Tag: Motley Fool

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.

As crypto prices sink to new lows, it can be a daunting time to invest. Nobody knows for certain when the market will bottom out or how long it might take to recover, and there are no guarantees that crypto will recover at all.

That said, now is also one of the best times to invest. Prices are lower than they’ve been in months, making it one of the most affordable opportunities to buy. Also, if prices eventually rebound, you could stand to make a lot of money by investing now.

Choosing the right investments, though, is key. While there are never any guarantees that any cryptocurrency will succeed over time, there’s one that I’m stocking up on right now: Ethereum (CRYPTO: ETH).  

Could Ethereum be a lucrative investment?

Ethereum’s biggest strength is its blockchain network and its ability to host decentralized applications (dApps). These dApps range from non-fungible token (NFT) marketplaces to decentralized finance (DeFi) projects to metaverse applications.

If any of these areas see growth over time, Ethereum will benefit from it. Also, because Ethereum is the most popular network for dApps, it has the most potential for growth if NFTs, DeFi, or the metaverse succeed.

Currently, Ethereum is the second most popular cryptocurrency behind Bitcoin, with a market cap of around $135 billion. For context, Solana and Cardano — two of Ethereum’s biggest competitors — have market caps of roughly $12 billion and $14 billion, respectively. 

Where Ethereum falls short

Although Ethereum is the biggest and strongest decentralized network, it has its flaws, too — primarily when it comes to its speed.

Right now, Ethereum can handle only around 14 transactions per second. Not only does that limit the number of transactions on the network, but it also creates extremely high transaction costs for users. As a result, many users and developers have flocked to smaller, faster networks like Solana.

The good news is that Ethereum developers are working on an update to solve this problem. This upgrade will move Ethereum from a proof of work (PoW) protocol to a proof of stake (PoS) system, which could help the network reach speeds of up to 100,000 transactions per second.

When, exactly, that update will be completed is unclear. So far, the rollout has been plagued by delays. The latest phase of the update, called “The Merge,” should happen sometime in 2022, and the final phase is planned for 2023 or 2024.

While Ethereum’s upgrade is a positive move for the network, anything could happen between now and when it’s completed. Newer cryptocurrencies are being developed by the day, and there’s a lot of time for competitors to gain traction in the market.

Is Ethereum a good investment?

Despite its imperfections, Ethereum is one of the stronger cryptocurrencies out there. It’s also heavily discounted right now, with its price down roughly 77% from its peak in November. If you’ve been waiting for a chance to invest, now could be your opportunity.

Before you buy, though, consider your tolerance for risk. There are no guarantees that Ethereum (or any cryptocurrency) will thrive over time, so there’s always a chance you could lose your investment. Be sure, then, that you’re only investing money you can comfortably afford to lose.

While nobody knows what the future holds for crypto, Ethereum may have what it takes to stick around for the long haul. If you’re willing to take on more risk for the chance of seeing potentially lucrative returns, it could be the right investment for you. 

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

The post No contest: My top crypto to buy now appeared first on The Motley Fool Australia.

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More reading

• Could this one metric be why the Ethereum price is down 5% today?
• Why FY22 was the best and worst of years for the Ethereum price
• The Ethereum price collapsed 47% in June. Here’s why
• How did the price of crypto assets perform in June?
• Ethereum price falls after hackers begin laundering $100 million bridge exploit

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin, Ethereum, and Solana. The Motley Fool Australia owns and has recommended Bitcoin, Ethereum and Solana. 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.

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Rebounding from last week’s losses, the ALS Ltd (ASX: ALQ) share price is heading north on Monday.

At the time of writing, the testing services company’s shares are swapping hands at $10.36, up 1.97%.

For context, the S&P/ASX 200 Index (ASX: XJO) is 0.97% higher following a strong finish by Wall Street on Friday.

ALS insider buying action continues

In light of the recent slump, the company’s non-executive director, John Mulcahy recently took advantage of ALS’s share price weakness.

In a statement to the ASX, the company advised that Mulcahy purchased 25,000 ALS shares at a price of $10.276 apiece. This was conducted via an on-market trade on 14 July by Mulcahy’s indirect interest, Juntos Investments Pty Ltd.

