s leading and emerging technology shares, is down 4.4% intraday trading.

ASX shares are broadly following the lead of US share markets, which all lost ground yesterday (overnight Aussie time).

The S&P 500 Index fell 3.5% while the tech-heavy Nasdaq Composite Index lost 5.0%.

All the fabled FAANG shares lost ground, with behemoth Apple Inc. (NASDAQ: AAPL) leading the way down. Apple’s share price fell 8.0% by the closing bell. A bit of back of the napkin maths tells me that works out to more than a US$160 billion (A$216 billion) daily loss.

Some of today’s share price losers… and winners

Here in Australia, online retailer Kogan.com Ltd‘s (ASX: KGN) share price is among the biggest fallers today, down 11.2% at time of writing.

Buy now, pay later (BNPL) giant, Afterpay Ltd (ASX: APT)‘s share price dropped more than 7% at the open, but has regained some of those losses and is currently down 4.6%.

Of course, as the old saying goes, it’s a market of shares, not a share market. And while the overall indexes are falling, there are some big winners on the ASX today too.

Like the Metro Mining Ltd (ASX: MMI) share price, up 5.3%. Or Ainsworth Game Technology Limited (ASX: AGI), which is up 4.0%.

There are always opportunities, if you know where to look for them.

Why you should keep these short-term share price falls in perspective

After detailing some of the daily moves for you, I’ll now recommend you largely ignore it.

You see, the rapid share price gains enjoyed by many companies over the past months, particular technology shares, was never going to continue apace. At some point retracements are inevitable. And at some point the rate of growth will slow.

Let’s take the ASX All Tech index as an example.

From 23 March through to yesterday’s close, the index of 50 leading ASX tech shares had gained 110%. That blistering recent growth doesn’t mean these shares don’t have further growth ahead of them. I believe many of them do. But they won’t keep doubling in price every 5–6 months.

And that’s okay. At least, if you have a long-term investment horizon, rather than looking to double your money in short order. That way you can ride out the share price dips and let the power of time and compounding grow your wealth.

Kogan’s share price, for example, is still up 157% in 2020. And Afterpay’s share price is up 159% this year. As for the Nasdaq, it’s still 27% higher than it was on 2 January.

Now there may well be some more short-term falls to come. But long-term, the well managed companies with solid balance sheets and good growth outlooks should continue to deliver patient investors healthy share price gains.

What the experts are saying about the share price retracement

If you’re feeling anxious watching the share prices of some of your favourite companies head lower today, don’t be. In fact, turn off your finance screens and tune into something else.

The current retracement was broadly expected. And as Alec Young, chief investment officer at Tactical Alpha says, healthy even for the broader market (as quoted by the Australian Financial Review):

Frankly, the deeper the pullback in tech, the healthier it is for the overall market. The market was overbought, there were too many people chasing the tech names. It’s all healthy. The valuations have been stretched.

Randy Frederick, the vice-president of trading and derivatives for Charles Schwab in Austin Texas, agrees:

Some of the stocks have gotten a little pricey, and what the actual cause is to spark this selloff is difficult to say. The leading sector for quite a long time has been the Nasdaq, which is very heavily weighted in technology stocks so people just saw this as an opportunity to take the profits off the table.

There’s nothing wrong with taking profits off the table if your investment horizon is months and not years. But unless you need the money for other purposes, history shows that staying invested in quality shares is among the best ways to growth your wealth over time.

More reading

• Why ASX investors shouldn’t fear a market crash
• Why Appen, Kogan, OZ Minerals, & ResMed shares are dropping lower
• After the crash, is it time to buy this Nasdaq ETF?
• ASX 200 down 2.75%: Afterpay & Appen sink lower, SKYCITY pushes higher
• 4 ASX shares I’m looking to buy today

Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Apple. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Apple and Kogan.com ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Every bull run has pullbacks. Why today’s share price falls are ‘healthy’ appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3hZNqxp

The corporate regulator has taken a wholly owned subsidiary of Evans Dixon Ltd (ASX: ED1) to the Federal Court.

