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The Tabcorp Holdings Ltd (ASX: TAH) share price is up more than 2% at the time of writing, trading at $1.067.

The gain brings Tabcorp’s shares to a 12% gain this year to date, up 10% this past month, as illustrated below.

Potential bidders? Maybe, maybe not

Reports have now surfaced Tabcorp shares might be in the acquisition limelight again, around one month after the company spun out its The Lottery Corporation business.

It seems the company’s got its sights set firmly on the future. It’s understood that potential bidders may be interested in a Tabcorp buyout, according to The Australian.

The newspaper reports:

[P]otential bidders have begun planning how to overcome regulatory issues should they lob an offer for Tabcorp – likely between $2.5 billion and $3 billion – and identifying how they believe Tabcorp’s operations could be improved and who would be in charge.

Tabcorp reports its results in August. Should they disappoint and its share price fall, expect potential bidders to make a move.

Speaking to The Australian, CEO Adam Rytenskild said that he wanted his company to compete with corporate bookmakers.

“I want us to have more heart and more courage right across everything we do. I want us to be different as a company,” he said.

“We are loosening the handcuffs a bit and we want our culture to be about transforming and changing.”

Tabcorp share price snapshot

In the last 12 months, Tabcorp shares have clipped a 7% gain.

The company has a current market capitalisation of $2.37 billion.

The post Are potential suitors getting ready to take another punt on the Tabcorp share price? appeared first on The Motley Fool Australia.

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More reading

• How has the Tabcorp share price been performing since the demerger?
• These were the best performing ASX 200 shares last week
• Here are the 3 most traded ASX 200 shares on Tuesday
• Why GrainCorp, New Hope, Tabcorp, and Woodside shares are pushing higher
• Why is the Tabcorp share price racing higher 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a very strong gain. At the time of writing, the benchmark index is up 2% to 6,708.2 points.

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

Imugene Limited (ASX: IMU)

The Imugene share price is up almost 38% to 22.7 cents. Investors have been buying this immuno-oncology company’s shares after it revealed positive final overall survival data from its Phase 2 study of HER-Vaxx. Imugene’s HER-VAxx is a B-cell immunotherapy candidate for treatment of tumours over-expressing the HER-2/neu protein.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price is up 4% to $3.84. This follows news that Dye & Durham’s proposed takeover of the administration company may not be dead. Though, the offer has been reduced by approximately 22% from $5.50 per share to $4.30 per share.

Metcash Limited (ASX: MTS)

The Metcash share price is up 3% to $4.25. The catalyst for this was the release of the wholesale distributor’s FY 2022 results this morning, which outperformed the market’s expectations. Thanks to solid growth from all sides of the business, Metcash reported an 18.6% increase in underlying net profit after tax to $299.6 million. This compares favourably to the market consensus estimate of an underlying profit of $279 million.

Sayona Mining Ltd (ASX: SYA)

The Sayona share price has jumped almost 10% to 13.7 cents. This morning this lithium developer released an update on its Moblan Lithium Project in Canada. According to the release, drilling activities have identified multiple new spodumene pegmatites that could significantly increase the company’s North American resource base.

The post Why Imugene, Link, Metcash, and Sayona shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• ‘Significant milestone’: Why the Imugene share price is soaring 30% today
• ASX 200 midday update: Metcash and Imugene jump, Evolution downgrades guidance again
• Link share price pushes higher despite revised takeover offer
• ‘Potential to become a world-class deposit’: Sayona share price jumps 16% following new lithium discoveries
• Metcash share price storms 8% higher on FY 2022 earnings beat

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 Link Administration Holdings Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Telstra Corporation Ltd (ASX: TLS) is a telecommunications giant on the ASX. But could it be in for some competition?

The Telstra share price is up 0.64% in mid-afternoon trade, currently trading at $3.91. For perspective, the S&P/ASX 200 Index (ASX: XJO) is 1.95% higher.

So which major telco could be considering joining the ASX?

Optus considers joining the ASX

Telstra’s number one competitor for wireless services in Australia could be considering joining the ASX.