The transaction equates to the value of $256,900.

Following the latest purchase, this means that Mulcahy now holds a total of 79,027 ALS indirect shares across his holdings.

The buy-in comes after another insider, non-executive Leslie Desjardins, picked up 6,800 ALS shares in late May.

It seems that some members of the board believe that ALS shares are trading at bargain levels for the moment.

It is worth noting that the ALS share price touched a 52-week low of $9.96 on 13 July before slightly recovering lost ground today.

This is a sharp contrast from when it was trading at a year-to-date high of $13.76 on 5 April.

ALS share price summary

Despite today’s gain, the ALS share price has fallen by 17% in the past 12 months.

In 2022, its shares are down 20%.

Based on today’s price, ALS presides a market capitalisation of approximately $4.92 billion.

The post Guess how much one insider spent on this ASX 100 share in the past week appeared first on The Motley Fool Australia.

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More reading

• HRL share price jumps 10% as board backs takeover from ALS
• Guess which small-cap company is soaring 71% on a takeover bid from an ASX 200 share

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.

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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Jumbo Interactive Ltd (ASX: JIN)

According to a note out of Morgans, its analysts have retained their add rating but trimmed their price target on this lottery ticket seller’s shares to $17.50. Although Jumbo fell short of Morgans’ earnings estimates in FY 2022, it believes post-announcement share price weakness has created an attractive entry point for investors. Particularly given the company’s positive long term outlook thanks to the shift online and its large opportunity as a software-as-a-service provider. The Jumbo share price is trading at $13.03 today.

Rio Tinto Limited (ASX: RIO)

A note out of Citi reveals that its analysts have retained their buy rating but cut their price target on this mining giant’s shares to $120.00. Although Citi wasn’t overly impressed with Rio Tinto’s second quarter performance, it sees plenty of value and double-digit dividend yields on offer with its shares. In light of this, the broker holds firm with its positive rating. The Rio Tinto share price is trading at $95.11 on Monday afternoon.

WiseTech Global Ltd (ASX: WTC)

Analysts at Ord Minnett have retained their buy rating but trimmed their price target on this logistic solutions company’s shares to $50.50. The broker believes that the company’s upgraded earnings guidance highlights its successful focus on costs amid slowing container volumes. And while it acknowledges that moderating global container volumes could be a headwind, Ord Minnett sees further cost saving opportunities with the company’s legacy platforms. The WiseTech share price is trading at $46.95 today.

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

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More reading

• Here’s what brokers are saying about the Rio Tinto share price
• 5 things to watch on the ASX 200 on Monday
• Here are the top 10 ASX shares today
• Why Ardent Leisure, Michael Hill, National Storage, and WiseTech shares are rising
• 3 ASX All Ords shares tumbling into the weekend

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 Harvey Norman Holdings Ltd. and WiseTech Global. The Motley Fool Australia has positions in and has recommended Harvey Norman Holdings Ltd. and WiseTech Global. 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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Australia and New Zealand Banking Group Ltd (ASX: ANZ) has set its sights on buying the bank division of Suncorp Group Ltd (ASX: SUN). But, with such a big acquisition, will the Australian Competition and Consumer Commission (ACCC) stop it from going ahead?

ANZ is already one of ASX’s big four banks, along with Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC).

The ACCC’s purpose is to “promote competition and fair trading and regulate national infrastructure to make markets work for everyone.”

ANZ already holds a strong market position and it’s proposing to take out one of the main second-tier competitors.

Some other banks have previously been approved for acquisitions. For example, NAB has bought Citigroup’s Australian consumer business.

If the proposed $4.9 billion Suncorp Bank deal is to go ahead, then it will need the stamp of approval of the ACCC’s new boss, Ms Cass-Gottlieb. She is the first female chair of the ACCC.

ANZ thinks it will get the green light

The big four ASX bank may not have pursued this deal if it didn’t think it was going to get through the ACCC.

