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It’s news that Magellan Financial Group Ltd (ASX: MFG) shareholders need like a poke in the eye with a blunt stick: Magellan shares are falling once again. Although the S&P/ASX 200 Index (ASX: XJO) is having a corker today, rising by 1.23% at the time of writing, Magellan shares are tanking this Monday. The fund manager has shed another painful 8.77% so far today and is now at $11.86 a share.

So what on earth could be dragging Magellan back down by so much? Especially while the broader market, including other ASX 200 financial shares, is having such a cracking day…

Well, it’s likely to be the result of two developments that came out this morning.

Magellan share price rocked by more bad news

The first was the news that Magellan co-founder and former chief investment officer Hamish Douglass has been offloading a significant quantity of his shares in Magellan.

As my Fool colleague James covered this morning, Douglass sold roughly 760,000 shares over June. That would be worth approximately $9.4 million. This comes after Douglass had previously stated that “we’ve never sold a single share in Magellan”.

This heavy selling from a Magellan co-founder is hardly confidence-inspiring stuff for investors. Particularly as they’ve already had to watch Magellan shares lose more than 78% of their value over the past 12 months.

But that isn’t the only negative piece of news out today.

According to reporting in the Australian Financial Review today, Magellan’s head of sales and distribution Frank Casarotti is to resign from his position. Casarotti has been at Magellan since 2007.

Although he will only leave his post in December 2023, it’s still a blow for the company. The fund  manager has already had to deal with the departure of Douglass, as well as former CEO Brett Cairns last year.

So it’s likely a combination of these two developments that is causing a loss of confidence in Magellan shares today and explains the steep share price drop we are seeing. It’s not exactly how shareholders might want to start FY2023, but here we are.

At the current Magellan share price, this ASX 200 fund manager has a market capitalisation of $2.22 billion, with a trailing dividend yield of 18.92%.

The post Why is the Magellan share price sinking 9% today? appeared first on The Motley Fool Australia.

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More reading

• Here’s how the Woodside Energy share price performed over FY2022
• Why did the Magellan share price fall 17% in June?
• Hoping to bag the next Graincorp dividend? Read this
• ASX 200 midday update: Suncorp’s update, Magellan sinks
• South32 crashes into bear market in June as recession fears bite

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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Once a week I like to look at ASIC’s short position report to find out which shares are being targeted by short sellers.

This is because I believe it is well worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn’t quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Flight Centre Travel Group Ltd (ASX: FLT) remains the most shorted ASX share with short interest of 16.1%. With living costs rising there are concerns that consumer spending on leisure travel could suffer.
• Nanosonics Ltd (ASX: NAN) has short interest of 12.3%, which is up week on week. Short sellers continue to target this medical device company amid concerns over disruptive sales model changes in the United States.
• Betmakers Technology Group Ltd (ASX: BET) has seen its short interest reduce again to 11.8%. Valuation concerns appear to be behind this. The betting technology company’s shares trade on sky high multiples.
• Block Inc (ASX: SQ2) has short interest of 10.3%, which is up week on week again. This mirrors the short interest of the payment company’s shares on Wall Street.
• Regis Resources Limited (ASX: RRL) has short interest of 9.2%, which is up week on week. This short interest appears to have been driven by concerns over labour shortages, cost pressures, and lower grades.
• EML Payments Ltd (ASX: EML) has short interest of 8.9%, which is down week on week. A very poor third quarter trading update caught the eye of short sellers and has put significant pressure on the payments company’s shares.
• Webjet Limited (ASX: WEB) has short interest of 8.1%, which is flat week on week. Concerns that cost of living pressures could stifle Webjet’s recovery appear why short sellers are targeting the online travel agent.
• Mesoblast limited (ASX: MSB) has entered the top ten with short interest of 7.9%. Last month this biotechnology company was hit with a class action alleging that it mislead investors and failed to disclose material information over the deficiencies of clinical trials into treatments for COVID-19 and graft versus host disease in children.
• PointsBet Holdings Ltd (ASX: PBH) has 7.9% of its shares held short, which is down week on week. Much to the dismay of short sellers, this sports betting company’s shares have been racing higher over the last couple of weeks thanks to news of a strategic investment.
• PolyNovo Ltd (ASX: PNV) has seen its short interest ease again to 7.9%. Short sellers appear to be losing interest in this medical device company. Some heavy insider buying may have spooked them.

