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Financial year 2022 (FY22) was a rough one for the S&P/ASX 200 Index (ASX: XJO), but not all the index’s sectors suffered.

The ASX 200 slumped around 10% last financial year. It was weighed down amid rising inflation and three consecutive interest rate hikes.

But FY22 spelled good news for one particular sector. It gained around 25% last financial year.

Keep reading to find out which ASX 200 sector outperformed all others, and which came in as the market’s worst performer, in FY22.

Best and worst-performing ASX 200 sectors of FY22

The best

The S&P/ASX 200 Utilities Index (ASX: XUJ) was the market’s best performing sector of FY22, gaining around 25%. The sector is made up of just three constituents. Here’s how their shares performed in FY22:

• APA Group (ASX: APA) gained 27%
• AGL Energy Limited (ASX: AGL) gained 0.6%
• Origin Energy Ltd (ASX: ORG) gained 27%

Interestingly, the two top-performing ASX 200 utility stocks were also those pushing to make major strides in renewable energy.

APA continued preparing for the energy transition in FY22 while Origin Energy announced it’s ditching coal seven years earlier than previously planned.

Meanwhile, AGL – Australia’s biggest emitter – faced heat to accelerate its transition to renewables.

The worst

But it wasn’t all sunshine and renewables on the ASX last financial year.

The S&P/ASX 200 Information Technology Index (ASX: XIJ) plummeted around 40% after the market took a turn in early 2022.

Inflation and interest rates were likely partly to blame for its downfall. Many ASX tech stocks’ valuations are based on future earnings, and rising inflation and rates makes those earnings less attractive.

On that note, shares in ASX tech giant Block Inc (ASX: SQ2) plunged around 49% last financial year, while those of EML Payments Ltd (ASX: EML) and Megaport Ltd (ASX: MP1) plummeted 64% and 70% respectively.

The post These were the best (and worst) performing ASX 200 sectors of FY22 appeared first on The Motley Fool Australia.

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More reading

• Own ASX 200 energy shares? Retailers could hit back on AEMO fees
• What were some of the key lessons for ASX investors in FY22?
• ASX 200 midday update: Zip scraps Sezzle merger, Lake Resources’ short seller attack
• ‘Gems in the chaos’: The outlook for ASX 200 shares in FY23
• The ASX sector set to pay out ‘massive record dividends’: fund manager

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 positions in and has recommended Block, Inc., EML Payments, and MEGAPORT FPO. The Motley Fool Australia has positions in and has recommended APA Group, Block, Inc., and EML Payments. 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.

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ASX 200 travel shares are plunging today amid ongoing travel chaos.

Travel shares falling on Tuesday include Qantas Airways Limited (ASX: QAN), Flight Centre Travel Group Ltd (ASX: FLT), and Webjet Ltd (ASX: WEB).

Let’s take a look at what’s impacting travel shares today.

Why are ASX travel shares falling today?

Qantas shares are down 3.42%, while Flight Centre shares are 2.26% lower. Meanwhile, the Webjet share price is sliding 2.03% in late afternoon trading.

News emerged that Qantas cancelled 6.7% of its domestic flights and just 44% of flights landed on time, the Daily Mail reported. Meantime, Virgin Airlines, a Qantas rival not listed on the ASX, cancelled 14.7% of flights.

A Qantas spokesperson told the publication it was “a pretty challenging week” all round. She added:

We appreciate how frustrating flight cancellations and delays are for customers with severe weather in New South Wales and a spike in Covid cases for operating crew impacting airline schedules over the past week.

In a recent market update, Qantas revealed it would cut domestic capacity on flights in the 2023 financial year. However, the company is also rolling out new check-in and baggage kiosks in Sydney in a bid to speed up the check-in process.

Travel shares in Australia are following a similar fall in US airline stocks on Monday. The American Airlines Group Inc (NASDAQ: AAL) share price fell 3.87%, while Delta Air Lines Inc (NYSE: DAL) slid 1.45% and United Airlines Holdings Inc (NASDAQ: UAL) shares fell 3%.

The post ASX 200 travel shares slide amid travel chaos and cancellations appeared first on The Motley Fool Australia.

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More reading

• How did ASX 200 travel shares go in FY22?
• These are the 10 most shorted ASX shares
• Expert names ASX share that could fly 67% higher
• Top broker names the ASX travel shares to buy before it’s too late
• Flight Centre share price fails to lift-off amid recovering aircraft engine demand

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 recommended Delta Air Lines. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and 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 Zip Co Ltd (ASX: ZIP) share price is up 7% in early afternoon trading to 53 cents per share.