The Suncorp and ANZ Media Conference gave ANZ management a chance to comment on various aspects of the deal, including potential concerns about competition.

ANZ CEO Shayne Elliott said:

We’re very confident we’re going to get a fair hearing. We’ve got a case. We think we can make a really strong case that this is in the interests of consumers, and that this is in the interests of competition. And you know, we look forward to making it. We will work through that over the coming months.

So, not only is ANZ suggesting that it won’t decrease competition, but it could actually be a boost for competition with a stronger ANZ able to essentially challenge others in the sector.

The ANZ leadership also suggested that how the financial sector has changed over the years should be taken into account, with banks no longer necessarily controlling the end-to-end process.

Paul O’Sullivan, the chair of ANZ, commented:

I think just to add to that, you know, the definition of financial services is changing very quickly. Whereas over 10 years ago, you just talked about the major banks and they did everything, end to end. Increasingly what you’re seeing in the sector in the disaggregation value chain. Where companies are coming in with startup ideas and innovation at different points in informatics dimension by now. So, I think the definition of the market, the definition of competition has changed dramatically. I think that would be a factor in any valuation model.

ANZ able to compete on loan processing

Regardless of whether this deal goes ahead, the big four ASX bank was pleased to tell investors about improvements it has made to its loan processing times. This was announced in a trading update.

It said that adding operational capacity and processing resilience in its Australian home loan business has helped deliver “consistently faster turnaround times across all channels, and we are in line with major peers for our key customer segments.” Lending volumes grew by $2 billion over the three months to 30 June 2022, which was an annualised growth rate of 3%.

ANZ said it’s on track to grow in line with the Australian major banks before the end of the financial year, and it’s delivering growth “with an eye to maintaining margin performance and credit quality”.

ANZ share price snapshot

While ANZ shares are currently halted, the ANZ share price is down around 25% over the last six months.

The post ‘Really strong case’: Can ANZ win over the new ACCC boss? appeared first on The Motley Fool Australia.

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More reading

• Why a Suncorp buyout could mean more green funding for Queensland
• State of the future: Why ANZ is excited about Queensland’s potential
• ASX 200 midday update: ANZ to buy Suncorp Bank for $5bn, Whitehaven Coal’s update
• Here’s how ANZ Bank performed during Q3 of FY22
• Suncorp share price in focus amid $5b bank sale

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Tristan Harrison 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 recommended Westpac Banking Corporation. 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 sale of Suncorp Group Ltd (ASX: SUN)’s banking division to ‘big four’ bank Australia and New Zealand Banking Group Ltd (ASX: ANZ) is the talk of the town on Monday.

But the deal is set to bring some notable and perhaps unexpected benefits for the state of Queensland.

So, why has Queensland found itself in the winner’s circle for the $4.9 billion transaction? Keep reading to find out.

Queensland promised a boost from Suncorp sale

The Suncorp share price has lifted 5% on the ASX today while that of ANZ remains frozen amid a capital raise. And there’s more on the table than some market watchers might realise.

The sale of Queenland’s Suncorp Bank to Queensland-born ANZ could bring some unexpected benefits for the state. ANZ CEO Shayne Elliot outlined some of the bank’s promises today, telling today’s Suncorp and ANZ Media Conference:

In addition to this transaction, we will also allocate additional lending to support Queensland’s renewable projects, and the green Olympic Games infrastructure, as well billions of dollars of new lending for energy transition projects over the coming decade.

The newly promised lending will total $25 billion over the next 10 years.

Of that, $15 billion will support Queensland renewable projects and green Olympic Games infrastructure. Another $10 billion will be on offer for energy projects in the state, particularly those targeting bioenergy and hydrogen.

It’s likely exciting news for Queensland, which is already home to many notable renewable energy projects. For instance, Gladstone is the future home to Fortescue Metals Group Ltd (ASX: FMG)’s Fortescue Future Industries’ Global Green Energy Manufacturing Facility. 

However, there’s a significant obstacle to overcome before the state can receive the new green lending.

The agreement between Suncorp and ANZ is conditional on certain amendments to Queensland’s State Financial Institutions and Metway Merger Act 1996, among other regulatory approvals.