The owner of Optus, Singtel, has been working towards an initial public offering (IPO) of its well-known Australian subsidiary, The Australian reports.

Singapore Telecommunications Limited, Singtel, wholly owns Optus and is a telecommunications giant headquartered in Singapore.

The publication reported Goldman Sachs and Morgan Stanley have recently been working on the plan.

However, with the market so volatile at this time, the “pause button” may have been put on the listing, the publication said.

Telstra has a market capitalisation of around $45 billion based on the current share price. Other telecommunications shares with smaller market caps on the ASX include TPG Telecom Ltd (ASX: TPG), Spark New Zealand Ltd (ASX: SPK) and Uniti Group Ltd (ASX: UWL).

Optus delivered revenue of more than $7.8 billion for the full year ended 31 March 2022.

Earlier this year, Optus appointed former New South Wales Premier Gladys Berejiklian to the executive team. At the time, Macquarie Telecom Group Ltd (ASX: MAQ) executive Luke Clifton said Telstra “would be quaking in their boots”.

Telstra share price snapshot

The Telstra share price has jumped nearly 9% in the past 12 months, but it has lost 6.5% year to date. Those figures would be different if not for the nearly 3% Telstra shares have clawed back in the last week.

For perspective, the benchmark ASX index has slid nearly 10% year to date and 8% in the past year.

The post Could Telstra shares be set for a new ASX-listed competitor? appeared first on The Motley Fool Australia.

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More reading

• ‘Just didn’t cut it’: Look out Telstra, a new high-speed start-up is coming for you!
• 2 ASX dividend shares that brokers are tipping as buys right now
• Why these top brokers are forecasting high-speed gains for the Telstra share price
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Here are the 3 most heavily traded ASX 200 shares 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 positions in and has recommended Goldman Sachs. The Motley Fool Australia has positions in and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended TPG Telecom 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 Sezzle Inc (ASX: SZL) share price has struggled through most of 2022 so far.

In fact, the buy now, pay later (BNPL) company’s shares hit a new all-time low earlier today. And the challenges seemingly facing the company haven’t let up yet.

At the time of writing, the Sezzle share price is 27.5 cents, 8.33% lower than its previous close.

Though, that’s an improvement on its earlier performance. The stock reached an intraday low of 25 cents today – the lowest point it has ever traded at.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 1.7% while the All Ordinaries Index (ASX: XAO) is recording a 1.69% gain.

Let’s take a look at the challenges facing the BNPL provider this year.

Why’s the Sezzle share price suffering in 2022?

The Sezzle share price slumped to a new all-time low today. Its recent suffering has come amid rising inflation, interest rate hikes and increasing competition. This seems to have dinted its bottom line and likely impacted investors’ sentiment.

The company’s business has seemingly continued to grow in 2022. Though, so has its expenses.

Fellow BNPL provider Humm Group Ltd (ASX: HUM) recently told the market its consumer finance leg – housing its BNPL offering – has also struggled this year. The company’s chair Chair Christine Christian blamed its suffering on “intense competition, rising interest rates, and weakening consumer sentiment”.

Speaking of competition, yet another new entrant is set to make its way on the BNPL scene. Revolut announced late last week that it is planning to debut a BNPL offering in Ireland.

On top of that, Zip has flagged that its working to increase fees charged to customers in the face of the current inflationary environment.

Zip has, of course, offered to acquire Sezzle in an all-scrip deal that would see shareholders handed 0.98 Zip shares for every Sezzle stock they own.

Both BNPL shares have tumbled around 90% since the start of 2022. The Sezzle share price is also currently nearly 97% lower than it was this time last year.

The post Sezzle share price flirts with new all-time lows. What is this BNPL company facing? appeared first on The Motley Fool Australia.