The post These are the 10 most shorted ASX shares appeared first on The Motley Fool Australia.

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More reading

• Why did the Regis Resources share price sink 35% in June?
• The Block share price plummeted 28% in June. Here’s why
• ASX 200 midday update: Suncorp’s update, Magellan sinks
• How did ASX travel shares perform in June?
• ASX 200 travel shares leap as Australia scraps COVID-19 vaccine mandates for international arrivals

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 Betmakers Technology Group Ltd, Block, Inc., EML Payments, Nanosonics Limited, POLYNOVO FPO, and Pointsbet Holdings Ltd. The Motley Fool Australia has positions in and has recommended Block, Inc., EML Payments, and Nanosonics Limited. The Motley Fool Australia has recommended Betmakers Technology Group Ltd, Flight Centre Travel Group Limited, Pointsbet Holdings Ltd, 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 Regis Resources Limited (ASX: RRL) share price was a poor performer in June.

During the month, the gold miner’s shares sank a very disappointing 35%.

Why did the Regis Resources share price sink in June?

There were a couple of catalysts for the weakness in the Regis Resources share price in June.

The first is a disappointing mineral resource update. That update revealed that its group ore reserves had fallen to 4.14Moz. This compares to 4.83Moz a year earlier.

In addition to this, concerns over its production during the second half have been weighing on its shares. Regis’ production has been impacted by absenteeism and labour availability problems.

And while it hasn’t updated the market recently about its performance, disappointing updates from sector peers are pointing to tough operating conditions during the recently completed fourth quarter.

It was for this reason that analysts at Morgan Stanley downgraded the company’s shares to an underweight rating and slashed the price target on them to $1.75.

Is this a buying opportunity?

While brokers may not be overly positive on the Regis Resources share price, one mining magnate appears to be.

Last week, Fortescue Metals Group Limited (ASX: FMG) Chair, Andrew ‘Twiggy’ Forrest tried to snap up a 15% stake at $1.48 per share for his Wyloo business. This represented a 13.8% premium to its last close price and valued the stake at $168 million.

However, Forrest’s fill or kill order fell short of the mark and therefore was cancelled. He still reportedly owns a stake of 4.9%.

While this transaction failed it clearly shows that Forrest sees a lot of value in the Regis Resources share price after this recent weakness. If others feel the same way, July could end up being a significant better month for its shares.

The post Why did the Regis Resources share price sink 35% in June? appeared first on The Motley Fool Australia.

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More reading

• These are the 10 most shorted ASX shares
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Why Austal, Mesoblast, Regis Resources, and Zip shares are charging higher
• ASX 200 midday update: Regis Resources jumps, BHP and Rio Tinto drop
• Regis Resources share price jumps 11% amid Twiggy Forrest raid

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

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The AVZ Minerals Ltd (ASX: AVZ) share price ended last month exactly where it started, and it had a good reason too.

The S&P/ASX 200 Index (ASX: XJO) stock spent the entirety of June in a trading halt as the company fought to keep a majority hold of the Manono Lithium Project.

That means the AVZ Minerals share price didn’t move from its final close of May, remaining frozen at 78 cents.

Let’s take a closer look at what’s been going on with the ASX lithium share lately.

AVZ Minerals share price frozen through June

AVZ Minerals shares remained halted for all of June as the company continued working to keep ahold of its majority ownership over its flagship project.

The project, located in the Democratic Republic of Congo, is 75% owned by the company through a joint venture named Dathcom Mining. La Congolaise D’Exploitation Miniere SA (Cominiere) holds the other 25%.

Previously, AVZ Minerals was planning to snap up 15% of Cominiere’s hold. It was also expecting to sell 24% of its own interest to a third party. The two transactions were meant to leave the company with a 66% interest in Manono.