Investors are bidding up the ASX buy now, pay later (BNPL) company following the report its merger with Sezzle Inc (ASX: SZL) will not proceed, under a mutual agreement.

Zip originally announced its intention to acquire Sezzle on 28 February, intending to pay about $491 million for its rival BNPL company. With the deal off the table, Zip will pay Sezzle $11 million in fees.

Sezzle shares crashed 33% on the news today.

And the outlook for the Zip share price is now uncertain, according to leading broker UBS.

Lower costs with slower scaling ahead

UBS said that while Zip will see less money flowing out the door now that it won’t acquire the unprofitable Sezzle, the scrapped merger will also slow its expansion plans in the massive BNPL market of the United States.

And that means investors who’d assumed the merger would go through – as Zip indicated just three weeks ago – may need to re-evaluate the outlook for the Zip share price.

According to Tom Beadle, analyst at UBS (quoted by The Australian Financial Review):

The termination of the proposed merger has the potential to slow Zip’s near-term cash burn given Sezzle is loss-making, but it also slows the scaling of Zip’s US business, where we continue to have concerns around transaction frequency.

With macroeconomic and market conditions cited as a reason, we believe this adds further uncertainty to the near-term outlook, and highlight recent work we published on Zip’s credit risks which indicates that Zip’s credit performance is likely to remain soft this half, with initiatives taken to improve credit performance likely to impact in FY23.

Prior to the termination of its merger with Sezzle, UBS had a sell rating on the company with a 45-cent target for the Zip share price. That will now be reassessed.

Zip share price snapshot

Despite today’s welcome boost, the Zip share price remains down a painful 88% in 2022.

That compares to a year-to-date loss of 14% posted by the All Ordinaries Index (ASX: XAO).

The post Outlook for Zip share price ‘uncertain’ following scrapped merger: UBS appeared first on The Motley Fool Australia.

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More reading

• Why Allkem, Kogan, Metcash, and Sezzle shares are sinking
• Why Eagers Automotive, Viva Energy, Woolworths, and Zip shares are rising
• ASX 200 midday update: Zip scraps Sezzle merger, Lake Resources’ short seller attack
• Zip share price jumps 6% after merger deal with Sezzle is cancelled
• Sezzle share price plunges 35% as Zip merger scrapped

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 positions in and has recommended ZIPCOLTD FPO. 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 S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up a modest 0.15% to 6,612.9 points.

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

Allkem Ltd (ASX: AKE)

The Allkem share price is down over 5% to $9.46. This is despite there being no news out of the lithium miner. However, it is worth noting that Allkem isn’t the only lithium share that is falling on Tuesday. The lithium industry is a sea of red this afternoon as investors reduce exposure to higher risk shares.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is down 10% to $2.70. Investors have been selling Australian ecommerce shares on Tuesday following a poor night for their international peers. Investors appear to believe that online retailers may struggling in the current environment. The Kogan share price is now down by approximately 70% since the start of the year.

Metcash Limited (ASX: MTS)

The Metcash share price is down 2% to $4.23. This decline has been driven by the wholesale distributor’s shares trading ex-dividend this morning for its latest dividend. Eligible shareholders can now look forward to receiving Metcash’s fully franked final dividend of 11 cents per share next month on 10 August.

Sezzle Inc (ASX: SZL)

The Sezzle share price has crashed 37% lower to 26 cents. Investors have been selling the buy now pay later (BNPL) provider’s shares after its merger with Zip Co Ltd (ASX: ZIP) was scrapped. One small positive for Sezzle is that it will receive a termination fee of US$11 million. However, with its market capitalisation now just ~$50 million, investors appear to believe it could soon be lights out for the company.

The post Why Allkem, Kogan, Metcash, and Sezzle shares are sinking appeared first on The Motley Fool Australia.

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More reading

• Does the FY23 outlook make ASX retail shares look like bargains?
• Why are these 2 ASX ecommerce shares hitting two-year lows?
• ASX 200 midday update: Zip scraps Sezzle merger, Lake Resources’ short seller attack
• Sezzle share price plunges 35% as Zip merger scrapped
• Why is the Metcash share price in reverse today?

Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Kogan.com ltd. The Motley Fool Australia has positions in and has recommended Kogan.com 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 Eagers Automotive Ltd (ASX: APE) share price is climbing today amid a positive trading update from the company.

At the time of writing, the automotive retailer’s shares are swapping hands at $10.89, up 3.13%.

Eagers Automotive expects to exceed profit guidance

Investors are driving up the Eagers Automotive share price after the company is forecasting a bumper result for H1 FY22.

