Tag: Motley Fool

ASX lithium shares are a bit of a mixed bag amid the rout across the Aussie stock market today.

At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is down 2.48% following heavy declines on Wall Street overnight.

The Dow Jones tanked 3.94%, along with the tech-heavy Nasdaq losing 5.54% and the S&P 500 shedding 4.32%.

This marked the biggest one-day loss in two years for Wall Street following the release of the consumer price index report for August.

Subsequently, around $60 billion has been wiped off the ASX as global markets reel from the disappointing inflation data.

The US Federal Reserve could lift interest rates by 100 basis points as opposed to the previously forecasted 75 basis points.

It appears the market is bracing for such a move by the US central bank.

While there’s mostly a sea of red on the ASX, some lithium shares are defying the sell-off.

How are these ASX lithium shares faring today?

The Anson Resources Ltd (ASX: ASN) share price touched an all-time high on the back of the company’s assay results from its Paradox Lithium Project.

While its shares have retraced since, they are currently up 7.14% to 45.5 cents apiece.

In addition, the Leo Lithium Ltd (ASX: LLL) share price is cracking 7.41% higher to 72.5 cents following late night’s release of its half-year accounts.

The lithium producer has had a busy 6 months with the completion of the Goulamina Joint Venture.

Leo Lithium is aiming to develop and operate the world-class Goulamina Lithium Project in Mali.

Lastly, the Latin Resources Ltd (ASX: LRS) share price is also pushing upwards despite no company announcements.

The lithium explorer’s shares are up 4.35% to 12 cents.

On the other hand, the Lake Resources NL (ASX: LKE) share price is tumbling 14.57% to $1.085 due to a project dispute.

Conversely, shares in Vulcan Energy Resources Ltd (ASX: VUL) are down 6.52% to $8.17, reversing a majority of its 9.94% gain yesterday.

According to Trading Economics, the price of lithium carbonate is steady at US$71,200 per tonne, up 0.4% in a week.

When looking at year-on-year, lithium prices are up 245%, which isn’t far off from its record high of US$71,800 per tonne.

The post How are ASX lithium shares faring amid Wednesday’s carnage? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why Lake Resources, Lovisa, Megaport, and St Barbara shares are dropping
• Why Leo Lithium, Myer, Neuren, and Peter Warren shares are rising today
• Anson Resources share price surges to ASX all-time high on lithium news
• Lake Resources share price slides 18% amid market rout and project dispute

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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/oM3wtpb

The Magellan Financial Group Ltd (ASX: MFG) share price is well in the red this afternoon, down 5.4% at the time of writing.

This might not be surprising with US equities suffering their worst day in two years in trading overnight, our time.

Shares of the global investment company currently trade for $12.515 each, well below yesterday’s closing price of $13.23 a share.

Meantime, the S&P/ASX 200 Financials Index (ASX: XFJ) is also 2.75% lower so far today with the S&P/ASX 200 Index (ASX: XJO) shedding 2.45% at the time of writing.

Other financial services are also taking a hit, including BSP Financial Group Ltd (ASX: BFL), down 1.92%, and Insignia Financial Ltd (ASX: IFL), down 2.7%.

There’s no news from Magellan today to make sense of its share price sell-off. But we can recap some recent events precluding the broader market movements in the US.

What’s going on with the Magellan share price?

In September, my Fool colleague Tristan noted the Magellan Global Fund (ASX: MGF) underperformed global benchmarks while the company’s Airlie Australian Share Fund outperformed the S&P/ASX 200 Accumulation Index (ASX: XJOA).

Just last week, Magellan paid out an impressive final dividend for 2HFY22 of 68.9 cents per share, franked to 80%.

In August, Magellan posted its full-year results for FY22 — and, as my Fool colleague Tristan noted, there weren’t many positives.

Adjusted net profit after tax (NPAT) fell 3% to $399.7 million, while profit before tax and performance fees of the funds management business fell 11% to $470.6 million.

While average funds under management (FUM) dropped 9% to $94.3 billion, the FY22 FUM finished at $61.3 billion.

Significantly, Magellan warned that material outflows of FUM meaningfully impacted its profitability in the second half “and will affect FY23”.

Magellan share price snapshot

The company’s share price is down 34% in 2022 so far and 64% over the past year. That compares to the ASX 200 Index’s 10% loss year to date and 8% decline in the past 12 months.

The company’s current market capitalisation is $2.3 billion.