However, Cominiere recently sold 15% of its stake in Dathcom Mining to Chinese company Jing Cheng. According to AVZ Minerals, the sale breached an agreement between it and Cominiere.

AVZ Minerals and Jing Cheng are now in arbitration proceedings, arguing whether the sale is valid.

If everything goes wrong for the company, it could end up with a hold of just 36% in the project.

The AVZ Minerals share price hasn’t traded since 6 May. The company announced yesterday it expects its stock will be removed from the freezer on 15 July.

It said it’s “encouraged with the progress being made” over the dispute but noted it hasn’t won yet.

The AVZ Minerals share price fell 11% in 2022 (since market close on 4 January) before being halted. It has gained 387% since this time last year.

The post The AVZ Minerals share price went nowhere in June. Here’s why appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Regis Resources jumps, BHP and Rio Tinto drop
• AVZ share price remains suspended, but a return is in sight
• 5 things to watch on the ASX 200 on Friday
• Will AVZ Minerals shares finally return to trade this week?
• 3 ASX All Ordinaries shares that have surged 300% in the past year

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 S&P/ASX 200 Index (ASX: XJO) is climbing 1.25% today, but some ASX 200 mining shares are underperforming the index.

BHP Group Ltd (ASX: BHP), Mineral Resources Ltd (ASX: MIN) and Iluka Resources Ltd (ASX: ILU) are all in the red at the time of writing.

So why are these shares having a tough day on the market?

Iron ore prices

BHP shares are 0.72% in the red, while Mineral Resources shares are descending 1.62%. Iluka Resources shares are slipping 0.26%.

The iron ore price dropped 3.67% in global markets on Friday, trading economics data shows.

BHP and Mineral Resources are iron ore producers. Iluka also receives iron ore royalties.

Iron ore prices dropped on recession fears, according to a report from Reuters.

Commenting on this fall, ING commodities strategy head Warren Patterson said:

It’s not just China where steel output is under pressure.

Expectations of slowing economic growth, and the growing risk of recession, are clearly not great for global steel demand.

Meanwhile, iron ore prices are predicted to fall from the “extraordinary levels” of the past two financial years, a new Resources and Energy quarterly report states.

Commenting on the iron ore prices in the report, the Industry, Science and Resources department said:

The price has steadied in a US$110-140 a tonne range in recent months, as China’s government continues to support economic activity.

However, the ongoing recovery in Brazilian supply, and gains in output elsewhere, are set to push iron ore prices down over the outlook period.

Share price recap

BHP shares have lost 8% in a year, while Mineral Resources shares have shed 18%. In contrast, Iluka Resources shares have jumped 12% in the past year.

In comparison, the S&P/ASX 200 Index (ASX: XJO) has lost more than 9% in a year.

The post Why are these ASX 200 mining shares behind the eight ball today? appeared first on The Motley Fool Australia.

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More reading

• Why did the BHP share price have such a lousy FY22?
• 5 things to watch on the ASX 200 on Monday
• Why Argosy Minerals, BHP, Ingenia, and Woodside shares are dropping today
• ASX 200 midday update: Regis Resources jumps, BHP and Rio Tinto drop
• These ASX 200 mining shares are digging a deeper hole on Friday

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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S&P/ASX 200 Index (ASX: XJO) retail shares are leaping today amid news shopping spending jumped in the final week of June.

Retail shares rising today include JB Hi-Fi Limited (ASX: JBH), Harvey Norman Holdings Limited (ASX: HVN) and Wesfarmers Ltd (ASX: WES).

Let’s take a look at what is impacting these retail companies today.

ASX 200 retail shares rise

Harvey Norman shares are leaping 1.47% today, JB Hi-Fi shares are rising 2.39%, while Wesfarmers shares are jumping 2.75%.

Consumer shares are rising amid positive news for the retail sector. Australia and New Zealand Banking Group Ltd (ASX: ANZ) has released figures showing shopping jumped 7.7% in the last weekend of June, the Australian Financial Review reported.

