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The Incitec Pivot Ltd (ASX: IPL) share price has had a rough trot over the past week, deflating by 6.8%. Although, the bulk of the downward ride followed the release of Incitec’s investor day presentation yesterday.

Heading into Wednesday afternoon, shares in the explosives and fertiliser company are a touch away from trading flat. However, that means the Incitec Pivot share price is actually faring better than the S&P/ASX 200 Index (ASX: XJO). At last glance, the benchmark is 1.3% into a deep red display today.

Nevertheless, the looming question is: will Incitec Pivot split into two?

If management has their way

Yesterday, fund managers and investors were treated to Incitec Pivot’s investor day. The event foreshadows the unveiling of the company’s full-year results on 15 November. Though, looking at the presentation, you’d be forgiven for thinking it was a sales pitch for the separation of Incitec’s two businesses.

At 121 pages long, the presentation was an in-depth unpacking of the benefits of pulling apart the explosives division from the fertiliser segment. Of those 121 pages, 95 of them were dedicated to detailing future growth strategies and value unlocking opportunities for each separate component.

I’ll save you the arduous task of thumbing through all of those slides. The main point made by managing director Jeanne Johns and the team was that a separately spun-off explosives company — Dyno Nobel — would be able to relish in a more premium price-to-earnings (P/E) ratio.

Slide 22, as shown above, hits home this point from the Incitec Pivot management team. They believe that the market values the entire company on the more conservative multiple, irrespective of where each segment is in the cycle.

For this reason, management is adamant that a split would benefit shareholders. Speaking of which, shareholders will have the final say next year if the scheme receives board and regulatory approval.

How has the Incitec Pivot share price performed?

Despite management’s discontent with the earnings multiple, the Incitec Pivot share price has performed strongly so far this year.

In 2022, shares in the company have appreciated by 14.2% during a challenging period for most companies. However, the real question will be whether this impressive performance can hold up post-earnings in November.

The post Are Incitec Pivot shares set for a demerger? appeared first on The Motley Fool Australia.

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More reading

• Why Breville, Incitec Pivot, Magellan, and Super Retail shares are dropping
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Here are the top 10 ASX 200 shares today

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 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.

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It’s been a fairly awful day of trading for the S&P/ASX 200 Index (ASX: XJO) so far this Wednesday. At the time of writing, the ASX 200 has lost a nasty 1.4% and is back below 6,730 points. Ouch.

But it’s even worse for the Woodside Energy Group Ltd (ASX: WDS) share price.

Woodside shares have copped a drilling today, no way around it. At present, the ASX 200 energy giant has lost a painful 3% and is back down to $34 a share.

So what’s going on here that could explain such a decisive underperformance of the broader market?

Why is the Woodside share price tanking on Wednesday?

Well, there’s been no news or announcements out of the company itself, so we can rule that out. We can also rule out an ex-dividend date, seeing as Woodside is scheduled to trade ex-div for its upcoming final dividend tomorrow.

So let’s look at what is happening with the oil markets. As an ASX oil share, the oil price itself is often the most consequential driver of the Woodside share price.

Well, lo and behold, oil has been under the pump recently. As my Fool colleague James covered this morning, last night saw the WTI crude oil price fall by 0.2% to US$86.69 a barrel. The Brent crude oil price also dropped 3.3% to US$92.61 a barrel.

This is probably the most likely explanation for why Woodside shares are having such a shocker today. Further supporting this theory, we are also seeing other ASX energy shares take hits today as well.

Santos Ltd (ASX: STO) shares have lost 1.76% to $7.80 so far today. While Beach Energy Ltd (ASX: BPT) is down by an even more painful 4.2% at $1.69 a share.

So it looks as though the entire ASX oil sector is feeling the pain this Wednesday.

No doubt, investors will be hoping for a brighter end to the trading week.

At the current Woodside share price, this ASX 200 oil share has a market capitalisation of $64.7 billion, with a dividend yield of 9.17%.

The post Why is the Woodside share price on the slide today? appeared first on The Motley Fool Australia.

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More reading

• Hoping to pocket the monster Woodside dividend? Read this
• 5 things to watch on the ASX 200 on Wednesday
• What happened to Woodside shares on Tuesday?
• ‘We would like to see faster progress’: ASX 200 energy shares on notice
• The Woodside share price has gained under 5% in 10 years. Does the latest monster dividend make up for this?

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.

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The Santos Ltd (ASX: STO) share price opened sharply lower this morning and remains down 1.95% in early afternoon trading.