The sale of Suncorp Bank is also subject to a minimum completion period of 12 months. Meaning, the market might be waiting on the outcome of the proposed amendments for a while.

The post Why a Suncorp buyout could mean more green funding for Queensland appeared first on The Motley Fool Australia.

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More reading

• ‘Really strong case’: Can ANZ win over the new ACCC boss?
• State of the future: Why ANZ is excited about Queensland’s potential
• Why Ansell, EML, Suncorp, and Whitehaven Coal shares are charging higher
• Suncorp share price surges 6% as banking ditched in favour of insurance
• ASX 200 midday update: ANZ to buy Suncorp Bank for $5bn, Whitehaven Coal’s update

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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Investors awoke to a surprise today, learning of Australia and New Zealand Banking Group Ltd (ASX: ANZ)’s move to acquire the banking operations of Suncorp Group Ltd (ASX: SUN) for $4.9 billion.

The ANZ share price remains in a trading halt, as the bank unveils the planned proceedings of its acquisition.

In broader market moves, the S&P/ASX 200 Financials Index (ASX: XJO) is rangebound today and trades around 1% higher.

ANZ excited on Queensland looking ahead

At a joint Suncorp and ANZ Media Conference, ANZ chair Paul O’Sullivan noted the acquisition will push to strengthen the bank’s presence in Queensland.

He said ANZ was “under-represented in Queensland”, something the transaction will look to fix.

We’ve got about 14% of our book in Queensland versus 20% of Australia’s population living here. We are the smallest of the major four in the Queensland market.

By combining with Suncorp, it gives us a chance to increase scale. And our goal is to drive strong growth in Queensland by attracting additional investment, additional lending, and additional finance.

And overall it will result in much stronger competition and choice for Queensland consumers.

Meanwhile, ANZ CEO Shayne Elliot also said Queensland offered attractive economics when looking ahead. These include areas that align with the bank’s philosophy.

Elliot said:

[Queensland has a] young growing population, fastest growing state in Australia, diversified economy and really big ambitions which we share around sustainability.

O’Sullivan echoed these statements, saying Queensland has had the fastest population growth in Australia over the past 10 years. Added to that, it’s also “the major” destination for internal migration.

O’Sullivan continued:

If we look at the businesses here and, you know, innovation, it’s become quite a strong and powerful source of new ideas.

And on top of that, we have the Olympics coming in the next decade. So we think Queensland is actually the state of the future.

ANZ’s news comes just days after reports it had intentions to purchase accounting software company MYOB for $4.5 billion.

The ANZ share price is down 21% in the past 12 months and 21% down this year to date as well.

The post State of the future: Why ANZ is excited about Queensland’s potential appeared first on The Motley Fool Australia.

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More reading

• ‘Really strong case’: Can ANZ win over the new ACCC boss?
• Why a Suncorp buyout could mean more green funding for Queensland
• Why Ansell, EML, Suncorp, and Whitehaven Coal shares are charging higher
• Suncorp share price surges 6% as banking ditched in favour of insurance
• ASX 200 midday update: ANZ to buy Suncorp Bank for $5bn, Whitehaven Coal’s update

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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The Webjet Limited (ASX: WEB) share price is jumping today amid a positive day for ASX travel shares.

At the time of writing, the company’s share price is up 3.79%, trading at $5.335. It’s the biggest single-day leap in July so far. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.83% today.

Let’s take a look at what’s happening with the Webjet share price.

What’s going on with Webjet today?

The Webjet share price is rising, but it’s not alone among ASX travel shares. The Qantas Airways Limited (ASX: QAN) share price is up 2.04% while Flight Centre Travel Group Ltd (ASX: FLT) shares are 3.18% higher.

Today’s rise follows the improved market performance of US airlines on Friday. Shares in the US online travel giant Expedia Group Inc (NASDAQ: EXPE) leapt 3.27% on the NASDAQ on Friday. Meantime, American Airlines Group Inc (ASX: AAL) climbed 1.54%, United Airlines Holdings Inc (ASX: UAL) gained 2.46%, and Delta Air Lines, Inc (ASX: DAL) rose 1.07%.