Dixon Advisory and Superannuation Services Limited faces allegations of not acting in its clients’ best interests and providing inappropriate advice.

The Australian Securities and Investments Commission (ASIC) also accuses Dixon Advisory of not dealing with a conflict of interest between its clients’ and businesses within Evans Dixon.

The specific allegations refer to 51 instances of advice provided to 8 clients relating to investment in US Masters Residential Property Fund Unit (ASX: URF).

According to ASIC, URF was created by Dixon Advisory back in 2011 and paid “substantial fees” to companies within Evans Dixon – including Dixon Advisory itself.

A total of 126 contraventions are alleged to have occurred between 2 September 2015 and 31 May 2019.

The maximum civil penalty is $1 million for each breach before 13 March 2019, and $10.5 million per contravention after that point.

Evans Dixon, in a statement to the ASX on Friday, indicated it would mount a defence. 

“[Dixon Advisory] will be defending the proceedings and in due course will file a comprehensive defence after it has received and had a reasonable opportunity to review ASIC’s detailed statement of claim,” announced the company.

ASIC is also seeking a court order that Dixon Advisory put systems in place to meet clients’ best interests in the future.

URF is an ASX-listed real estate investment trust (REIT) that allows shareholders exposure to the New York City residential property market.

Evans Dixon is a financial services conglomerate that provides personal wealth advice to 9,200 clients, representing $20.1 billion in investments. The company also advises institutional customers.

Evans Dixon shares were down more than 15% at 12.14 pm AEST to 45 cents. The Evans Dixon share price was $1.60 in May last year.  

More reading

• Every bull run has pullbacks. Why today’s share price falls are ‘healthy’
• Why ASX investors shouldn’t fear a market crash
• Why the Mesoblast share price jumped higher this morning
• Why Appen, Kogan, OZ Minerals, & ResMed shares are dropping lower
• After the crash, is it time to buy this Nasdaq ETF?

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASIC sues ASX company for more than $100 million appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/2EUY3mU

After the big falls we have seen overnight on United States share markets, the tone of ASX investors has tangibly shifted today. The S&P/ASX 200 Index (ASX: XJO) is down a nasty 2.83% today at the time of writing, a stark reminder that we aren’t as independent from the US as we’d like to think. That follows the flagship US Index, the S&P 500, falling 3.51% overnight, and the tech-heavy Nasdaq Composite falling 4.96%.

Just like that, the bulls are gone and the bears are back. Apparently.

Yes, we could be seeing the start of a second 2020 market crash. But we could also just be witnessing a healthy correction.

Either way, I’m not worried and I don’t think ASX investors should be either.

Why investors shouldn’t fear a market crash

Yes, I know this won’t be a popular statement. No one really likes a market crash, even if they say they do. It’s never fun watching the value of your precious shares falls by double-digits. Although it seems like a lifetime ago, the market crash we saw in March was a scary time.

But think about how the markets have rebounded since then (the ASX 200 alone is up around 30% since 23 March). Think of all the shares you could have bought that rebounded so strongly. Think of Afterpay Ltd (ASX: APT), up nearly 800% since 23 March. Or Sezzle Inc (ASX: SZL). Or Zip Co Ltd (ASX: Z1P).

That’s the kind of opportunity a crash can bring.

So don’t be scared. Crashes are confronting. But they don’t last forever.

And the investors who were patient in March, didn’t sell at a loss and used the opportunity of a ‘store-wide sale’ on the share markets to buy shares of their favourite companies for rock-bottom prices, did very well indeed. As Warren Buffett once said:

Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it’s imperative that we rush outdoors carrying washtubs, not teaspoons. And that we will do.