Santos shares closed yesterday trading for $7.94 each and are currently trading for $7.785 a share.

Why is the ASX 200 energy share under pressure?

It’s not just Santos that’s under selling pressure today.

Following another day of selling in US markets yesterday (overnight Aussie time), the S&P/ASX 200 Index (ASX: XJO) is down 1.36% at the time of writing.

The Santos share price is likely underperforming the benchmark index today as investors digest the weakening outlook for oil prices, which sees the S&P/ASX 200 Energy Index (ASX: XEJ) down 2.77%.

Brent crude oil slipped 1.3% over the past 24 hours to US$91.62, the lowest level since early February.

West Texas Intermediate (WTI) crude fell even more. WTI is down 1.7% over 24 hours, trading for US$85.46 per barrel. You have to go back to 24 January, well before Russia’s invasion of Ukraine, to find WTI trading at a lower price.

Oil prices, and by extension the Santos share price, are being pressured on several fronts. This comes despite OPEC+ stating last week that the cartel would cut production levels.

First, investors are concerned about a broader economic slowdown crimping demand energy demand in oil-hungry Europe and the US.

Second, China’s COVID-zero policies look set to continue. These policies currently have some 65 million people facing travel restrictions, reducing demand for oil in the world’s most populous nation.

Commenting on the headwinds facing the oil market, market strategist at IG Asia Yeap Jun Rong said (courtesy of Bloomberg):

Having priced for the OPEC+ output cut with a short-lived up-move, oil prices continue to struggle with the weaker demand outlook story. Headlines of China’s virus restrictions renewed the downward bias over the demand outlook, with an added headwind for oil prices coming from further strength in the US dollar.

Santos share price snapshot

Despite today’s retrace, the Santos share price remains up 18% in 2022. That compares to a year-to-date loss of 11% posted by the ASX 200.

The post Why is the Santos share price slipping on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• ‘We would like to see faster progress’: ASX 200 energy shares on notice
• How are ASX 200 energy stocks performing on Tuesday?
• 5 things to watch on the ASX 200 on Tuesday
• Why is the Santos share price off to a flying start this week?
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor Bernd Struben 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.

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Are you interested in adding some ASX growth shares to your portfolio in September? If you are, you may want to look at the two listed below that have recently been named as buys.

Here’s what you need to know about them:

Allkem Ltd (ASX: AKE)

The first ASX growth share for investors to consider is this lithium miner.

Allkem was formed after two leading lithium miners, Galaxy Resources and Orocobre, merged last year to create a top five global lithium miner.

This certainly was a great time to merge. The combined entity has a world class portfolio of assets that are delivering the goods for shareholders right now. For example, in FY 2022, Allkem reported revenue of US$770 million and a gross profit of US$605 million. This represents a 9x and 13x increase, respectively, over the prior corresponding period.

Looking ahead, lithium prices continue to boom and management continues to target a 10% share of global lithium production in the future. This could bode well for its future earnings growth.

Macquarie is a big fan of Allkem. Last month, the broker retained its outperform rating and lifted its price target to $21.00.

Treasury Wine Estates Ltd (ASX: TWE)

Another ASX growth share that could be a top option for investors right now is Treasury Wine.

It is one of the world’s leading wine companies and the owner of popular brands including Penfolds, 19 Crimes, and Wolf Blass.

After going through a difficult period due to being effectively kicked out of China, Treasury Wine has bounced back. For example, last month, the company released its full year results for FY 2022 and revealed a 4.2% increase in net profit after tax before material items and SGARA to $322.6 million. This was ahead of the market consensus estimate of $314.4 million.

Looking forward, management expects “to deliver strong, margin accretive growth in FY 2023.”

The team at Morgans is very positive on the company. The broker currently has an add rating and $15.71 price target on its shares.

The post 2 fantastic ASX growth shares to buy now according to analysts appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why Macquarie is tipping 55% upside for ASX lithium share Allkem
• Why Allkem, Capricorn Metals, Lovisa, and Pilbara Minerals shares are rising today
• An Allkem director offloaded $20 million in shares this week. What gives?
• Piedmont Lithium share price falls 5% after plans to build the largest US lithium plant unveiled

Motley Fool contributor James Mickleboro has positions in Allkem 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 has recommended Treasury Wine Estates Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Novonix Ltd (ASX: NVX) share price is outperforming the S&P/ASX 200 Index (ASX: XJO) today. Indeed, it was the index’s second-best performer earlier this morning.

The Novonix share price is currently trading at $2.13, 3.4% higher than its previous close.