In quotes cited by the AFR, the ANZ also predicts a 50 basis rate rise is a “done deal” due to this consumer spending. ANZ economist Madeline Dunk said:

The RBA has noted it will be ‘watching consumer spending carefully’, and solid June spending only reinforces the case for a 50bp rate hike on Tuesday, as do strong job vacancies, a very tight labour market and still very negative real interest rates.

ANZ Roy Morgan New Zealand Consumer Confidence data released on Friday showed 7% of Australians rated “now” as a decent time to buy an item for the home in June. The release stated:

The proportion of people who believe it is a good time to buy a major household item, the best indicator for spending, was up 7% points to 28% while there were now 49%, down 2% points, who said now is a bad time to buy a major household item. 

Overall, the consumer confidence index dropped 1.8 points in June. The authors noted households are “dealing with a lot right now”.

This includes incomes struggling to keep up with inflation, interest rate rises, house prices descending, and COVID and economic uncertainty.

Share price snapshot

The JB Hi-Fi share price has descended more than 22% in the past year. Meanwhile, Wesfarmers shares have leapt 27% and Harvey Norman shares are up 32%.

For perspective, the ASX 200 has lost 9.4% in the last 12 months.

The post Why are ASX 200 retail shares getting bought up today? appeared first on The Motley Fool Australia.

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More reading

• How did ASX 200 retail shares perform in June?
• Why did the Wesfarmers share price tumble 11% in June?
• What’s the outlook for Wesfarmers shares in July?
• Experts name 2 ASX dividend shares to buy next week
• Broker names 3 of the best ASX shares to buy in July

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 positions in and has recommended Harvey Norman Holdings Ltd. The Motley Fool Australia has positions in and has recommended Harvey Norman Holdings Ltd. and Wesfarmers 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 Whitehaven Coal Ltd (ASX: WHC) share price is advancing today following the company’s update regarding its share buyback programme.

At the time of writing, the pure play coal miner’s shares are up 3.42% to $4.84.

Whitehaven Coal increases share buyback size

According to its release, Whitehaven Coal advised that its $400 million on market buyback is progressing well.

Since commencing the programme on 8 March 2022, management has spent $362.6 million acquiring back 76.4 million Whitehaven Coal shares. The average price paid is around $4.75 apiece which is slightly under the current share price.

This means that another 26.9 million shares are still yet to be bought back under the company’s 10% buyback programme.

Nonetheless, to complete the proposed buyback, the board has approved an increase of the current cap to $550 million. This represents an increase of 37.5% from the original $400 million programme.

The company noted it won’t be buying back any shares from 1 July, ahead of its June quarter production report and FY22 results. They are scheduled to be released on 18 July, and 25 August, respectively.

However, Whitehaven Coal will recommence its share buyback activities on 26 August before moving into another blackout period from 30 September.

The company is expected to deliver its September quarter production report on 19 October and Annual General Meeting (AGM) on 26 October.

Around this time, it is estimated that the 10% share buyback programme will be completed.

What did management say?

Whitehaven Coal CEO and managing director, Paul Flynn commented:

We are pleased with the progress of our share buy-back programme, which is an efficient way of returning capital to our shareholders.

It supports our ambition to reduce share count and deliver sustainable benefits for our shareholders who continue to hold shares in Whitehaven. With fewer shares on issue, the buy-back is an effective way to improve return on equity, earnings per share and dividends per share.

While we have seen solid capital growth in the stock in recent months the share buy-back remains a value creating and highly attractive opportunity for the Company, and we expect it to remain a feature of our capital management programme going forward.

Whitehaven Coal share price snapshot

Adding to today’s gains, the Whitehaven Coal share price has accelerated more than 140% in the past 12 months.

A boom in energy prices from March 2022 led its shares to travel 50% higher in the space of 3 months.

Whitehaven Coal commands a market capitalisation of about $4.9 billion and has approximately 979.62 million shares on its registry.

The post ‘Well progressed’ share buyback puts Whitehaven Coal shares on the front foot appeared first on The Motley Fool Australia.