The post Magellan share price drops 5% amid broader sell-off appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• The Magellan share price has fallen over 10% in a month: Is it time to buy the dip?
• Steady compounders: 3 ASX 200 shares that have delivered over a decade
• Why Breville, Incitec Pivot, Magellan, and Super Retail shares are dropping
• Magellan share price nosedives as FUM plunges $1.3 billion
• Own Magellan shares? Here’s some news on your dividends

Motley Fool contributor Matthew Farley 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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/1hbA6nW

The goodwill that we saw for ASX 200 shares earlier this week has evaporated, and then some, today after a savage session of selling. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) has crashed by a painful 2.47% to back under 6,840 points after touching 7,000 points just yesterday.

But let’s at least try not to dwell too much on those sobering numbers. So instead, let’s take stock of the ASX 200 shares currently topping the share market’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Wednesday

Core Lithium Ltd (ASX: CXO)

Our first ASX 200 share up today is the lithium stock, Core Lithium. This Wednesday has seen a notable 18.45 million Core Lithium shares change owners on the markets thus far. There’s been no news out of the company today.

So this volume can probably be put down to the movements of the Core Lithium shares themselves. Core Lithium shares have copped a nasty sell-off, dropping by 3% to $1.62 a share. It’s this outsized loss that has probably resulted in the large volumes we are seeing.

Pilbara Minerals Ltd (ASX: PLS)

Anotehr ASX 200 lithium share is next up with Pilbara mienrals. So far today, a meaningful 26.21 million Pilbara shares have been bought and sold. Again, it seems it is share price action that has resulted in this volume. Pilbara shares haven’t suffered as much as Core Lithium.

But the lithium producer has still seen a hefty 2.43% drop to $4.62 a share. It seems this company’s recent run of new 52-week highs might have to take a pause.

Lake Resources N.L (ASX: LKE)

Our third and most traded ASX 200 share today is yet another lithium stock in Lake Resources, making it three for three. This Wednesday has seen a whopping 34.77 million shares traded. Unlike the other two lithium shares today though, Lake Resources seems to have been singled out for some especially heavy punishment.

The company has cratered a depressing 15.4% at present down to $1.08 a share. As we dug into earlier, this comes amid news that Lake is facing a dispute with its business partner Lilac. Throw that in with the overall market malaise today, and we have the smoking gun for the elevated trading volumes we have witnessed with this company.

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

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Why Lake Resources, Lovisa, Megaport, and St Barbara shares are dropping
• Why is the Core Lithium share price tumbling 3% today?
• Inflation fears crash Pilbara Minerals share price party
• Lake Resources share price slides 18% amid market rout and project dispute
• Expert predicts stock market will crash 20% lower in the next four weeks as US inflation rages out of control

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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/lsGA0yn

The Altech Chemicals Ltd (ASX: ATC) share price is rocketing today despite the big plunge in the market.

The ASX small cap battery tech company announced it has formed a joint venture (JV) with Germany battery institute Fraunhofer IKTS (IKTS).

The JV will commercialise IKTS’ Cerenergy Sodium Alumina Solid State (SAS) battery. The technology uses table salt instead of lithium.

How the Altech share price compares to ASX lithium shares

The news sent the Altech share price surging 31.3% to 11 cents in afternoon trade. In contrast, the All Ordinaries (ASX: XAO) tumbled 2.35% as inflation fears trigger a sell-off in global share markets.

Even popular ASX lithium shares could not withstand the negative sentiment. The Allkem Ltd (ASX: AKE) share price has lost 2.1% to $15.66, IGO Ltd (ASX: IGO) has fallen 1.84% to $14.68 and Pilbara Minerals Ltd (ASX: PLS) dropped 2.2% to $4.64 at the time of writing.

Large market opportunity

But the Altech share price is powering ahead as the company tabled the JV agreement. The ASX minnow will own 75% of the entity, which will commercialise a 100MWh project on Altech’s land in Germany.

The company thinks the SAS battery is perfect for grid storage as it is fire- and explosion-proof. The battery can also operate in extreme cold and desert conditions and has a lifespan of more than 15 years.

Altech claims that the global grid energy storage market is expected to grow to US$15.1 billion by 2027, from US$4.4 billion in 2022.

New battery technology powers the Altech share price

As the battery only uses sodium and nickel, the surging price of lithium won’t impact on costs of the battery. It also doesn’t use cobalt, graphite or copper.