For context, the ASX 200 has dumped 1.29% at the time of writing. Meanwhile, the company’s home sector – the S&P/ASX 200 Information Technology Index (ASX: XTX) – has slipped 0.07%.

So, what might be driving the battery materials and technology stock higher on Wednesday? Let’s take a look.

What’s going right for the Novonix share price?

The Novonix share price is back on the horse today despite a broader market sell-off plunging the ASX 200 to a new eight-week low.

Making the stock’s gains even more interesting is the recent poor performance of the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC). The index fell 0.7% overnight, a seventh consecutive daily loss.

As CommSec noted, that marks its longest losing streak since November 2016. The Wall Street index was fallen 8.7% over the last month.

Meanwhile, the Australian tech sector, which typically mirrors the NASDAQ, has dropped 5.2%. At the same time, the Novonix share price has plunged 32%.

That could lead some market participants to put the company’s Wednesday gains down to bargain hunting.  

The stock is joined in the green by that of Lake Resource NL (ASX: LKE) and Virgin Money UK CDI (ASX: VUK). They’ve gained 4.5% and 3.5% respectively, with the former announcing the appointment of its next CEO this morning.

Sadly, today’s gain hasn’t been nearly enough to drag the Novonix share price back into the longer-term green.

The stock has plummeted 79% year to date. It has also fallen 56% since this time last year.

For comparison, the ASX 200 is down 11% year to date and 10.5% over the last 12 months.

The post Why is the Novonix share price smashing the ASX 200 on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• Slide continues: Novonix share price dumps 14% in 2 days
• Why did the Novonix share price crumble 14% in August?
• Why is the Novonix share price slumping 6% on Thursday?
• Novonix share price lifts despite full-year loss deepening to $71 million
• Here are the top 10 ASX 200 shares today

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.

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The IGO Ltd (ASX: IGO) share price is lower today following a company announcement from the miner’s new subsidiary, Western Areas Limited.

At the time of writing, IGO shares are swapping hands for $12.82 each, down 1.08% on yesterday’s closing price. However, it’s currently outperforming the broader S&P/ASX 300 Metals & Mining Industry (ASX: XMM) sector which is down 1.67%.

Returns for the IGO share price this year to date are seen below, charted against the Metals and Mining index.

What did IGO announce?

IGO advised that a joint venture (JV) owned by Western Areas has announced “significant exploration potential for lithium pegmatite mineralisation” at a prospecting site.

The discoveries were made at the Mt Alexander Ni-Cu-PGE Project, located in the Goldfields of Western Australia.

The project is 25% owned by Western Areas [and, therefore, IGO] and 75% owned by St George Mining Ltd (ASX: SGQ).

The release notes that assays of 45 initial pegmatite rock chip samples at the site returned positive values for lithium, caesium, tantalum, and rubidium.

These minerals purportedly support the potential for more lithium mineralisation at further depth.

Executive chairman of St George Mining John Prineas said the results from Mt Alexander were “very encouraging” to support further exploration.

“We are particularly excited by the strong rubidium values in sample assays received to date – this is
an excellent indicator of pegmatites favourable for lithium mineralisation,” he added.

Further testing and field exploration has now commenced at Mt Alexander to define targets for drill testing.

These targets will be finalised when the field campaign is complete, with the maiden drill program at the site scheduled to commence in Q4 2022.

The news has seen a mixed reaction from investors today with the IGO share price sliding in morning trading. Today’s movement also follows the diversified miner’s record FY22 results last month.

IGO share price snapshot

In the past 12 months, the IGO share price has clipped a 32% gain, after surging from a low of $9.24 in the July bounce in equity markets.

The company has a current market capitalisation of around $9.65 billion.

The post IGO share price slips on JV ‘significant lithium potential’ appeared first on The Motley Fool Australia.

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More reading

• How do IGO shares compare to Mineral Resources following earnings season?
• Why A2 Milk, Deep Yellow, Healius, and IGO shares are racing higher
• IGO share price moves higher on record earnings
• Why is nickel such a big deal and which ASX shares have exposure?

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Fortescue Metals Group Ltd (ASX: FMG) founder Andrew Forrest is adamant about the huge potential for green hydrogen to power the world through the 21st century.

His passion and commitment to the idea led to the creation of Fortescue Future Industries (FFI).

FFI has targeted producing 15 million tonnes of green hydrogen by 2030. An ambitious goal for a company that’s yet to produce any commercial quantity of the gas, with its renewable energy projects still in the planning stages.