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More reading

• Sezzle share price fizzles again, now down 55% in a month
• Why is the Sezzle share price fizzling 7% on Friday?
• 9 ASX All Ords shares that could be stung by tax-loss selling

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 ZIPCOLTD FPO. The Motley Fool Australia has recommended Humm Group 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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It’s been a strong day for the S&P/ASX 200 Index (ASX: XJO) so far this Monday. At the time of writing, the ASX 200 had gained a healthy 2% and is now back above 6,700 points. But it’s been an even better start to the week for the Liontown Resources Limited (ASX: LTR) share price.

ASX 200 lithium stock Liontown has seen a pleasing 9% gain so far today to $1.0625 a share after the company closed at 98 cents last Friday. Since last Thursday, Liontown is now up close to 20%.

So what’s going on today that might elicit such a strong outperformance of the ASX 200?

Why is the Liontown share price rocketing 8% today?

Well, it’s not entirely clear as there are no new developments out of the company itself. However, there is a clear trend emerging on the ASX today that looks to have swept up the Liontown share price. As my Fool colleague Brooke covered this morning, ASX 200 resources shares are amongst the top-performing ASX sectors right now.

And ASX lithium shares are leading the charge. In addition to Liontown’s impressive gains, we also see the Pilbara Minerals Ltd (ASX: PLS) share price up 4.04%. Lake Resources N.L. (ASX: LKE) shares are up more than 8%, while Core Lithium Ltd (ASX: CXO) shares are doing even better, having risen almost 13% at the time of writing.

So it appears Liontown’s stellar performance today is part of a wider trend.

This could be being helped by the bullish broker opinion on Pilbara recently. As my Fool colleague James covered yesterday, broker Ord Minnet retained its buy rating on Pilbara shares, complete with a share reprice target of $4.25. Ord Minnet reckons that the impressive offer of US$7,000 per tonne Pilbara received for its lithium spodumene last week bodes extremely well for lithium prices over the medium term.

If that turns out to be accurate, it would be good news for all ASX lithium stocks, not just Pilbara. So that could be why we are seeing such a rush into ASX lithium companies like Liontown today.

At the current Liontown share price, this ASX 200 lithium stock has a market capitalisation of $2.32 billion.

The post Liontown Resources share price rockets 9% amid broker’s positive lithium outlook appeared first on The Motley Fool Australia.

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More reading

• What was the highest ever Xero share price?
• 16-month low: How ASX copper shares are faring this month
• Guess which sector is delivering the biggest gain across the ASX 200 today
• CBA share price leads the big four as banks outperform ASX 200 on Monday
• ASX 200 midday update: Metcash and Imugene jump, Evolution downgrades guidance again

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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What was the highest ever Xero Limited (ASX: XRO) share price? If you’ve been paying attention to the ASX share market of late, you would know that it hasn’t been recent.

Like many ASX 200 tech shares, the company’s share price has had a punishing 2022 thus far. Shares of the online accounting software provider have plunged by more than 41% over the year to date. Yet, at the time of writing, Xero is up an encouraging 2.12% for the day so far, going for $83.89 a share.

The steep long-term fall in the Xero share price is arguably not the result of anything to do with Xero’s underlying performance. The company’s last update came last month with its full-year results for FY2022. They showed subscriber growth of 19% to 3.3 million, as well as revenue growth of 29%.

However, 2022 has seen investors shun companies that tend to get priced on future growth projections as concerns over interest rates and inflation have heated up. Xero has not been immune, as its year-to-date performance shows.

So when was the Xero share price’s last all-time high?

The company’s last 52-week high occurred back in November last year. That saw Xero hit an intraday high of $156.65 a share, which certainly feels like a long way from the current share price in the low $80 range.

But this 52-week high was not the highest the shares have ever traded at.

Xero’s all-time high watermark was seen back in December 2020. First, we saw the company reach $156.72 on 15 December. Then, on 18 December, the Xero share price hit an intraday high of $157.99. That remains Xero’s highest share price to this day.

It’s also 47% higher than the company’s current share price.

No doubt investors are hoping the company can get back to its old highs soon. But we shall have to wait and see.

At the current Xero share price, this ASX 200 tech share has a market capitalisation of $12.47 billion.

