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The Dogecoin (CRYPTO: DOGE) price has stumbled after posting a strong run higher over the past week.

One Dogecoin is currently worth 7.08 US cents, down 7% over the past 24 hours.

Even with that loss, though, the Dogecoin price remains up a healthy 17% since this time last week.

By comparison, Bitcoin (CRYPTO: BTC), the world’s top token by market cap, has gained less than 1% over the past seven days.

Why is the Dogecoin price outperforming?

Crypto markets, more broadly, staged somewhat of a recovery over the past week.

This comes as risk assets enjoyed a bounce with investors re-evaluating the likely pace of interest rate increases. Should the United States and other major economies slip into a recession, it could result in less aggressive tightening from the US Fed and global central banks.

That helped drive the tech-heavy Nasdaq to a 4% gain over the past week. And it helped put the Bitcoin price back in the green, barely, and saw the Ethereum (CRYPTO: ETH) price gain 5%.

So, why did the Dogecoin price outperform the top two cryptos?

The answer looks to sit with Elon Musk, the world’s richest man.

Last Sunday the Tesla Inc (NASDAQ: TSLA) CEO reaffirmed his support for the meme token, which has a Shiba Inu as its mascot. Taking to Twitter, Musk wrote, “I will keep supporting Dogecoin.”

When another user tweeted, “Keep buying it then,” Musk responded with, “I am.”

He later told Bloomberg, “I just know a lot of people who are not that wealthy who, you know, have encouraged me to buy and support Dogecoin. I’m responding to those people.”

A long road back to old records

Despite the past week’s welcome rally, the Dogecoin price remains down 59% year-to-date. And the token is down a painful 90% since hitting all-time highs of 73.76 US cents on 8 May last year.

The post What’s going on with the Dogecoin price? appeared first on The Motley Fool Australia.

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More reading

• What one tech guru thinks of the current crypto market
• Why Bitcoin, Ethereum, and Dogecoin are down today
• These 3 cryptos are feeling the Elon Musk effect today
• Dogecoin investor sues Elon Musk for US$258 billion. Here’s why
• The Dogecoin price just leapt 15%. Here’s why

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 Bitcoin, Ethereum, and Tesla. The Motley Fool Australia has positions in and has recommended Bitcoin and Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Novonix Ltd (ASX: NVX) share price is on course to record a disappointing decline.

In afternoon trade, the battery technology company’s shares are down 6% to $2.33.

This means the Novonix share price is now down almost 80% since the start of the year.

Why is the Novonix share price under pressure?

Investors have been selling down the Novonix share price despite there being no news out of the company.

However, the company certainly isn’t alone posting a heavy decline today. A number of shares that are higher up the risk scale have been sold off today.

This includes lithium shares such as Argosy Minerals Limited (ASX: AGY), Lake Resources N.L. (ASX: LKE), and Vulcan Energy Resources Ltd (ASX: VUL). All three are down no less than 4% this afternoon.

In addition, loss-making tech companies such as Life360 Ltd (ASX: 360), Tyro Payments Ltd (ASX: TYR), and Zip Co Ltd (ASX: ZIP) shares are also recording sizeable declines.

What’s going on?

Investors appear to have concerns that the recent rebound from higher risks shares was a dead cat bounce and won’t be sustained.

This follows comments from Trevor Greetham, head of multi-asset at Royal London Asset Management.

Greetham, who oversees US$200 billion of assets under management, warned that the bear market isn’t over yet. He told CNBC:

We still think we’re in a bear market and we think that this is as you describe it, a relief rally, and what we’ve seen so far is just the interest rate-driven part of that bear market.

All the biggest up days are in bear markets, so don’t get too sucked back into markets, I would say. This rally could persist a bit longer, but don’t think this is the end of the bear market – I think there’s quite a bit more time to run through, and you’ve got to be tactical and you’ve got to be diversified.

The post Novonix share price down 6% on Tuesday, what’s happening? appeared first on The Motley Fool Australia.