IKTS spent eight years and 35 million euros on the SAS technology, which is undergoing final testing.  

The JV entity, Altech Batteries GmbH (ABG), will own the exclusive global rights to the SAS technology and the Cerenergy trademark. IKTS will not receive a royalty but will be awarded 25% ownership of the JV as a “free carry”.

Details of the JV

IKTS will also give Altech access to its pilot plant and expertise associated with the technology. The German partner has the right, but not the obligation, to maintain its 25% interest if the JV expands the project.

IKTS also has the right to convert its 25% interest in the expanded project to a 1.5% royalty of all future battery module sales.

Altech said in its ASX statement:

IKTS has been looking for an entrepreneurial partner that has German land available, has access to funding, is a builder of projects, has battery background, and has technology in alumina used in ceramics. Altech fitted the criteria.

The Altech share price snapshot

The Altech share price was trading flat over the past year before today’s surge. In contrast, the All Ordinaries dropped 8.5% over the period.

ASX tech shares have also not been performing well since interest rates and bond yields came off their historic lows.

Higher rates hit ASX growth shares harder and tech is seen as the quintessential growth sector.

Luckily for Altech, its link to batteries is shielding it from the sell-off as the world moves towards a decarbonised future.

The post Altech share price explodes 31% on battery news appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Why is the WiseTech share price wilting 4% on Wednesday?
• Why Lake Resources, Lovisa, Megaport, and St Barbara shares are dropping
• Why Leo Lithium, Myer, Neuren, and Peter Warren shares are rising today
• As US markets plunged, these 2 stocks hit all-time highs
• Global Lithium share price shrugs off inflation woes to leap higher

Motley Fool contributor Brendon Lau has positions in Allkem Limited, Independence Group NL, and Pilbara Minerals 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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/fgRO8NI

The WiseTech Global Ltd (ASX: WTC) share price is looking less appetising to investors on Wednesday. Despite being the best-performing of the ‘WAAAX‘ shares this year, the logistics software provider is not immune to today’s antics.

Racing toward the end of an unnerving day, WiseTech shares are trading hands for $58.35, down 4%. For context, the Australian benchmark index is on track for its worst day since 14 June this year. A day that was also dominated by inflation fears.

Although, why would the WiseTech share price be in the crosshairs on Wednesday?

Premium valuations get sliced

Anyone that has been investing for at least a year or so knows what inflation has meant for ASX shares. Today, shareholders have been sat down for yet another hard lesson in the fickle nature of short-term news and reactions.

I’m talking about the US consumer price index (CPI) data from last night, of course. A slightly higher reading than expected — coming out at 8.3% compared to a year ago — sent overnight markets into turmoil.

The prospects of steeper and more prolonged interest rate increases sounded the sell siren for some. What followed was a trampling of share prices, with the worst dealt to consumer cyclicals and tech.

As is often the case, the ASX is mimicking our US neighbours today. At the moment, the information technology sector is down 3.7%, while the consumer discretionary segment is 3.1% worse off.

The WiseTech share price has been caught up in the selling. Though, other tech shares in the S&P/ASX 200 Index (ASX: XJO) are suffering to an even greater extent. For example, Megaport Ltd (ASX: MP1) is down 11% and Novonix Ltd (ASX: NVX) has taken a 6% haircut.

It appears investors are particularly uneasy about holding ASX shares with premium valuations in light of the news.

For instance, based on the current WiseTech share price, the company trades on a price-to-earnings (P/E) ratio of around 98. This compares to the software industry average of roughly 48 times earnings. Meanwhile, the broader index trades on a multiple of 14.7 times earnings.

What this means for the WiseTech share price

If and/or when interest rates are increased further, the WiseTech share price may look less appealing. Despite the company being debt free and holding over $480 million in cash, there are other considerations likely to be at play.

Given the premium P/E ratio, investors might be inclined to be warier as central banks move to cool down economies. In addition, if interest rates on savings accounts get a greater bump, more investors could favour a less risky cash alternative for reasonable returns.

In both scenarios, the WiseTech share price could retreat further.

The post Why is the WiseTech share price wilting 4% on Wednesday? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• 2 ASX shares that look expensive but have years of growth ahead: QVG Capital
• 5 things to watch on the ASX 200 on Friday
• Why are ASX 200 tech shares having such a top run on Thursday?
• 2 ASX 200 shares turning ex-dividend tomorrow
• ASX 200 tech shares are getting hammered on Monday. Here’s why

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended MEGAPORT FPO and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/c0hkWbz

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very disappointing decline. At the time of writing, the benchmark index is down 2.45% to 6,838.4 points.