The post What was the highest ever Xero share price? appeared first on The Motley Fool Australia.

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More reading

• 16-month low: How ASX copper shares are faring this month
• CBA share price leads the big four as banks outperform ASX 200 on Monday
• ASX 200 midday update: Metcash and Imugene jump, Evolution downgrades guidance again
• Here’s what I consider to be the very best ASX 200 share to buy in July
• 5 things to watch on the ASX 200 on Monday

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

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Australia and New Zealand Banking Group Ltd (ASX: ANZ) is forging ahead with its crypto plans with a novel new transaction.

Back in March, the S&P/ASX 200 Index (ASX: XJO) listed bank unveiled A$DC, its own stablecoin that’s pegged to the Australian dollar.

More recently, stablecoins have come under some intense scrutiny, following the collapse of Terra USD and Luna. But unlike Terra’s stablecoin, ANZ’s crypto is 100% backed by Australian dollars.

Saying it wasn’t at risk of coming de-pegged from the Aussie dollar, ANZ’s banking services portfolio lead Nigel Dobson labelled A$DC a “tokenised deposit”.

ANZ crypto used to buy Australian carbon credits

The Australian Carbon Credit Units (ACCUs) in question were tokenised by BetaCarbon, which created digital security tokens known as BCAUs.

As the Australian Financial Review reports, investment company Victor Smorgon Group used A$DC to purchase ACCUs.

By making the transaction with crypto on the Ethereum blockchain, Victor Smorgon was able to secure its carbon credit purchase without going through traditional intermediaries. These can add complexity and slow down settlement times.

Commenting on A$DC, Dobson said:

ANZ is pursuing the transition of financial market infrastructure. We see this is evolving from being internet-protocol based to one of tokenised protocols. We think the underlying infrastructure – efficient, secure, public blockchains – will facilitate transactions, both ones we understand today and new ones, that will be more efficient.

Dobson also touted the Ethereum blockchain over other, potentially riskier, options:

Standards are absolutely fundamental to interoperability, and they will soon allow organisations to transfer assets off expensive, and arguably unsustainable, blockchains, to ones with lower cost, faster throughput and sustainability credentials.

How has the ASX 200 bank been tracking?

Stablecoin rollouts aside, the ANZ share price has struggled in 2022, down around 18%. That compares to a year-to-date loss of 12% posted by the ASX 200.

The post ASX 200 bank ANZ turns to crypto for carbon credit settlement appeared first on The Motley Fool Australia.

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More reading

• CBA share price leads the big four as banks outperform ASX 200 on Monday
• Why ANZ, Block, Bubs, and PayGroup shares are pushing higher
• Should you ‘buy the dip’ in ASX 200 bank shares?
• ASX 200 midday update: Pilbara Minerals’ lithium price update, BHP tumbles
• ANZ share price rises as MYOB acquisition rumours swirl

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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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.

It’s very possible 2022 will go down in history — among equity investors, anyway — as The Year of the Stock Split. With share prices pumped by a bull market that was running along briskly until recently, many companies elected to employ this classic piece of financial engineering to bring their stocks down to more modest levels.  

Several more splits are coming, and three of which are coming from the most admired, and closely followed companies on the scene — Tesla (NASDAQ: TSLA), Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), and Nintendo (OTC: NTDOY) (OTC: NTDO.F). 

It’s important to note that stock splits do not change the underlying market cap of a company; they merely reapportion it among a higher number of shares. 

1. Tesla

Tesla remains durably popular among a wide swath of investors. Even though it’s taken plenty of hits this year, like nearly every other popular stock, the company’s leading position in the white-hot electric vehicle (EV) space keeps its price high — these days, shares are trading for around $700.

Since a big part of Tesla’s appeal is its attraction to retail investors like you or me, it’s in the company’s interest to keep those shares accessible to investors who may not have a ton of cash on hand. So the company’s move is to propose a 3-for-1 stock split, under which existing shareholders would effectively receive a “stock dividend” of two shares for every one they hold presently. 