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More reading

• Wow! Novonix share price rebounds off a 52-week low to surge 11%
• Why is the Novonix share price plunging 6% on Wednesday?
• Why is the Novonix share price charging 7% higher today?
• These were the worst performing ASX 200 shares last week
• Novonix share price loses 20% in dire week for ASX 200 tech stocks

Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc., Tyro Payments, and ZIPCOLTD FPO. The Motley Fool Australia has recommended Tyro Payments. 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 having another strong day on the markets this Tuesday so far. At the time of writing, the ASX 200 has added another 0.54% and is now approaching 6,750 points.

But let’s dive deeper into these share market gains and take a look at the shares that are currently topping the ASX 200’s share volume charts today, according to investing.com.

The 3 most traded ASX 200 shares by volume this Tuesday

Tabcorp Holdings Limited (ASX: TAH)

Our first ASX 200 share today is gaming company Tabcorp. So far this Tuesday, a notable 13.8 million Tabcorp shares have swapped owners. That’s despite the Tabcorp share price not doing a whole lot today. It’s currently up 0.66% at $1.07 but dipped during this morning’s trading to $1.04 a share.

Tabcorp did release an investor day presentation this morning, which outlined the company’s plans going forward after the successful demerger of Lottery Corporation Ltd (ASX: TLC) last month. Perhaps this is contributing to Tabcorps volumes.

Pilbara Minerals Ltd (ASX: PLS)

ASX 200 lithium stock Pilbara Minerals is next up. So far today, a sizeable 17.1 million Pilbara shares have been bought and sold on the ASX. This could be in response to the healthy share price appreciation we have seen with this company in today’s session.

Pilbara shares are presently up by 2.16% at $2.37 each. Perhaps it is this market-beating performance that is responsible for this volume. There have been no other news or announcements out of the company today.

Evolution Mining Ltd (ASX: EVN)

Evolution Mining is our third, final and most traded share of the day today. This ASX 200 gold miner has had a whopping 24.12 million of its shares change hands as it currently stands.

As we discussed earlier this afternoon, this elevated volume could be a result of the painful falls Evolution shares have endured over this week so far. Yesterday saw the gold miner sell-off by more than 20% after it posted a disappointing update flagging lower gold production and higher costs.

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

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More reading

• Evolution shares take out most traded after experiencing worst fall in more than a decade
• What’s behind the weakness in ASX 200 mining shares during June?
• Optus plea to ACCC doing little to these ASX 200 telco shares today
• ASX 200 midday update: Tech shares tumble, Collins Foods jumps
• ‘Always peaks and troughs’: Fundie names when ASX shares will stabilise

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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Multiple ASX tech shares are having a horror day on the market today.

The S&P/ASX All Technology Index (ASX: XTX) is down 1.2% while the S&P/ASX 200 Info Tech Index (ASX: XIJ) is falling 0.8%.

Let’s take a look at what could be impacting ASX tech shares.

Why are tech shares in the red?

The Megaport Ltd (ASX: MP1) share price is diving 6% today while the Appen Ltd (ASX: APX) share price has plummeted nearly 7%.

Block Inc (ASX: SQ2) shares have fallen 3.96% while WiseTech Global Ltd (ASX: WTC) shares are 1.46% down.

Life360 Inc (ASX: 360) shares have descended 6.8%, TechnologyOne (ASX: TNE) shares are down 2.04%, and Xero Limited (ASX: XRO) shares are falling 1.55%.

ASX tech shares appear to be declining following a tough night on the NASDAQ in the United States.

NASDAQ-100 Technology Sector Index (NASDAQ: NDXT) fell 1.16% in the US overnight.

Amazon.com, Inc. (NASDAQ: AMZN) shares descended nearly 3% while Microsoft Corporation (NASDAQ: MSFT) slid 1.05%. Block’s US listing (NYSE: SQ) also tumbled 2.21% overnight.

Commenting on this movement, CFRA Research chief investment strategist Sam Stovell was quoted by Reuters as saying:

The reason for lack of direction this week and next week is investors are looking for what’s going to happen in the second quarter reporting period.

The post Why are ASX tech shares struggling today? appeared first on The Motley Fool Australia.