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More reading

• Why are ASX 200 energy shares dragging on the market today?
• I loved this ASX share a year ago, and it’s still my long-term pick: expert
• How did ASX energy shares perform in June?
• Here are the top 10 ASX shares today
• ‘Extremely cheap’: expert names 3 ASX shares hot to buy now

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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Although it passes without the fanfare and fireworks that accompany a new calendar year, we’ve just celebrated the end of the 2022 financial year, and the dawn of a new one. Yes, FY2023 kicked off on Friday. This makes it a good time to pause and reflect on the financial year that was, and how it treated ASX shares. So today, let’s check out the Woodside Energy Group Ltd (ASX: WDS) share price.

Woodside has had a big year, perhaps one of the biggest in its history. That’s because FY2022 saw Woodside Petroleum (WPL) merge with the petroleum division of BHP Group Ltd (ASX: BHP) and transform into the Woodside Energy Group we see today.

This saw a complex scheme of arrangement that resulted in BHP shareholders issued with new Woodside Energy shares. This came at an arguably fortuitous time for the energy company. 2022 has seen a dramatic escalation of global energy prices. This was largely fuelled by the war in Ukraine and the subsequent sanctions on Russia — formerly a global powerhouse when it came to energy exports.

According to Business Insider, the West Texas Intermediate (WTI) oil price was around US$75 a barrel at the start of 2022. Today, it remains above US$108 a barrel after rising as high as US$123 in early March.

As an energy share, Woodside shares are arguably influenced by the price of oil itself more than anything else. But let’s see how this company really fared over FY2022.

How did the Woodside Energy share price perform over FY2022?

So, Woodside shares started FY2022 on 1 July 2021 at $22.21 each. Last Thursday, Woodside shares closed at $31.84. That means that the Woodside share price gained 43.36% over the 2022 financial year. For some context, FY2022 saw the broader S&P/ASX 200 Index (ASX: XJO) go backwards by a painful 10.19%.

But shareholders also enjoyed some dividend returns over FY2022 as well. Woodside paid out two dividends over the last financial year. The first was the interim dividend of 42.03 cents per share, fully franked, that was paid out on 24 September 2021. The second was the fully franked $1.4616 per share final payment that investors received on 23 March 2022.

Together, these two dividend payments give Woodside shares a trailing yield of 6% on the current Woodside share price. So investors can add those hefty dividend returns to the company’s FY2022 performance as well.

So, all in all, it has been a very successful financial year for Woodside shares and investors.

The post Here’s how the Woodside Energy share price performed over FY2022 appeared first on The Motley Fool Australia.

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More reading

• Hoping to bag the next Graincorp dividend? Read this
• ASX 200 midday update: Suncorp’s update, Magellan sinks
• South32 crashes into bear market in June as recession fears bite
• 5 things to watch on the ASX 200 on Monday
• The Xero share price lost 14% last month. Here’s the tea

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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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.

There’s no such thing as a guarantee when it comes to investing. Whether you’re investing time, money, or energy, there’s always a risk that things won’t work out.

That being said, there are some things that are no-brainers for investors looking to get ahead.

In a rough stock market, here are five investments you can make that are nearly guaranteed to produce net positive returns in your life.

1. The S&P 500

It might not be tomorrow, next week, or even next year, but if history is any indicator, the S&P 500 is headed to higher ground over the long run.

When the market turns sour, like it has recently, it’s helpful to look at a historical chart of the S&P 500 for some much-needed perspective.

^SPX data by YCharts

The takeaway is pretty simple: Investing in the 500 largest companies in the U.S. proves to be a net positive if you give it enough time.

2. Side hustles

Side hustles are one of the easiest ways to increase your income. From walking dogs to driving for Uber or Lyft, imagine what you could do with an extra 10% to 15% more every month. That money could mean a much-needed vacation, strengthening your emergency fund, or extra cash to invest for your future.

Side hustles are also a great entryway into entrepreneurship. The risk of quitting your job to start your own businesses is high, but working a side hustle on the weekends is relatively low risk, and if you’re willing to put in the work, it certainly can become a full-time gig someday.

Twitter, Slack (now part of Salesforce), and Craigslist are some notable companies that started off as side hustles for their founders.