Still, there’s no shortage of funding for Fortescue’s green offshoot. The S&P/ASX 200 Index (ASX: XJO) mining giant is allocating 10% of its net profit after tax (NPAT) to fund its green hydrogen ambitions.

A core market setback?

Forrest considers North America as a core market for the company’s green hydrogen success, saying FFI could help the region become “a leading global green energy heartland” while creating “thousands of green jobs now”.

But, in a possible setback to the fortunes of Fortescue Future Industries, Paul Browning, the company’s North America president and CEO since 1 January, has abruptly left his position. The company did not offer a reason for his departure.

As The Australian reported, Browning and Forrest had earlier this year met with US president Joe Biden to highlight the potential of green hydrogen power.

Browning, who previously served as the CEO of Mitsubishi Power Americas, was appointed to lead Fortescue’s green hydrogen work in North America.

Commenting on his appointment back in April, Browning said (quoted by The Australian):

I interviewed with Andrew and he made that comment of green hydrogen becoming the world’s largest traded commodity. I just sat there … really sort of thinking about what an ambitious idea that was. And I just decided, no, that would just be a wonderful thing to spend the next decade working on trying to make that kind of thing a reality…

I honestly believe that figuring out green hydrogen is something that has to happen this decade. It’s really important to addressing climate change while also advancing human prosperity.

Now what?

Fortescue continues to believe green hydrogen needs to happen this decade and is turning to Andy Vesey, former CEO of AGL Energy Ltd (ASX: AGL), to help make that happen.

“Mr Andrew Vesey will step in to support the FFI North American team,” an FFI spokeswoman said.

The post Could this be a blow to the fortunes of Fortescue Future Industries? appeared first on The Motley Fool Australia.

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More reading

• Can you buy shares in Fortescue Future Industries?
• Why Adairs, Fortescue, PointsBet, and Qantas shares are dropping
• Why is the Fortescue share price sinking 6% today?
• 5 things to watch on the ASX 200 on Monday
• What’s the outlook for Fortescue shares amid a struggling Chinese economy?

Motley Fool contributor Bernd Struben 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.

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The once lauded Nasdaq Composite (NASDAQ: .IXIC) index set an unwanted record in trading overnight.

Tormented by worsening expectations, the tech-heavy index veered 0.74% downwards to 11,545 points. Unfortunately, the negative move places the index on a seven-day losing streak. Chillingly, this is an achievement that hasn’t occurred in nearly six years.

Last night’s move takes the tech benchmark’s performance for the year to a bitterly disappointing fall of 27%. For comparison, Australia’s own tech-focused index — the S&P/ASX All Technology Index (ASX: XTX) — is also down a disastrous 29.8% this year.

Let’s look at what might have induced the Nasdaq’s woeful showing last night.

Too much of a good thing sets interest rate expectations

Data released overnight indicated a stubbornly robust economy in the United States, at least in pockets. According to reports, the US services industry experienced further growth in August. The positive posting was the second consecutive month for the industry.

While at face value this seems to be a positive indication, investors interpret this as a possible precursor to resistant inflation readings. Ultimately, if the economy is still running hot and is showing no sign of recession, Federal Reserve chair Jerome Powell is more inclined to jack up interest rates again at the next meeting.

However, S&P Global’s US Services Purchasing Managers Index painted a different picture. The report suggested that the US economy had slipped further into a downturn in August. Specifically, this was a result of weakened domestic and foreign client demand.

August #PMI data signalled the first contraction in global economic output since mid-2020, with the downturn reflecting an increasingly broad-based deterioration amidst a weakening of the demand environment. Read our analysis in full: https://t.co/HMIroWTmdn pic.twitter.com/eO77dolM2L

— S&P Global PMI (@SPGlobalPMI) September 6, 2022

https://platform.twitter.com/widgets.js

Furthermore, the release stated that output charge inflation eased to the slowest in a year and a half. Likewise, the contraction in global economic output was the first since mid-2020, as shown above.

What about Australia?

Today, Aussie investors will get their own dose of economic data to mull over. Second quarter gross domestic product (GDP) figures are being released as we speak.

It appears the S&P/ASX 200 Index (ASX: XJO) is factoring in similar pain to what the Nasdaq experienced last night. At the time of writing, the ASX 200 is down 1.43% to 6,729 points.

Most analysts are expecting solid growth in Australia’s GDP year on year. For example, the team at St George is forecasting a 3.6% increase compared to the second quarter of last year. The team attributes the expected strength to strong household spending and net exports.