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More reading

• Why is the Life360 share price sinking 9% today?
• Why Appen, BWX, Imugene, and Wesfarmers shares are dropping
• Down 7%, what’s impacting the Appen share price today?
• Why this economist believes ASX 200 BNPL shares are key to keeping the market competitive
• ASX 200 midday update: Tech shares tumble, Collins Foods jumps

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

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Market optimism continues on Tuesday with the benchmark S&P/ASX 200 Index (ASX: XJO) gaining another 0.61% to 6,746.7 points in late afternoon trade.

It comes as ASX coal shares hit back against recent selling pressure, recording strong gains as well.

The Betashares Australian Resources Sector ETF (ASX: QRE) – a proxy for the sector’s performance – has clipped a 3% gain at the time of writing, bouncing from monthly lows.

Why are ASX 200 coal shares rallying on Tuesday?

The price of coal has been bullish lately having climbed from previous lows of US$258/tonne on 30 March.

It tracked north to a high of US$427/tonne on 31 May before settling back to its current level of US$392/tonne.

Its movement marks a tremendous run for the black rock since the pandemic struck back in 2020.

For context, on 1 September 2020, coal hit a closing low of US$49 per tonne. Since then, its price has exploded more than 700%, as illustrated below.

The prospect of a potential energy crisis in Australia is putting upward pressure on the coal price, Reuters reports.

Meantime, Trading Economics is forecasting coal to fetch US$503/tonne in a year’s time.

To put themselves in the box seat, some investors are rallying behind key ASX coal players to position themselves for the potential upside.

Shares in New Hope Corporation Ltd (ASX: NHC) spiked 7.36% today while Whitehaven Coal Ltd (ASX: WHC) is more than 3% higher.

Both miners have seen their share prices surge along with the commodity boom. They are up 102% and 152% in the last 12 months, respectively. Their returns year to date are shown below.

The post Why are ASX 200 coal shares bouncing back on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• This broker is eyeing off a huge 65% upside for the Whitehaven share price
• Why Beach, Cooper Energy, Leo Lithium, and Whitehaven Coal are dropping
• Down 40% Tuesday, up 21% today, what’s going on with this ASX coal share?
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Why are ASX 200 coal shares having such a smoking session today?

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 rebound from the Life360 Inc (ASX: 360) share price was short-lived.

In afternoon trade on Tuesday, the location technology company’s shares are down 6% to $2.90.

One small positive is that this is an improvement from a 9% decline to $2.82 in earlier trade.

What’s going on with the Life360 share price today?

The Life360 share price has taken a tumble today despite there being no news out of the company.

Though, it is worth noting that Life360 and a range of tech shares have been sold off again today following a poor night of trade on Wall Street’s Nasdaq index.

Here’s a summary of some of big declines:

• The Appen Ltd (ASX: APX) share price is down 7%
• The EML Payments Ltd (ASX: EML) share price is down 6%
• The Tyro Payments Ltd (ASX: TYR) share price is down 10%
• The Zip Co Ltd (ASX: ZIP) share price is down 7%

Anything else?

Something else that could potentially be weighing on the Life360 share price today is tax loss selling.

Life360 and the other tech shares listed above share on thing in common – they are all on course to record sizeable declines for the financial year. This could mean that some investors are selling off their holdings today to claim a loss on their tax returns.

The post Why is the Life360 share price sinking 9% today? appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Tech shares tumble, Collins Foods jumps
• Why I think these two ASX shares could turn $5,000 into $100,000
• Why ASX 200 tech shares are outperforming the market on Friday
• ASX 200 midday update: Qantas’ market update, lithium shares rebound
• Why is the Life360 share price rebounding 4% today?

Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd, EML Payments, Life360, Inc., Tyro Payments, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It’s been a historic week for the Evolution Mining Ltd (ASX: EVN) share price. But unfortunately, not in a good way. This week has been the worst week for Evolution Mining shares in more than a decade. Perhaps ever.

Yesterday saw the ASX 200 gold miner record a 21.89% fall across that single trading session. Today, those falls have been amplified by another 2.65% drop to $2.57 a share. Yes, this time last week, Evolution was trading at $3.55 a share. Today, we’re more than 27% below that mark.

This precipitous drop was sparked by an update the company provided to the markets. This update covered Evolution’s guidance for FY2022 and its outlook. It reported that Evolution is now expecting gold production to fall 6% year on year. That would be a drop from 680,788 ounces in FY2021 to 640,000 ounces for FY2022.