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

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price has crashed over 15% to $1.07. Investors have been selling this lithium developer’s shares after it revealed that it is facing a dispute with Lilac Solutions. The two parties are disagreeing on the date that certain work needs to have been done for Lilac to earn 25% of the Kachi project. Lilac believes it has until the end of November but Lake says the end of this month.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is down almost 5% to $23.55. This has been driven by a combination of the market selloff and the jewellery retailer’s shares trading ex-dividend this morning. Eligible shareholders can look forward to receiving Lovisa’s 37 cents per share final dividend next month on 20 October.

Megaport Ltd (ASX: MP1)

The Megaport share price is down 10% to $7.82. Investors have been selling Megaport and other tech shares on Wednesday following a selloff on Wall Street’s tech-focused NASDAQ index overnight. This has been driven by higher than expected inflation in the United States, which the market believes will lead to aggressive interest rate hikes by the US Federal Reserve.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is down 5% to 88.7 cents. This follows a pullback in the gold price overnight driven by the higher than expected inflation reading. If interest rates continue to rise, it will reduce the appeal of holding gold, which doesn’t provide a yield. The S&P/ASX All Ordinaries Gold index is down 3.8% this afternoon.

The post Why Lake Resources, Lovisa, Megaport, and St Barbara shares are dropping appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Megaport share price slumps 10%: Is it a buy now?
• Why are ASX 200 tech shares being hit the hardest on Wednesday?
• Lake Resources share price slides 18% amid market rout and project dispute
• 5 things to watch on the ASX 200 on Wednesday
• Why did the Core Lithium share price leap another 6% on Tuesday?

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 positions in and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended Lovisa Holdings Ltd and MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/w5LIbQ2

The S&P/ASX 200 Index (ASX: XJO) is having a day to forget on Wednesday. In afternoon trade, the benchmark index is down 2.4% to 6,843.4 points.

Four ASX shares that have managed to avoid the selloff and push higher today are listed below. Here’s why they are rising:

Leo Lithium Ltd (ASX: LLL)

The Leo Lithium share price is up over 8% to 73.2 cents. This is despite there being no news out of the lithium explorer. Today’s gain means that Leo Lithium’s shares are now up a massive 35% since this time last month.

Myer Holdings Ltd (ASX: MYR)

The Myer share price is up 7.5% to 64.5 cents. Once again, this is despite there being no news out of the department store operator. Myer’s shares are also on a very positive run and are now up by 23% since this time last month. Investors appear optimistic that the company will release a strong full year result in the coming days.

Neuren Pharmaceuticals Ltd (ASX: NEU)

The Neuren Pharmaceuticals Ltd share price is up a further 4.5% to $6.79. Investors have been buying this biotech company’s shares this week after the US Food and Drug Administration (FDA) accepted for review the New Drug Application (NDA) of trofinetide for the treatment of Rett syndrome. In response, this morning Bell Potter retained its speculative buy rating with an improved price target of $8.60.

Peter Warren Automotive Holdings Ltd (ASX: PWR)

The Peter Warren share price is up almost 15% to $2.89. This follows news that SMA Motors has picked up ~15.7 million shares from Quadrant Private Equity for $50 million on Tuesday. SMA Motors paid an average of approximately $3.19 per share for the stake. This represents a massive 25.6% premium to where the Peter Warren Automotive share price was trading at yesterday’s close. SMA Motors is the name behind Sutton Motors, which is one of Sydney’s largest dealer groups.

The post Why Leo Lithium, Myer, Neuren, and Peter Warren shares are rising today appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• 3 ASX All Ordinaries shares defying today’s rout to surge higher
• In a sea of red, guess which ASX All Ords share is booming 12% today
• Why Allkem, MA Financial, Neuren, and Vulcan Energy shares are pushing higher
• 3 ASX 300 shares hitting new highs on Friday
• 4 ASX lithium shares hitting all-time highs 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 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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/6D7GjX4

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Investors lost confidence in the stock market on Tuesday, responding negatively to inflation readings for August that were higher than most had expected. By the end of the day, the Dow Jones Industrial Average (DJINDICES: ^DJI) had registered one of its largest daily point drops in its history, and the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) were down even more sharply on a percentage basis.