I know we’ve already had one lot of ‘dark clouds’ this decade, but with the current coronavirus crisis, I think it’s entirely possible we’ll have another lot. Whether this will occur next week, next month, next year or in 10 years, I have no idea (and nor does anyone else). But I am setting aside some cash in my portfolio in case it does. I think it would be prudent for many ASX investors to do the same. Remember, you can only make hay and fill your washtub whilst the sun is shining, and before the ‘dark clouds’ gather.

More reading

• Every bull run has pullbacks. Why today’s share price falls are ‘healthy’
• After the crash, is it time to buy this Nasdaq ETF?
• ASX 200 down 2.75%: Afterpay & Appen sink lower, SKYCITY pushes higher
• 4 ASX shares I’m looking to buy today
• Why the Afterpay share price crashed 9% lower today

Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Sezzle Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why ASX investors shouldn’t fear a market crash appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/2F8xJ8z

This morning, the Mesoblast limited (ASX: MSB) share price jumped 3.14% to $5.25 after the company received a positive recommendation from the Data Safety Monitoring Board (DSMB) to continue its phase 3 trial of remestemcel-L in patients with acute COVID-19. The positive news, however, was not sufficient to sustain the Mesoblast share price amid wider share market falls with the company now trading at $5.04 at the time of writing.  

What moved the Mesoblast share price?

The Mesoblast share price edged higher today when the company announced that the independent DSMB has recommended the continuation of the phase 3 trial of remestemcel-L in patients with moderate to severe acute respiratory distress syndrome (ARDS) due to COVID-19 infection. This follows the completion of the trial’s first interim analysis.

Previously, remestemcel-L was given to 30% of randomly selected trial patients with a placebo given to other patients. Both groups also received maximal care. According to the announcement, the primary end point was mortality within 30 days. 

Next, under the phase 3 trial, up to 300 patients will be trialled with one out of two given remestencel-L by injection and the other receiving a placebo. Both the patient and the medical staff will be unaware if the placebo or the investigative treatment is being administered. The primary end point is mortality within 30 days and the second endpoint is days alive off ventilatory support within 60 days. Recruitment for the trial is expected to be finalised in quarter four of the 2020 calendar year. 

Mesoblast Chief Medical Officer, Dr Fred Grossman, commented on the recommendation, stating; “We are very pleased with the recommendation by the DSMB. This important trial seeks to confirm whether remestemcel-L improves survival in ventilated COVID-19 patients with moderate to severe ARDS, where death rates remain high despite best existing treatments.”

Remestemcel-L is an investigative therapy that uses stem cells from the bone marrow of an unrelated donor to treat inflammation in the human body.

More about Mesoblast

Mesoblast develops cellular medications and has a broad portfolio of commercial products and late stage product candidates. It is listed on both the ASX and the Nasdaq.

Early in September, Mesoblast announced that it had received ethics approval to trial its investigative treatment, remestemcel-L, on COVID-19 patients in Australia.

In August 2020, Mesoblast announced it had revenue of $32.2 million in the 2020 financial year, an increase of $16.7 million compared to the 2019 financial year. It had a 13% reduction in loss after tax compared to the 2019 financial year, posting a loss of $77.9 million. Mesoblast had $129.3 million cash on hand at 30 June 2020.

The Mesobast share price is up nearly 400% since its 52 week low of $1.02, it has returned 145.85% since the beginning of the year. The Mesoblast share price is up 252.45% since this time last year.

More reading

• Why Brainchip, De Grey, Mesoblast, & SKYCITY shares are pushing higher
• The Mesoblast share price rocketed 40% higher in August: Is it too late to invest?
• Mesoblast share price flat on Australian phase 3 COVID-19 trial news
• These were the best performing ASX 200 shares in August
• Up 38% in August, is the Mesoblast share price a buy?

Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why the Mesoblast share price jumped higher this morning appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/31UnVrP

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is crashing notably lower. At the time of writing the benchmark index is down a sizeable 2.6% to 5,952.1 points.

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

The Appen Ltd (ASX: APX) share price has tumbled 7% lower to $32.51. This follows a broad selloff in the tech sector on Friday following a heavy decline on Wall Street’s Nasdaq index overnight. This latest decline means the Appen share price has now lost around 25% of its value in a little over a week. I think this has brought it down to a very attractive level.