According to the company’s announcement, Eagers Automotive is expecting to report a statutory net profit before tax of $246 million. This represents an improvement on the previous profit guidance given in May of between $225 million and $240 million.

Furthermore, underlying operating profit before tax is anticipated to be roughly $195 million, up from the $183 million to $189 million indicated in May.

Both guidance updates are for the six-month period ending 30 June 2022 (H1 FY22).

Management stated the improved outlook is from a number of factors that are helping support the business despite supply issues. This includes strong demand for its new car order bank and the benefits of its ongoing productivity and cost-out programs.

Eagers Automotive said that it recently completed the sale of the Bill Buckle Auto Group and associated properties to the Australian Motor Group.

The cash proceeds from the divestment led to the company realising $88 million and a profit before tax of around $48 million.

Eagers Automotive has liquidity of $843 million, including $326 million in cash and corporate debt of $13 million.

Given the superb health of the balance sheet, the company intends to carry out its share buyback program.

Investors may also want to keep an eye out on 25 August when the company is scheduled to release its results.

Eagers Automotive share price snapshot

Over the past 12 months, the Eagers Automotive share price has lost more than 28%, with year-to-date down around 19%.

The company’s shares touched a 52-week low of $8.65 last month following extreme volatility on the ASX.

Regarded as Australia’s largest car dealership group, Eagers Automotive commands a market capitalisation of about $2.78 billion.

The post Eagers Automotive share price lifts on ‘improved outlook’ appeared first on The Motley Fool Australia.

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More reading

• Why Eagers Automotive, Viva Energy, Woolworths, and Zip shares are rising
• ASX 200 midday update: Zip scraps Sezzle merger, Lake Resources’ short seller attack
• Here are the top 10 ASX shares today
• Here are the top 10 ASX shares today
• 2 cheap ASX 200 shares to buy that no one talks about: Glenmore

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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The ASX retail share sector has seen much volatility in recent times. With how the outlook is shaping for FY23, can investors be confident about retailers at the current prices?

Let’s look at some of the carnage seen since the beginning of 2022.

The Wesfarmers Ltd (ASX: WES) share price has dropped around 25%.

The JB Hi-Fi Limited (ASX: JBH) share price is down 19%.

The Temple & Webster Group Ltd (ASX: TPW) share price is down 71%.

The Adairs Ltd (ASX: ADH) share price is down almost 50%.

The Nick Scali Limited (ASX: NCK) share price is down 44%.

The Harvey Norman Holdings Limited (ASX: HVN) share price is down 23%.

The Kogan.com Ltd (ASX: KGN) share price is down 68%.

There’s a lot of pain out there.

What’s the latest?

In terms of the latest updates, each business is seeing different trading conditions. Some of them are still seeing growth.

In the FY22 third quarter, Kogan’s total gross sales went down 3.8% to $262.1 million.

In the three months to March 2022, JB Hi-Fi said that JB Hi-Fi Australia sales grew by 11.9% while The Good Guys’ sales rose by 5.5%.

Meantime, Temple & Webster said that revenue rose by 23% for the period of 1 January 2022 to 30 April 2022 and was up 116% compared to 2020.

So, some businesses were still reporting growth earlier in 2022. However, the concern is that things may be looking worse with changing economic conditions.

Why the negativity on ASX retail shares?

There are two things that retailers are facing, which could hit their customers.

One difficulty is inflation. Households only have so much money to spend in their budgets. The essentials are getting much more expensive – mortgage interest, rent, food, petrol, energy, and so on.

If households have less discretionary money to spend, then this could impact how much money is spent, collectively, at these retailers.

Brokers Ord Minnett and UBS both have recently noted the worsening outlook for retailers. Both have cut profit projections for retailers like JB Hi-Fi because of the higher costs that households are facing. This, in turn, may see Aussies may tighten their spending.

Broker ratings

However, every business’s valuation and prospects are different. So, let’s look at some of the ratings and price targets. A price target is essentially a guess of where brokers think a share price could be in 12 months.

With share prices down so much in 2022, could these lower prices be attractive discounts?

UBS is ‘neutral’ on JB Hi-Fi, with a price target of $38.

Temple & Webster also gets a ‘neutral’ rating from UBS, but the price target of $4.25 offers plenty of upside from its current share price of $3.07.

However, UBS still rates Adairs as a buy, but has reduced its price target to $3.70. This still implies a possible rise of more than 70%, suggesting it’s cheap because of the low price/earnings (P/E) ratio.

One of the latest ratings on Wesfarmers comes from Macquarie. It has an ‘underperform’ rating, with a price target of just $43.30. The current Wesfarmers share price is $44.84.