Data from Webjet, cited by The Australian on the weekend, revealed Australians are booking holidays all over the world. The top destinations are: New York, Los Angeles, Auckland, Bali, Queenstown, Fiji, London, Singapore, Bangkok, and Manila. Flight Centre general manager Brent Novak told the publication Aussies are booking “revenge travel”.

Internationally, Delta CEO Ed Bastian recently highlighted the “thirst” for travel is increasing. In comments cited by CNBC, he said:

People have not had access to our product for the better part of two years.

We’re not going to satisfy … that thirst, in a space of a busy summer period.

Meanwhile, Tourism Tropical North Queensland recently announced $100 flight subsidies if people book travel via Webjet. This is available for travel up to 20 November, so long as the booking is made before the end of July. CEO Mark Olsen said:

Interstate travelers booking on any airline with Webjet before July 31 are eligible for the $100 subsidy, although the campaign may sell out earlier as we anticipate there will be strong demand.

Share price snapshot

The Webjet share price has risen nearly 9% in the past year, while it is more than 3% higher year to date.

For perspective, the benchmark ASX 200 index has lost more than 9% in a year.

Webjet has a market capitalisation of about $2 billion based on the current share price.

The post The Webjet share price is having its best day of July so far. What’s happening? appeared first on The Motley Fool Australia.

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More reading

• Clipped wings: Why ASX 200 travel shares are having trouble getting off the ground today
• Own ASX travel shares? Here’s the outlook for FY23
• ASX 200 travel shares slide amid travel chaos and cancellations
• How did ASX 200 travel shares go in FY22?
• These are the 10 most shorted ASX shares

Motley Fool contributor Monica O’Shea 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 recommended Webjet Ltd. 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 S&P/ASX 200 Index (ASX: XJO) has started the week strongly. In afternoon trade, the benchmark index is up 0.85% to 6,662.2 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:

Ansell Limited (ASX: ANN)

The Ansell share price is up 3% to $24.74. This morning the health and safety products company announced its plans to be net zero by 2040. In addition, the company’s shares were upgraded by Macquarie to outperform with a $27.85 price target. While the broker acknowledges that its earnings are under pressure due to softening COVID-related demand, it appears to believe Ansell’s shares have been oversold this year.

EML Payments Ltd (ASX: EML)

The EML Payments share price is up 5% to $1.07. This morning this embattled payments company revealed that it received takeover interest last month. And while these talks have now ended without a deal being reached, investors appear to believe that this may not be the end of the matter.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is up over 5% to $11.73. Investors have responded positively to news that Suncorp is selling its banking operations to Australia and New Zealand Banking Group Ltd (ASX: ANZ) for $4.9 billion. Suncorp advised that it expects to return the majority of the proceeds from the sale to shareholders.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is up 5% to $5.89. The catalyst for this was the coal miner releasing its fourth quarter update today. That update reveals that Whitehaven Coal achieved a record average coal price of A$514 per tonne for the three months. As a result of these strong prices, the company expects to report FY 2022 EBITDA of approximately $3 billion. This is up materially from $0.2 billion in FY 2021.

The post Why Ansell, EML, Suncorp, and Whitehaven Coal shares are charging higher appeared first on The Motley Fool Australia.

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More reading

• These are the 10 most shorted ASX shares
• Could ASX coal shares be set for a boost?
• 11-year high: Whitehaven share price surges 8% on record $3b profit
• Suncorp share price surges 6% as banking ditched in favour of insurance
• ASX 200 midday update: ANZ to buy Suncorp Bank for $5bn, Whitehaven Coal’s update

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 EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Ansell Ltd. 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 Qantas Airways Limited (ASX: QAN) share price is climbing regardless of a recent directive coming out of Heathrow airport.

At the time of writing, the flying kangaroo’s shares are up 1.7% to $4.485 apiece.

Let’s take a closer look at what news is surrounding the company today.

Heathrow implements passenger cap

As travel begins to ramp up post-COVID, Heathrow airport is experiencing extraordinarily elevated passenger numbers.