Index	Daily Percentage Change	Daily Point Change
Dow	(3.94%)	(1,276)
S&P 500	(4.32%)	(178)
Nasdaq	(5.16%)	(633)

Data source: Yahoo! Finance.

All 30 Dow stocks were down, and just five stocks out of the S&P 500 managed to eke out gains on the day. Yet there were a couple of companies whose shares not only managed to move higher but also set new all-time highs. Below, you’ll learn more about why Albemarle Corporation (NYSE: ALB) and Catalyst Pharmaceuticals, Inc. (NASDAQ: CPRX) bucked the big downward move on Wall Street and moved further into record territory.

Albemarle keeps charging up

Albemarle ended the day up just a fraction of a percent after having climbed as much as 3.5% above its closing level on Monday. Fundamentally, though, the specialty chemical company continued to benefit from high demand for some of its most important material products.

Historically, Albemarle has played a key role in the energy and industrial sectors. Its bromine-related products are used in applications ranging from oilfield drilling to food safety and water treatment. Its catalysts business helps refining and petrochemical companies process heavy oil and produce cleaner fuels, while also serving customers in the electronics and pharmaceutical markets.

Lately, though, investors know Albemarle best for its exposure to the lithium market. In the second quarter of 2022, Albemarle saw revenue nearly double from year-ago levels, with earnings coming close to quadrupling year over year. Although strong conditions in the bromine business provided a boost, lithium was the biggest factor, driven by high demand from the electric vehicle sector.

The trend toward EV adoption looks like it’ll take years to play out, and as long as battery technology relies on lithium, Albemarle can expect demand to remain high. That should play to Albemarle’s strengths and keep shares strong over the long run.

A big winner for Catalyst

Catalyst Pharmaceuticals climbed about 1% on Tuesday, although it had been up more than 13% earlier in the day. The company’s primary treatment has done well, and Catalyst got a vote of confidence from index managers at S&P Dow Jones Indices.

Catalyst’s stock has been on the rise as sales of its Firdapse drug for treating the rare disease Lambert-Eaton myasthenic syndrome have climbed sharply. That has put Catalyst in the enviable position of having positive cash flow, which is a rare thing for a small biopharmaceutical company and makes it possible for the company to fund development of new pipeline treatments without resorting to expensive capital-raising activities.

S&P Dow Jones Indices announced late Monday that Catalyst would become a member of the S&P SmallCap 600 index effective before the market opens on Thursday, Sept. 15. The company replaces ManTech International, which is set to go private in an acquisition that should close in the near future.

Becoming a part of a stock index doesn’t have any impact on Catalyst’s fundamental business, but it does raise awareness of the drugmaker and its prospects for further growth. Shareholders now hope that Catalyst can keep executing well and make the most of its opportunity in Firdapse while also adding more approved drugs to its product lineup in the years to come.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post As US markets plunged, these 2 stocks hit all-time highs appeared first on The Motley Fool Australia.

(function() { function setButtonColorDefaults(param, property, defaultValue) { if( !param || !param.includes(‘#’)) { var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0]; button.style[property] = defaultValue; } } setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’); setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’); setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’); })()

More reading

• Why Leo Lithium, Myer, Neuren, and Peter Warren shares are rising today
• Global Lithium share price shrugs off inflation woes to leap higher
• Here’s why the BetaShares NASDAQ 100 ETF has tanked 4% today
• Goodman share price crumbles 5% amid Wall St woes
• The Lynas share price is sinking 5% amid market mayhem

Dan Caplinger 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 Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

from The Motley Fool Australia https://ift.tt/K0685td

The Global Lithium Resources Ltd (ASX: GL1) share price is lifting today despite the broader market’s sell-off.

Interestingly, its gain comes just one day after the stock slumped 2% on news of a major lithium discovery.

The Global Lithium share price is up 3.75% at the time of writing to trade at $2.49.

That’s despite the broader market’s suffering. The All Ordinaries Index (ASX: XAO) is down 2.34% right now following a dire night on Wall Street in which US markets were weighed down by disappointing inflation data.

So, what might be driving Global Lithium’s stock higher on Wednesday? Let’s take a look.

What’s buoying the Global Lithium share price?

The Global Lithium share price is joining some of its lithium peers in defying the market’s pain.

The S&P/ASX 200 Materials Index (ASX: XMJ) has fallen 1.88% right now.