The post Does the FY23 outlook make ASX retail shares look like bargains? appeared first on The Motley Fool Australia.

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More reading

• Why are these 2 ASX ecommerce shares hitting two-year lows?
• What were some of the key lessons for ASX investors in FY22?
• Why did the JB Hi-Fi share price fall more than 20% in FY22?
• These are the 10 most shorted ASX shares
• What caused the Adairs share price to halve in FY22?

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 positions in and has recommended ADAIRS FPO, Harvey Norman Holdings Ltd., Kogan.com ltd, and Temple & Webster Group Ltd. The Motley Fool Australia has positions in and has recommended ADAIRS FPO, Harvey Norman Holdings Ltd., Kogan.com ltd, and Wesfarmers Limited. The Motley Fool Australia has recommended Temple & Webster Group 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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It wasn’t a good financial year to own Commonwealth Bank of Australia (ASX: CBA) shares, as it turns out. FY2022 saw the CBA share price lose a painful 9.5% of its value. Not even CBA’s generous dividends were enough to save investors from an overall loss with this ASX bank last financial year.

Perhaps the only comfort investors can cling to is the fact that the S&P/ASX 200 Index (ASX: XJO) fared even worse. The ASX 200 lost 10.19% of its value over FY2022 in what was a rather poor 12 months for most ASX shares.

But it wasn’t like the other ASX bank shares fared much better. As we covered yesterday, even with a 9.5% loss, CBA ended up being the third-best ASX bank share performer over FY2022. It beat out Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group Ltd (ASX: ANZ) and only lost to National Australia Bank Ltd (ASX: NAB) and Macquarie Group Ltd (ASX: MQG).

So now that the CBA share price has this miserly year under its belt, what might FY2023 hold in store for CBA shares?

Are CBA shares an FY23 buy or sell?

Well, if we take a look at what the brokers are saying, CBA investors could be in for another tough financial year.

As my Fool colleague Tristan covered last week, there are currently three ASX brokers who are bearish on CBA shares right now.

Broker Citi currently rates CBA shares as a sell. This ASX broker reckons the share price premium that CBA shares currently command puts the bank at risk of further share price falls. It currently has a 12-month share price target of $90.75, which is around 3% below where the shares are today.

But it gets even worse if we look at what the other brokers are expecting. Morgan Stanley and Macquarie currently have share price targets of $79 and $78 respectively. Both came with underperform and underweight ratings as well.

Both of these brokers are pencilling in higher loan losses for CBA’s books, as well as sluggish credit growth going forward. Morgan Stanley is also worried that rising costs due to interest rate rises will hamper the bank’s bottom line.

So all in all, not exactly a rosy outlook on CBA from three of the ASX’s biggest brokers. No doubt shareholders will be hoping these brokers are too pessimistic on CBA shares for FY2023. But we shall have to wait and see what the new financial year brings us.

At the current CBA share price, this ASX 200 bank has a market capitalisation of $159.03 billion, with a dividend yield of 4.01%.

The post Down 9%, can CBA shares bounce back in FY23? appeared first on The Motley Fool Australia.

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More reading

• What were some of the key lessons for ASX investors in FY22?
• ASX 200 midday update: Zip scraps Sezzle merger, Lake Resources’ short seller attack
• ‘Gems in the chaos’: The outlook for ASX 200 shares in FY23
• The ASX sector set to pay out ‘massive record dividends’: fund manager
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Sebastian Bowen has positions in National Australia Bank 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 Macquarie Group Limited and 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.2% to 6,617.6 points.

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

Eagers Automotive Ltd (ASX: APE)

The Eagers Automotive share price is up over 2.5% to $10.84. This morning the auto retailer released a half-year market update. According to the release, the company expects to report a statutory net profit before tax from continuing operations of $246 million. This is ahead of its guidance range of $225 million to $240 million.

Viva Energy Group Ltd (ASX: VEA)

The Viva Energy share price is up 3% to $2.82. This follows the release of the fuel retailer’s second quarter and first half update. Viva reported total group sales volumes growth of 5.2% on the same period last year during the first half. This was driven predominantly by strong diesel sales, which exceed pre-pandemic levels.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is up 2.5% to $37.28. Investors may have been buying this supermarket operator’s shares in response to a bullish broker note out of Goldman Sachs this week. According to the note, the broker has reiterated its buy rating and added the company’s shares to its conviction list. Goldman is forecasting a sales “CAGR of 6.6% and underlying NPAT of 14.1% over FY22-24e.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up over 4% to 52.2 cents. Investors have responded positively to news that the buy now pay later (BNPL) provider is scrapping its merger with rival Sezzle Ltd (ASX: SZL). While the decision is mutual, Zip will pay Sezzle a break fee of US$11 million. Management believes this will “allow Zip to focus on its strategy and core business in the current environment.”