This piece of financial engineering is being subject to a shareholder vote, which will be finalized at Tesla’s upcoming annual general meeting (AGM) scheduled for early August.

Does any of this sound familiar, long-term Tesla holders?

It should, because the company pulled the stock split lever at almost exactly the same time back in August 2020. Then, it engineered a 5-for-1 split, surely in the hopes of roping in would-be investors spooked by the high sticker price of roughly $1,300 per share. Following the announcement, the shares rocketed notably higher. Maybe Tesla is hoping for similar magic with the new split.

2. Alphabet

Another member of the lofty-stock-price-club is Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL), the parent company of mighty internet search titan Google. Both of the company’s listed stocks — Class A and Class C — trade north of $2,200 apiece these days, even after a queasy slide in price aside other tech titles.

So it made a lot of sense for Alphabet to declare a hefty 20-for-1 split for the two share classes, in addition to the Class B insider shares that aren’t publicly traded.

Alphabet announced this concurrent with the release of its fourth-quarter and full-year 2021 results back in February. This was probably no accident, as the company posted some powerful year-over-year growth in revenue and profitability, trouncing analyst estimates as it did so. Following that, it came as no surprise when shareholders approved the stock split in a vote conducted at the company’s AGM earlier this month.

That vote has made Alphabet’s 20-for-1 stock split settled. It will take effect on July 15, when existing Class A, B, and C stockholders of record as of July 1 will receive 19 shares for each one they presently own.

3. Nintendo

Tesla and Alphabet/Google enjoy a lot of attention from investors; storied Japanese video game company Nintendo’s spotlight is dimmer. That might change soon, as Nintendo has drawn notice for its own stock split. This is a 10-for-1 deal, initially announced in May, that will go down in the opening days of October.

This one is a bit complicated. Like Alphabet, Nintendo has multiple classes of U.S.-traded stock, or more accurately American Depositary Receipts (ADRs). The one tickered NTDOY represents only one-eighth of a share of the “main” Nintendo stock traded in Japan. NTDO.F, meanwhile, equals a full one share of the root Japanese stock.

As my colleague Anders Bylund indicates, the 10-for-1 stock split is very much aimed at domestic investors rather than ADR holders.

At the moment, equities on the Japanese exchange can only be purchased in minimum blocks of 100 shares. Since one share of Nintendo there currently costs 57,450 yen ($422), even the minimal buy would leave an investor the equivalent of more than $42,000 out of pocket. Given that, we can see how a 10-for-1 stock split is irresistibly appealing to an issuer like Nintendo.

Nintendo stockholders of record as of Sept. 30 will receive the new shares, the Japanese company declared in its original announcement. 

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

The post 3 top stock splits to watch in 2022 appeared first on The Motley Fool Australia.

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More reading

• Should You Buy Tesla Stock Right Now?
• Here’s what moved Tesla shares today
• Why Tesla shares popped then dropped today
• Why Tesla stock soared today
• Alphabet’s stock split: The real reason it matters

Eric Volkman has no position in any of the stocks mentioned. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet (A shares), Alphabet (C shares), and Tesla. The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). 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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The AMP Ltd (ASX: AMP) share price is edging slightly higher today despite its recent fall this month.

This comes after the financial services company announced a change to its board.

At the time of writing, AMP shares are up 1.02% to 99 cents.

In comparison, the S&P/ASX 200 Index (ASX: XJO) is rebounding 1.93% to 6,705.8 points.

AMP bolsters its board

In its statement, AMP advised that it has appointed Andrew Best as an independent, non-executive director of the AMP Board.

Best has more than 30 years experience across banking and financial markets in Australia, London, Hong Kong and Singapore.

In particular, he has a knack for capital markets and mergers and acquisitions.

From 1989 to 2020, Best worked for global investment powerhouse JPMorgan Chase (NYSE: JPM). He held various managing director titles including head of investment banking for Australia and New Zealand from 2017 to 2020.

Prior to that, Best served as head of the financial institutions investment banking business for Australia and New Zealand from 2004.