The Kogan.com Ltd (ASX: KGN) share price has crashed 11% lower to $19.29. This decline also appears to be due to the aforementioned tech selloff. Though, Kogan may have fallen more than most today due to its incredible gains in 2020. This is likely to have led to profit taking from some investors on Friday. Even after this decline, the Kogan share price is up over 150% since the start of the year.

The OZ Minerals Limited (ASX: OZL) share price has dropped 4% to $14.40. This morning analysts at Ord Minnett downgraded the copper producer’s shares to a lighten rating with a $14.50 price target. The broker made the move on valuation grounds after a sharp rise in the OZ Minerals share price over the last few months.

The ResMed Inc. (ASX: RMD) share price is down 5.5% to $24.09. As well as the broad market selloff, ResMed has come under pressure after Macquarie reiterated its underperform rating and $20.00 price target on its shares. It believes that the medical device company’s shares are expensive relative to its near term growth potential.

More reading

• ASX 200 down 2.75%: Afterpay & Appen sink lower, SKYCITY pushes higher
• 4 ASX shares I’m looking to buy today
• Why the Afterpay share price crashed 9% lower today
• Why you should buy ASX copper miners in this market meltdown
• Quarterly rebalance: Coles and Fortescue added to ASX 20, Zip joins the ASX 200

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 Kogan.com ltd. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Kogan.com ltd and ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why Appen, Kogan, OZ Minerals, & ResMed shares are dropping lower appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/31WE8gc

The biggest piece of news ASX investors woke up to this morning was the massive crash that US-listed tech shares have just had overnight on the Nasdaq exchange.

Just like our ASX tech shares like Afterpay Ltd (ASX: APT), Zip Co Ltd (ASX: Z1P), Sezzle Inc (ASX: SZL) and Xero Limited (ASX: XRO), US tech shares have been on an absolute tear in recent weeks. Before today, Apple Inc. (NASDAQ: AAPL) shares were up more than 20% int he last month.

It gets better. Tesla Inc. (NASDAQ: TSLA) shares also had a phenomenal month, up more than 50% before last night’s crash.

It’s a similar (although not quite as impressive) story with Amazon.com Inc. (NASDAQ: AMZN) and Alphabet Inc. (NASDAQ: GOOG)(NASDAQ: GOOGL).

So if you were living in the United States, you might be salivating at how these tech shares had such a nasty night last night. Apple was down 8%, Tesla down 9% and Amazon down 4.6%. Overall, the Nasdaq Composite (an index tracking the exchange that most big tech shares are listed on) was down 4.96% last night.

Pity we live in Australia, right?

Well, not so fast. We do in fact have a Nasdaq-tracking exchange-traded fund (ETF) here on the ASX. It goes by the name of the BetaShares NASDAQ 100 ETF (ASX: NDQ). NDQ holds all of the big tech names, including the FAANGs, Tesla and Microsoft. And yes, NDQ units are down 5.62% at the time of writing to $26.53.

Sold?

Should we use this opportunity to buy into the Nasdaq?

Well, first thing’s first, I don’t think we should get too carried away with today’s moves. We investors are very good at forgetting history all too quickly. Yes, last night’s fall in the tech sector was dramatic, and not one we’ve been accustomed to seeing over the past 5 or so months. But it’s also relatively inconsequential. Remember, it was only 2–3 weeks ago that NDQ (and the Nasdaq index) was hitting the levels we are seeing today for the first time. Back then, the ‘Nasdaq was at record highs’. Today, ‘the Nasdaq is plunging’. We’re at the same level people.

After the incredible run up we’ve seen in tech stocks over the past month, a correction was almost inevitable in my view. We are just seeing that play out today. The hype from Apple and Tesla’s stock splits was never going to last forever.

Yes, the Nasdaq has pulled back today. But no, it’s not a raging bargain in my eyes. We just dipped back a few weeks is all.