Further, Evolution is estimating that its all-in-sustaining-costs (AISC) metric for mining one ounce of gold will increase from $1,215 per ounce to $1,250.

Needless to say, investors were not impressed with this update, given the vicious share price reaction we have seen from the markets.

Evolution shares top ASX 200 volume charts

With yesterday’s massive share price drop, coupled with today’s continuing selloff, it might come as no surprise to find that Evolution is today topping the ASX 200’s share volume charts.

According to investing.com, more than 22.6 million Evolution shares have been traded on the share market so far today. That’s roughly seven million more than the next ASX 200 share, which is presently lithium producer Pilbara Minerals Ltd (ASX: PLS).

So there is little doubt that this elevated trading volume has been caused by the massive share price changes this company has experienced over this week so far. No doubt investors will be hoping for a turnaround soon.

At the current Evolution Mining share price, this ASX 200 gold miner has a market capitalisation of $4.75 billion, with a dividend yield of 3.1%

The post Evolution shares take out most traded after experiencing worst fall in more than a decade appeared first on The Motley Fool Australia.

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More reading

• What’s behind the weakness in ASX 200 mining shares during June?
• Optus plea to ACCC doing little to these ASX 200 telco shares today
• ASX 200 midday update: Tech shares tumble, Collins Foods jumps
• ‘Always peaks and troughs’: Fundie names when ASX shares will stabilise
• 5 things to watch on the ASX 200 on Tuesday

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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When an S&P/ASX 200 Index (ASX: XJO) share makes a takeover offer on a small-cap company, the resulting price action can be impressive.

Which is what we’re seeing today after it was revealed that ASX 200 share ALS Ltd (ASX: ALQ) – a global inspection and certification business – made such a takeover bid for HRL Holdings Ltd (ASX: HRL) on 30 May.

HRL, a small-cap laboratory service provider, said negotiations remain under discussion.

What is the ASX 200 share offering?

According to this morning’s release, ALS pitched an unsolicited, non-binding indicative offer to acquire 100% of its smaller rival’s shares for 16 cents cash per share.

That’s a massive premium to yesterday’s closing price of 8.2 cents. And investors took note, driving the HRL share price up to 14 cents, a gain of 70.8% today.

With 494.38 million shares outstanding, the ALS bid values HRL at just over $79 million.

However, the deal isn’t done yet.

HRL stressed that discussions on the takeover offer are “preliminary and incomplete and no agreement has been reached in relation to any transaction”. It said there are no guarantees that the two parties would reach an agreement and that a transaction will eventuate.

HRL said that following the takeover offer from ALS, it entered into a Process Deed on 7 June 2022. This gives the ASX 200 share the opportunity to undertake due diligence and negotiate transaction documentation on an exclusive basis to 20 July 2022.

The Board said shareholders didn’t need to take any action regarding the ALS proposal. Shareholders will be informed of developments.

ALS is being advised by Highbury Partnership and Baker & McKenzie.

McCullough Robertson is acting as the legal adviser for HRL.

How have these 2 companies been tracking?

With today’s huge 71% intraday leap factored in, the HRL share price is up 17% year-to-date.

Investors have responded less enthusiastically to the ASX 200 share making the takeover offer. The ALS share price is down 2% today, putting it down 18% for the calendar year.

By comparison, the ASX 200 is down 11% in 2022.

The post Guess which small-cap company is soaring 71% on a takeover bid from an ASX 200 share appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 shares trading ex-dividend today

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

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ASX 200 mining shares have pared gains in June and now trade near three-month lows.

Despite rebounding sharply today, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) is trading almost 8% lower this past month.

Key drivers of the commodity trade have started to wind back in recent weeks resulting in a calming effect across markets.

Brent Crude now trades back at US$116 per barrel, while gold has softened to US$1,826 per troy ounce at the time of writing.

Other hot commodities, such as natural gas – and in particular, copper – have also pared gains, potentially signalling a slowdown in demand amid fears of a recession.

For reference, the copper price is down 13% over the past month, and 12% year over year. Each commodity’s return since 20 May is seen on the chart below.

Another factor impacting the mining shares basket is production guidance downgrades.