The post The Nasdaq just fell for the seventh day in a row. What’s going on? appeared first on The Motley Fool Australia.

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More reading

• Why is the Lake Resources share price outperforming on Wednesday?
• Why is the Hastings share price plunging 18% today?
• 3 beaten down ASX All Ords tech shares that are printing cash
• Worst month of the year? The Pilbara Minerals share price has already hit 2 all-time highs in September
• 2 popular ETFs that could be buys for ASX investors

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 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.

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The Lake Resources NL (ASX: LKE) share price is in the green this morning after the company announced the appointment of its new CEO and managing director.

 The lithium developer will welcome its new boss, industry veteran David Dickson, later this month.

The Lake Resources share price is $1.24 at the time of writing, 2.9% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is falling 1.39% right now. Meanwhile, the lithium stock is the only gainer on the S&P/ASX 200 Materials Index (ASX: XMJ) so far today. The sector is currently down 1.91%.

Let’s take a closer look at today’s news from the ASX 200 lithium hopeful.

Lake Resources stock surges as new CEO revealed

The Lake Resources share price is floating above a sea of red in its home sector today following news of its next leader. Dickson is set to take the company’s reins later this month.

He has more than 30 years of experience in process technology, engineering, construction, and EPC [engineering, procurement and construction] cost management across the energy sector, as well as a track record in delivering multibillion dollar resource projects.

He is also currently a senior advisor to private equity firm Quantum Energy Partners and an executive strategic advisor to strategic investment firm The Chatterjee Group.

Dickson previously helmed global engineering and construction firm McDermott International for seven years, leaving in 2021. Before that, he was the president of Technip USA.

He has signed an employment contract with Lake Resources, commencing next Thursday, following the company’s six-month search for its next boss.

It expects the appointment will support its growth and fast-track its North and South American operations.

Speaking on Dickson’s appointment, Lake Resources executive chair Stuart Crow said:

David combines proven leadership experience and engineering expertise with a deep strategic understanding of off-taker and investor perspectives on energy supply chains.

David knows all the major oilfield services and EPCM contractors who are looking to expand into the renewable economy … including those companies skilled in environmentally friendly drilling and reinjection – a key to Lake expanding at scale.

Dickson also commented on his appointment, saying:

Lake Resources has the opportunity to set a new global standard for producing clean, high-purity lithium at speed and scale, at a time when lithium demand is growing rapidly.

To be a part of the global energy transition and bring a crucial new technology into large scale lithium production is an immense privilege.

Lake Resources share price snapshot

The Lake Resources share price has been outperforming lately.

It has gained 13% since the start of 2022. It’s also trading for 128% more than it was this time last year.

For comparison, the ASX 200 has dumped 11% year to date and 10% over the last 12 months.

The post Why is the Lake Resources share price outperforming on Wednesday? appeared first on The Motley Fool Australia.

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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.

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The Hastings Technology Metals Ltd (ASX: HAS) share price is sinking in early trading on Wednesday.

Hastings shares are deep in the red, swapping hands 17.9% lower at $4.45 apiece at the time of writing, following a company announcement.

What did Hastings Technology announce?

The ASX rare earths producer advised it had received two commitments to raise $110 million via a two-tranche share placement.

The placement will seek to raise that amount by issuing approximately 25 million new ordinary shares for $4.40 apiece. It will also hope to raise $10 million via a share purchase plan (SPP).

To date, tranche 1 of the placement has successfully raised $67 million, leaving tranche 2 – still subject to shareholder approval, by the way – hoping to raise $43 million.

The company advised it would use the proceeds to advance the development of its Yangibana project in Western Australia. The project aims to produce rare earths neodymium and praseodymium.

Management commentary

Speaking on today’s update, Hastings executive chair Charles Lew said that strong institutional demand for the placement was a “testament to the world-class nature” of the project, despite “soft market sentiments”. He added:

The introduction of these high-quality institutions, together with the support shown by current long term shareholders, has ensured that Hastings is well-capitalised to maintain development momentum at Yangibana, which remains on track for commissioning in mid-2024.

As mentioned, tranche 2 of the placement is subject to shareholder approval. Hastings will seek this at a general meeting that’s expected to be held on 10 October.

Hastings share price snapshot

The Hastings share price was a more robust $5.42 at the close of trade yesterday, and had lifted more than 20% in the past 12 months and up 28% in the past single month of trade.

Shares in the company are now down 2% in the year, and up just 4% in the month following this morning’s trading activity.

The post Why is the Hastings share price plunging 18% today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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