Meanwhile, many of the market’s smaller lithium stocks, including Anson Resources Ltd (ASX: ASN), Piedmont Lithium Inc (ASX: PLL), and Latin Resources Ltd (ASX: LRS), are recording gains.

They’re up 5.95%, 2.75%, and 4.35% respectively at the time of writing despite only Anson Resources having released news today.

It’s also worth noting Global Lithium’s stock has been on a roll lately. It has gained 44% since the end of August.

Interestingly, the company has only released one announcement during that time. It revealed drilling had returned the highest-grade lithium intercept at its Manna Lithium Project to date yesterday.

On top of that, ongoing exploration mapping has identified a new pegmatite target area at the project.

Drilling is continuing at the project while its update mineral resource estimate is on track to be released in the December quarter.

Today’s gain included, the Global Lithium share price is 117.5% higher than it was at the start of 2022. It has also gained 520% since this time last year.

The post Global Lithium share price shrugs off inflation woes to leap higher appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Global Lithium share price backtracks despite ‘highest ever grade’ discovery
• 2 ASX lithium shares leaping more than 9% on Monday
• Why is the Global Lithium Resources share price rocketing 27% this week?
• 3 little-known ASX lithium shares that rocketed today
• Global Lithium shares edged higher today amid ‘very promising’ results

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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/9o5XaOG

Not too many ASX-listed investments have escaped the carnage we have seen on the share market this Wednesday. At present, the S&P/ASX 200 Index (ASX: XJO) has lost a painful 2.41% and is back to around 6,840 points. But let’s discuss the BetaShares NASDAQ 100 ETF (ASX: NDQ).

This exchange-traded fund (ETF) has had a shocker today. The BetaShares NASDAQ ETF has lost a nasty 3.62% so far today, which puts this ETF’s units at $27.71 each. Earlier in the trading session, we saw the fund drop as low as $27.58 a unit, which was a loss of around 4% at the time.

So why has this ETF been so much harder hit than most ASX shares today?

Why has the BetaShares NASDAQ 100 ETF tanked today?

Well, to answer that, let’s look at what the BetaShares NASDAQ ETF is. This ETF is an index fund, but not one that tracks the ASX 200 or any ASX shares for that matter. Rather, the BetaShares NASDAQ 100 ETF, as its name implies, mirrors the NASDAQ-100 (INDEXNASDAQ: NDX) Index.

The NASDAQ is one of the major stock exchanges in the United States. In contrast to its rival New York Stock Exchange, the NASDAQ tends to host the newer, tech-heavy companies.

Think of names like Apple Inc (NASDAQ: AAPL), Microsoft Corporation (NASDAQ: MSFT), Amazon.com Inc (NASDAQ: AMZN), Tesla Inc (NASDAQ: TSLA), Netflix Inc (NASDAQ: NFLX), and Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL). All of these tech giants call the NASDAQ home.

Thus, many ASX investors like the BetaShares NASDAQ 100 ETF for the exposure to mostly US tech shares that it can provide.

But today, this is an ETF that has been hit hard. And it’s not hard to see why. As an index fund, the BetaShares NASDAQ 100 ETF basically mirrors the index it tracks. Last night saw the NASDAQ 100 Index fall by a painful 5.54% on the US markets to just over 12,000 points.

As such, it’s perhaps no surprise we are seeing a heavy fall in the corresponding ETF today. Investors might even be thankful the ETF’s falls today are not quite as savage as the index’s themselves. We can probably thank currency movements for that.

This latest drop means that the BetaShares NASDAQ 100 ETF is now down a depressing 27% in 2022 thus far. However, this ETF remains up a far more pleasing 101% over the past five years.

The post Here’s why the BetaShares NASDAQ 100 ETF has tanked 4% today appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• 3 excellent ETFs for beginner investors to buy
• 3 wonderful ETFs for ASX investors to buy today
• Why is the Betashares Nasdaq 100 ETF leaping ahead on Thursday?
• Is the BetaShares NASDAQ 100 ETF the best index fund on the ASX?
• 2 of the best ETFs for ASX investors to buy in September

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. Motley Fool contributor Sebastian Bowen has positions in Alphabet (A shares), Amazon, Apple, Microsoft, Netflix and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet (A shares), Alphabet (C shares), Amazon, Apple, BETANASDAQ ETF UNITS, Microsoft, Netflix, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has positions in and has recommended BETANASDAQ ETF UNITS. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Amazon, Apple, and Netflix. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/PrjJqXx