Best brings a wealth of knowledge as an experienced financial services executive. He will commence his role on 1 July.

AMP chair Debra Hazelton commented:

We’re delighted to have a financial services leader of Andrew’s calibre join the AMP Board, adding to the strong and experienced team of current non-executive directors driving AMP’s transformation.

Andrew will bring strong expertise and valuable insights in capital management, financial markets and mergers and acquisitions, gained from an extensive career both in Australia and internationally.

We look forward to his contribution as we take AMP forward as a simpler and customer-focused organisation.

About the AMP share price

A volatile 2022 has led the AMP share price to register a loss of 2% year to date and 8.5% in a month.

However, when looking at the past 12 months, its shares are down 17%.

The company’s share price reached a 52-week high of $1.22 last month before erasing its gains in the following weeks.

Based on today’s price, AMP commands a market capitalisation of around $3.2 billion.

The post Down 10% in a month, here’s the latest for the AMP share price appeared first on The Motley Fool Australia.

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More reading

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• Guess how much insiders have been spending on AMP shares?
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• Down 5% in a month, is the AMP share price a buying opportunity?
• This is when the pain will end: expert

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. 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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ASX copper shares are having a mixed day as the slumping copper price offsets a resurgence in risk appetite.

While the S&P/ASX 200 Index (ASX: XJO) is rallying 1.9% during early afternoon trade with many of the big miners leading the charge. Although, those exposed to the red metal aren’t necessarily joining the party.

Little wonder as copper prices fell to new 16-month lows this morning. The commodity is fetching US$3.70 a pound.

Recession worries dent ASX copper shares

Sentiment towards the metal was already tarnished last week when it slipped to US$3.78 a pound. That was a one-day loss of 4% and its lowest level since February 2021.    

Worries about a global recession triggered the sell-off in Dr Copper – so named as copper is seen as a bellwether for the metals market.

Central bankers in the developed economies are hiking interest rates to curtail rampant inflation. Indeed, we are seeing this in the US, Europe, and Australia.

Their hawkish stance is increasing the risk that they may hike rates too far and fast. Any miscalculation could cause their respective economies to contract.

ASX copper shares underperforming today

A recession will ultimately mean lower demand and prices for copper. That’s certainly bad news for ASX copper shares.

The OZ Minerals Limited (ASX: OZL) share price is one that’s taking a beating with a 2.14% drop to $18.78, while the Aeris Resources Ltd (ASX: AIS) share price is flat as the broader market is rising.

The OZ Minerals share price is also copping a beating because of its production downgrade released today.

Downgrades hit the OZ Minerals share price

The miner said group copper production for 2022 would range between 120,000 and 135,000 tonnes. This is below its previous guidance of 127,000 to 149,000 tonnes.

Adding insult to injury, costs are also rising. The expected C1 cash costs are up to US$1.05 to US$1.20 a pound. This compares with the original estimate of US85 cents to US95 cents a pound.

Bad weather and employee absenteeism due to COVID-19 are to blame, the company says. OZ Minerals’ Carrapateena mine is also being impacted by equipment failure and ongoing resourcing issues.

A few bright spots

But it isn’t all bad news for ASX copper miners. The Sandfire Resources Ltd (ASX: SFR) share price is surging 3.2% to $4.675.

The company’s shares are still down almost 30% since the start of 2021 but shareholders will be taking the wins wherever they can find them.

Also, the strong rebound in equities today is driven by the belief that too much recession risk has been priced into markets.

If this is true, ASX copper shares could stage a big comeback later this year.

The post 16-month low: How ASX copper shares are faring this month appeared first on The Motley Fool Australia.

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More reading

• CBA share price leads the big four as banks outperform ASX 200 on Monday
• ASX 200 midday update: Metcash and Imugene jump, Evolution downgrades guidance again
• 5 things to watch on the ASX 200 on Monday
• 4 reasons to stick with battered small-cap ASX shares
• Here are the top 10 ASX shares today

Motley Fool contributor Brendon Lau has positions in OZ Minerals Limited and Sandfire Resources NL. 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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