So if you’re still bullish on the Nasdaq (or Apple, or Tesla) as a market-beating investment over the next decade, by all means, invest at today’s levels. But don’t think you’ve grabbed yourself a bargain just yet!

More reading

• ASX 200 down 2.75%: Afterpay & Appen sink lower, SKYCITY pushes higher
• 4 ASX shares I’m looking to buy today
• Why the Afterpay share price crashed 9% lower today
• NASDAQ plunges 5%. What next?
• Another buy now, pay later company is listing on Monday

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Sebastian Bowen owns shares of Alphabet (A shares) and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Amazon, Apple, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of BETANASDAQ ETF UNITS, Xero, and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc and recommends the following options: short January 2022 $1940 calls on Amazon and long January 2022 $1920 calls on Amazon. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Alphabet (A shares), Amazon, Apple, BETANASDAQ ETF UNITS, and Sezzle Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post After the crash, is it time to buy this Nasdaq ETF? appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3hWje6o

The Betmakers Technology Group Ltd (ASX: BET) share price is today falling sharply as the company announced managing director, Todd Buckingham, is selling 8.5 million shares. The Betmakers share price is currently down 9.26% to a price of 49 cents.

The company also announced that it has appointed a United States resident as a non-executive director to aid in its growth agenda.

What does Betmakers do?

Betmakers is an Aussie racing data supplier involved in the development and provision of data and analytics products. The company specialises in the production and distribution of racing content and the provision of data for the business to business wagering market. The group’s revenue channels include Australia, the United Kingdom and the US.

Betmakers is focused on providing innovative industry and bookmaker solutions to improve industry coverage and the consumer experience.

US board appointment

The Betmakers share price is dropping sharply lower today although this likely has little to do with its new US board appointment. The company has announced that it has taken the next step in its global growth strategy by appointing a highly credentialed director to assist Betmakers with its international expansion.

Matt Davey will assist the board and management, bringing with him a deep knowledge of the US gaming and wagering market. Mr Davey was previously CEO of NYX Gaming Group, which was sold to Scientific Games Corp.

What’s moving the Betmakers share price?

More likely contributing to the Betmakers share price decline is news that company founder, Todd Buckingham, is selling 8.5 million shares. However, it must be noted that Mr Buckingham is partly using the sale of shares to fund the exercise of 16,667,000 options and cover the associated tax obligations. As a result, his interest in the company will actually increase to 14.6 million shares from 6.5 million.

Regarding the sale Mr Buckingham stated:

As a founder of BetMakers, I am very proud of what the team has achieved over the last few years and the value that we have created for our shareholders. I am delighted that we have been able to build such a strong business which is now expanding into the US and other markets. I am incredibly excited about the next phase of the Company’s growth strategy and I am exercising my options so that I can continue to participate in the BetMakers growth story.

Foolish takeaway

The Betmakers share price has been on an impressive run so far this year, gaining a huge 250%. While an insider sell down is never good news, shareholders can take refuge in the fact that Mr Buckingham is increasing his interest in the company. The Betmakers share price decline is perhaps more likely as a result of the Nasdaq Composite’s pull back overnight. 

More reading

• 3 small cap ASX shares I’d buy with $1,000
• Betmakers share price on watch as revenues rocket 39%

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Betmakers share price falls 9% on share sell-off appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/2GuoPmH

At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) has crashed notably lower following a very disappointing night of trade on Wall Street. The benchmark index is currently down 2.75% to 5,944.2 points.

Here’s what has been happening on the market today:

Tech shares sinking lower.

The tech sector has come under significant pressure on Friday after Wall Street’s tech-heavy Nasdaq index crashed 5% lower overnight. At the time of writing the likes of Afterpay Ltd (ASX: APT), Appen Ltd (ASX: APX), and WiseTech Global Ltd (ASX: WTC) are all trading notably lower. The latter two are down 7% at the time of writing. This has led to the S&P/ASX 200 Information Technology index falling over 4%.