That’s been particularly nasty to these two ASX 200 mining shares.

Evolution Mining Ltd (ASX: EVN)

Shares in Evolution Mining have slipped a further 2% in today’s session and now rest at $2.59.

The gold player has been under selling pressure this week after it announced a downgrade to its full year production and earnings guidance.

It now expects FY 2022 gold production to be around 640,000 ounces, down from 700,000 to 760,000 ounces previously.

Guidance has already been reduced twice from that upper figure. The miner also expects higher all-in sustaining costs (AISC) on this production.

As a result, investors have sold off the ASX 200 mining share and losses continue on Tuesday.

OZ Minerals Limited (ASX: OZL)

Shares in OZ Minerals have also weakened this week and now trade at $18.50. The losses culminated in a new 52-week low of $17.71 today as well.

OZ also released a downgrade to its FY22 copper production guidance and lifted its AISC forecasts yesterday.

The copper producer said COVID-19 and labour shortages were driving up costs. Ultimately, this poses a threat to profit margins and earnings.

In a similar vein to Evolution, investors have sold off OZ Minerals shares in response to the downgrade.

This could be key information going forward if more miners follow suit and start to downgrade production forecasts.

Long-term downtrend

Traders have pushed these two ASX 200 mining shares to their depths, continuing a long-term downtrend for both stocks.

Both the OZ Minerals share price and Evolution share price are down about 35% this year to date.

The past 12-month returns for each of these ASX 200 mining shares are seen in the chart below.

The post What’s behind the weakness in ASX 200 mining shares during June? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Tuesday
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Why Evolution, Newcrest, OZ Minerals, and Zip shares are dropping today
• 16-month low: How ASX copper shares are faring this month
• Why is the Northern Star share price sinking 9% today?

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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One analyst is predicting gas prices to rise in the future, so could this be beneficial to gas producers like Santos Ltd (ASX: STO)?

Santos shares are up 3.18% today, currently trading at $7.61. For perspective, the S&P/ASX 200 Energy Index (ASX: XEJ) is 3.65% higher at the time of writing.

Let’s take a look at the outlook for gas prices.

Gas prices to rise: UBS

UBS analysts have predicted east coast gas contract prices will rise 10% a year up to 2025, according to a Thomson Reuters report cited by NAB trade.

Brokers attributed their forecast to a lack of supply as coal-fired plants in Australia shut down.

The UBS analysts were quoted as saying: “While it may take some time for electricity prices to normalise, we expect the role of gas-fired power generation to lift as coal continues to exit the market.”

Santos generated $281 million in sales revenue from domestic sales of gas and ethane in the first quarter of 2022. Liquefied natural gas sales contributed a further $1.1 billion in sales revenue for the company, while liquefied petroleum gas sales generated $40 million.

Today’s share market gains

Santos is among multiple ASX 200 energy shares rising today as oil supply concerns weigh on the market.

Oil-producing nations Ecuador and Libya are facing disruptions due to political upheaval. At the same time, Group of Seven (G7) countries are discussing possibly placing a cap on the price of Russian oil to show support for Ukraine, Reuters reported.

However, oil consultant Andrew Lipow told the publication this would be difficult to implement given “China and India have become Russia’s biggest customers”.

At the time of writing, Brent Crude Oil prices are up 1.58% to US$116.67 a barrel, while WTI Crude Oil prices are 1.28% higher to US$110.85 a barrel, Bloomberg Energy figures show.

Santos share price snapshot

The Santos share price has climbed 5% in the past 12 months. However, in the year to date, it has gained nearly 21%.

In comparison, S&P/ASX 200 Index (ASX: XJO) has lost around 8% in the past year.

Santos has a market capitalisation of about $25.7 billion based on the current share price.

The post Own Santos shares? This analyst expects gas prices to grow through to 2025 appeared first on The Motley Fool Australia.

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More reading

• ASX 200 energy shares are having a ball today, what’s fuelling it?
• 5 things to watch on the ASX 200 on Tuesday
• 5 things to watch on the ASX 200 on Monday
• ‘Need to see cash’: Why these fundies tip big things for the Santos share price
• 5 things to watch on the ASX 200 on Thursday

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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