The post Why Eagers Automotive, Viva Energy, Woolworths, and Zip shares are rising appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Zip scraps Sezzle merger, Lake Resources’ short seller attack
• Zip share price jumps 6% after merger deal with Sezzle is cancelled
• Sezzle share price plunges 35% as Zip merger scrapped
• Why Goldman Sachs added Woolworths shares to its conviction list
• Own Zip shares? BNPL player shuts down finance app to focus on profitability

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 ZIPCOLTD FPO. 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 Regional Express Holdings Ltd (ASX: REX) share price is slightly in the green today after emerging from a trading halt.

The company’s shares are currently swapping hands at $1.215 each, a 0.41% gain. For perspective, the Flight Centre Travel Group (ASX: FLT) share price is down 1.81% today, while Qantas Airways Ltd (ASX: QAN) shares are down 3.08%.

Let’s take a look at what is happening at Regional Express.

Media speculation response

Regional Express shares entered a trading halt briefly today, pending further news The company then emerged from the freeze with a response to recent media speculation.

The airline revealed it is hoping to acquire Cobham Aviation Services’ fly-in, fly-out (FIFO) operations.

In a statement authorised by company secretary Richard Kwan, Regional Express said:

Rex discloses that it is one of the interested parties involved in the acquisition process.

No agreement has been reached for the acquisition of Cobham.

This follows media speculation in the Australian Financial Review that Rex is “one of the last parties standing” for Cobham’s FIFO business.

In June, Regional Express advised weekly services have increased by up to 67% in eleven regional cities.

Regional Express said it will inform the market if the acquisition goes ahead.

Share price snapshot

Regional Express shares slipped 2% in the past year, but they have dropped nearly 12% year to date.

In the past month, the company’s share price has gained 8%. In the last week, Regional Express shares have climbed more than 2%.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has shed nearly 10% in the past year.

The airline has a market capitalisation of about $133.9 million based on today’s share price.

The post Regional Express shares hold steady amid response to fly-in fly-out takeover speculation appeared first on The Motley Fool Australia.

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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 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 Sayona Mining Ltd (ASX: SYA) share price is in the red for a second consecutive day as its shares positively fly off the shelf.

At the time of writing, the Sayona share price is 13.2 cents. That’s 5.71% lower than it was at yesterday’s close and 12% lower than it ended last week.

For context, the broader market is trading higher today. The All Ordinaries Index (ASX: XAO) is currently up 0.13% while the S&P/ASX 200 Index (ASX: XJO) has gained 0.27%.

So, what’s going on with the emerging lithium producer today? Let’s take a look.

What’s going on with the Sayona Mining share price?

Shares in Sayona have caught the market’s attention on Tuesday despite the company’s silence.

The stock is currently among the most traded on the market. More than 106 million Sayona shares have swapped hands so far today. And it’s not alone in being noticed.

Let’s compare the Sayona Mining share price’s performance today to its ASX 200-listed lithium peers.

The ASX 200’s most traded share so far today is lithium producer Core Lithium Ltd (ASX: CXO). Nearly 23 million Core Lithium shares have traded so far today while the stock has slipped around 6% at the time of writing.

Lithium shares Allkem Ltd (ASX: AKE) and Liontown Resources Ltd (ASX: LTR) have joined Core Lithium in the red – down 5.2% and 4.29% respectively.

Together, they make up the three worst-performing S&P/ASX 200 Materials Index (ASX: XMJ) stocks right now.

Shares in Pilbara Minerals Ltd (ASX: PLS) are also worth a mention. The company is currently the ASX 200’s third most traded stock.

Thus, it appears to be a bad day for ASX lithium shares in general. And it’s worth noting there has been plenty of turbulence in the sector recently.

In fact, Sayona Mining was just one lithium stock to see its share price plummet last month. The company’s shares fell 32% in June after it suffered a major sell-off event.

The post Why is the Sayona Mining share price tumbling 6% today? appeared first on The Motley Fool Australia.

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More reading

• How did the Sayona Mining share price perform in FY22?
• Why did the Sayona Mining share price crash 32% in June?
• Why Regis Resources, Sayona, Woodside, and Xero shares are pushing higher
• Why BWX, Sayona Mining, Tyro, and Woodside shares are sinking
• Why have ASX lithium shares had such a lousy month in June?

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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