Quarterly rebalance.

This morning S&P Dow Jones indices announced the quarterly rebalance of the ASX 200 index. The benchmark S&P/ASX 200 will see five changes later this month. Five new companies will be added to the index on 21 September, this includes buy now pay later provider Zip Co Ltd (ASX: Z1P). Joining Zip will be airport operator Auckland International Airport Limited (ASX: AIA), risk management company AUB Group Ltd (ASX: AUB), and gold miners Ramelius Resources Limited (ASX: RMS) and Westgold Resources Ltd (ASX: WGX).

Banks shares tumble.

The big four banks have not been immune to the market selloff on Friday. All four banks are dropping notably lower, but the worst performer has been the Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price. At the time of writing the banking giant’s shares are down almost 3%.

Best and worst performers.

There are not many ASX 200 shares pushing higher on Friday. In fact, at lunch there are just 6 out of 200 shares in positive territory. The best performer has been the SKYCITY Entertainment Group Limited (ASX: SKC) share price with a gain of almost 2%. Investors have been buying its shares since the release of its full year results yesterday. The worst performer is the Appen share price with a 7% decline following the tech selloff.

More reading

• Why Appen, Kogan, OZ Minerals, & ResMed shares are dropping lower
• After the crash, is it time to buy this Nasdaq ETF?
• Why Brainchip, De Grey, Mesoblast, & SKYCITY shares are pushing higher
• 4 ASX shares I’m looking to buy today
• Why the Afterpay share price crashed 9% lower today

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 WiseTech Global and ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO and Appen Ltd. The Motley Fool Australia has recommended Sky City Entertainment Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASX 200 down 2.75%: Afterpay & Appen sink lower, SKYCITY pushes higher appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3bnCO9l

The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is crashing lower on Friday. In late morning trade the benchmark index is down 2.6% to 5,952.9 points.

Four shares that have not let that hold them back are listed below. Here’s why they are pushing higher:

The Brainchip Holdings Ltd (ASX: BRN) share price is up 5% to 52.5 cents. This appears to have been driven by news that the artificial intelligence technology company’s shares will be added to the S&P/ASX All Technology Index at the next quarterly rebalance. In addition to this, earlier this week Brainchip announced a collaboration with VORAGO Technologies. This collaboration is intended to support a Phase 1 NASA program for a neuromorphic processor that meets spaceflight requirements.

The De Grey Mining Limited (ASX: DEG) share price has climbed 3.5% to $1.31. Investors have been buying the gold-focused mineral exploration company’s shares after it was added to a major index at the next rebalance. De Grey’s shares will be added to the ASX 300 index on 21 September. Its shares have been on fire this year after some very positive drilling results at its Hemi prospect.

The Mesoblast limited (ASX: MSB) share price is up 1.5% to $5.17. This morning the biotech company revealed that the independent Data Safety Monitoring Board (DSMB) has recommended that it continues with its Phase 3 trial of remestemcel-L in patients with moderate to severe acute respiratory distress syndrome due to COVID-19 infection. This follows the completion of the trial’s first interim analysis.

The SKYCITY Entertainment Group Limited (ASX: SKC) share price is up 2% to $2.53. This morning analysts at Credit Suisse retained their outperform rating and lifted their price target on its shares to NZ$3.00 (A$2.77) following the release of its full year results. Its result came in ahead of expectations and the broker was pleased with its trading update.

More reading

• 3 defence ASX shares set for explosive growth
• ASX 200 rises 0.8%, investors bet on SkyCity
• The Mesoblast share price rocketed 40% higher in August: Is it too late to invest?
• Why IOOF, SKYCITY, Starpharma, & Telix shares are storming higher
• ASX 200 up 1%: Big four banks charge higher, SKYCITY impresses, Xero tumbles

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sky City Entertainment Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why Brainchip, De Grey, Mesoblast, & SKYCITY shares are pushing higher appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/2EZsad5