This comes as travellers from around the world flock to European destinations for the summer.

Heathrow Airport is well-regarded as one of the major international air hubs, connecting to 84 countries.

Nonetheless, Heathrow CEO John Holland-Kaye has accounced the decision to limit daily departing passenger numbers to no more than 100,000 in a bid to ease pressure on under-resourced airport staff.

He said:

We have started to see periods when service drops to a level that is not acceptable: long queue times, delays for passengers requiring assistance, bags not travelling with passengers or arriving late, low punctuality and last-minute cancellations.

As a result, Qantas has been forced to alter some of its flight schedules from Heathrow amid the passenger caps.

Its London-Perth service was delayed by three hours on Sunday, and the London-Singapore flight will be brought forward by nine hours on Tuesday.

The Australian newspaper reported that a spokeswoman from Qantas was disappointed with the outcome, commenting:

We have two flights a day to London and we want to preserve them at all costs given people’s travel plans are at stake.

We’ve managed to negotiate a workaround that isn’t perfect but will get our customers to their destination. We continue to work with Heathrow on improving this situation.

In another blow to Qantas, Heathrow ordered airlines not to sell any more seats for travel, both inbound and outbound, until September 11.

Aviation analytics firm OAG estimates that the daily cost to airlines of slashing passenger numbers and flights is around the $800 million mark.

How much this will affect Qantas’ finances remains unknown for now.

Qantas share price snapshot

Since the start of 2022, Qantas shares have travelled on a rollercoaster, posting an overall loss of around 10%.

Qantas commands a market capitalisation of roughly $8.45 billion, making it the 56th largest company on the ASX.

The post ‘Disappointed’: Qantas share price lifts despite Heathrow chaos appeared first on The Motley Fool Australia.

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More reading

• Clipped wings: Why ASX 200 travel shares are having trouble getting off the ground today
• Qantas share price slips amid COVID’s continuing toll  
• Own ASX travel shares? Here’s the outlook for FY23
• Here are the top 10 ASX shares today
• Here’s why the Qantas share price is taking off today

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.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a gain. At the time of writing, the benchmark index is 1% to 6,669.6 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Appen Ltd (ASX: APX)

The Appen share price is down over 2% to $5.87. This morning the team at Citi warned that demand from Appen’s largest customers could be softening. The broker also believes that the company could be losing market share to Telus Corp’s Lionbridge business. Citi remains neutral with a $6.60 price target on Appen’s shares.

Arizona Lithium Ltd (ASX: AZL)

The Arizona Lithium share price is down 6.5% to 7.95 cents. This appears to have been driven by the completion of the the lithium explorer’s $12 million placement at a discount of 7 cents per share this morning. The proceeds will be applied to the land purchase for the lithium processing plant, expansion and operation of the lithium research centre, and securing IP protection over its lithium processing technology.

Australian Strategic Materials Ltd (ASX: ASM)

The Australian Strategic Materials share price is down 3% to $3.17. Investors have been selling this integrated materials company’s shares after it announced the exit of its managing director and chief executive officer, David Woodall, with immediate effect. Mr Woodall gave no explanation for his departure.

Nuix Ltd (ASX: NXL)

The Nuix share price is down 11% to 65 cents following the release of a trading update. The investigative analytics and intelligence software provider revealed that it expects its revenue to be in the range of $151 million to $154 million in FY 2022. The midpoint of this range implies a 13.4% decline year on year. Things were much worse for its statutory EBITDA, which is expected to come in at $10 million to $12 million. This will be a ~64% decline year on year.

The post Why Appen, Arizona Lithium, Australian Stategic Materials, and Nuix shares are dropping appeared first on The Motley Fool Australia.

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More reading

• Why is the Australian Strategic Materials share price sinking 10% today?
• Why is the Nuix share price crashing 25% to a record low today?
• Why the upcoming first-half result could be pivotal for Appen shares
• ‘Outstanding opportunity’ energises the Arizona Lithium share price
• Tech tumble: How this ASX share plunged 59% last financial year

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 Appen Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. 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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