3. A higher salary

One of the quickest ways to increase your wealth is to increase your salary. The problem is, most people approach this investment the wrong way.

Instead of simply asking for a raise, you should approach the issue in a more strategic way.

Even if your boss is sympathetic to predicaments such as higher costs of living, companies are in the businesses of making money, so the boss will likely not be compelled to give you a raise. You’re much more likely to be successful by pitching an idea to your boss that will add value to the business and make everyone’s life easier. The two most obvious ways of doing this are cutting costs and increasing sales.

The simple pitch might look something like this: “If I can accomplish X, which will bring in more money for the company, can I get a raise?”

You’ll have to be creative, but if you can figure out how to add more value to the business, a higher salary is likely to follow.

4. Investing knowledge

Stock market crashes can be humbling. Many decide to leave the markets for good, but smart investors use bear markets as an indication to get smarter about investing.

Increasing your knowledge on topics like writing an investment thesis, analyzing financial news, and researching stocks will have a huge positive impact on your long-term portfolio performance.

5. Things that bring you joy

While it might not show up on a profits and losses chart, investments in things that bring enjoyment into your life can certainly pay dividends for your health and overall happiness. 

Pursuing new hobbies, spending time with family and friends, or starting new non-work-related projects not only adds variety and balance to your life, but it also lets your brain get away from the markets for a while. And for long-term investors, getting away from the constant short-term-focused stock market coverage can be a powerful advantage.

Whenever we allocate resources, we are investing

Buying stocks or other assets is not the only definition of investing. Whenever you allocate resources into something, that’s an investment. Along with money, our most precious resources are time and energy, and the way we spend them can have massive implications for our overall health and happiness.

The Oracle of Omaha, Warren Buffett, said it best: “The most important investment you can make is in yourself.”

Investing in yourself is at the heart of becoming smarter, happier, and richer. 

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

The post 5 surefire investments you’ll thank yourself for later appeared first on The Motley Fool Australia.

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Mark Blank 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 Salesforce, Inc. and Twitter. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Uber Technologies. The Motley Fool Australia has recommended Salesforce, Inc. 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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Last month was a rough one for S&P/ASX 200 Index (ASX: XJO) tech giant Block Inc (ASX: SQ2).

While there was no direct news to explain the payment services provider’s share price plunge, the broader tech sector also tumbled in June.

As of the close of trading last month, the Block share price was $90.50 – 28.17% lower than it was at the end of May.

For context, the ASX 200 dipped 8.9% in June. Meanwhile, the S&P/ASX 200 Information Technology Index (ASX: XIJ) fell 11%.

Let’s take a closer look at what might have gone wrong for the company that acquired BNPL share and former ASX market darling Afterpay.

What dragged the Block share price lower last month?

Shares in ASX 200 giant Block tumbled along with the broader tech sector in June. And the blame might lie with inflation, interest rates, and a similar downturn in the US.

The Nasdaq Composite slipped 8.7% in June. The downturn saw it enter bear market territory – falling more than 20% from its March high amid rising rates and high inflation.

As my Foolish colleague Sebastian reported last week, tech stocks are particularly vulnerable to inflation as their often future-derived valuations and lack of present profitability pose greater risks in inflationary environments.

In fact, the Block share price plunged 15% the same day data outlining a surprise increase in US inflation was released.

Still, Block’s stock suffered a greater blow than the embattled ASX 200 tech sector last month. However, when compared to the overall performance of ASX buy now, pay later (BNPL) stocks, its share price actually outperformed.

Shares in the likes of BNPL favourites Zip Co Ltd (ASX: ZIP) and Sezzle Inc (ASX: SZL) plunged around 50% last month.

As of the end of June, the Block share price was 48% lower than it was when it hit the Aussie market in mid-January.  

The post The Block share price plummeted 28% in June. Here’s why appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Monday
• What on earth happened to ASX 200 tech shares in June?
• June was a terrible month for ASX BNPL shares. Here’s why
• Could ASX BNPL shares be set for imminent regulation as spending swells to $12 billion?
• Here’s why ASX 200 tech shares are taking a beating on Wednesday

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. and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. 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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