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The Westgold Resources Ltd (ASX: WGX) share price is defying the broader ASX market today.

This comes after the gold miner announced a positive update to its Bryah and Murchison operations.

At the time of writing, Westgold shares are up 3.0% to $1.20 apiece.

In comparison, the All Ordinaries Index (ASX: XAO) is deep in the red by 4.63% to 6,814.2 points. Fears about rising inflation rates and the possibility of an impending recession in the US are dragging global markets down.

What did Westgold announce to the ASX?

Investors are bidding up the Westgold share price amid a sea of red following the release of the company’s gold production numbers.

In today’s statement, Westgold reported that its Bryah and Murchison assets achieved a record month of gold production.

In total, the company achieved an output of 25,100 ounces of gold for the month of May. This represents a 4.7% increase on the 23,969 ounces of gold registered in April.

Furthermore, the Big Bell mine production reached a steady state of production last quarter. In the last two months, production soared by over 95,000 tonnes per month which supported the overall output result.

With a few weeks remaining to finish out the current financial year, Westgold noted that it’s on track to meet its full-year production and cost guidance.

As such, the company is forecasting gold production to come in at 270,000 ounces for FY22. This reflects an improvement on the 245,400 ounces of gold attained in FY21.

All-in sustaining costs (AISC) which include operating costs and sustaining capital expenditure are predicted to be between $1,500 and $1,700 per ounce.

Touching on the result, Westgold managing director Wayne Bramwell said:

The Westgold team has again risen to the challenge and delivered exceptional results from across our operations in May.

Pleasingly Big Bell continues to lift, delivering +95,000 tonnes per month for two consecutive months. With stronger outputs from our Bryah and Murchison mines the company remains on track with full year production and cost guidance.

Westgold share price summary

Despite today’s positive trading update, the Westgold share price has fallen by around 40% in 2022.

When looking further back over the last 12 months, the company’s shares are down by more than 45%.

Westgold shares are currently sitting just above their 52-week low of $1.128 which occurred last Friday.

Based on today’s price, Westgold presides a market capitalisation of roughly $552 million

The post Amid the carnage, guess which ASX All Ordinaries mining share is surging higher appeared first on The Motley Fool Australia.

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More reading

• Core Lithium share price slides 7% amid market-wide rout
• Own Zip shares? CEO warned co-founder 8 months ago, ‘There are some clouds gathering on the horizon’ after Morgan Stanley meeting
• Coinbase Plunges on Crypto and Celsius Fears, but This Is the Real Threat
• The CBA share price is down 5%. Should investors jump on this?
• Zip share price crashes 21% to new multi-year low

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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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.

Shares of Coinbase Global (NASDAQ: COIN) fell sharply on Monday, opening down 21% from their Friday close and trading lower by 14% as of 10:15 a.m. ET. The weekend was a rough one for the cryptocurrency markets, and as the premier exchange for digital asset trading, Coinbase often serves as a barometer of sentiment among investors who trade Bitcoin (CRYPTO: BTC) and other cryptocurrencies.

Indeed, a big drop in cryptocurrency prices was partially to blame for downbeat sentiment among investors, but it wasn’t the whole story. News that some smaller exchanges were taking steps to halt withdrawals raised new fears among crypto investors. Although the chances of a similar step at Coinbase aren’t nearly as high, there is one aspect of what’s happening in the digital asset world today that could have ramifications for the company’s future prospects.

Two key events over the weekend

The first thing hurting Coinbase shares was simply an abrupt move downward in the crypto markets. Bitcoin prices fell from $30,000 as recently as Friday afternoon to $23,500 Monday morning. Prices of Ether (CRYPTO: ETH) took an even harder hit, going from $1,750 to just over $1,200. Many smaller crypto tokens saw similar declines.

Crypto markets have seen steep drops before, but this one brought with it some signs of the stress that companies working in the digital assets space are under right now. The Celsius Network, which is a decentralized finance (DeFi) platform and one of the largest crypto-based lenders, said that it would pause withdrawals from and transfers between accounts. It cited the abrupt shift in market conditions as cause for its action, expressing its intent to honor withdrawal obligations over time.

That was troubling because of the publicity that Celsius had generated in the past. The DeFi platform offered attractive interest rates for crypto deposits, lending them out to generate revenue. Yet skeptics had pointed to loans Celsius had taken with various cryptocurrencies as collateral, suggesting that in extreme market environments, margin calls could cause a cascade effect that would threaten Celsius’ survival and have a ripple effect across the industry.

Later, the much larger crypto exchange Binance announced a more limited move, halting withdrawals of Bitcoin specifically using the Bitcoin network. Unlike Celsius, Binance’s move seemed to be related to a transactional issue rather than due to market conditions.

What Coinbase investors should worry about

Coinbase is a large enough company that it’s far less likely than Celsius to resort to halting withdrawals of assets from its exchange. The reputational hit that would result from such a move would be devastating for Coinbase, and the company knows better than to add fuel to the fire in an environment that’s already averse to crypto-related businesses.

However, Coinbase can’t control negative sentiment in the broader investing community toward crypto, and its long-term business model relies on greater mainstream acceptance of digital assets to foster growth. If investors lose confidence in crypto as a result of the sharp price movements we’ve seen lately, then Coinbase won’t necessarily be able to stem the tide of pessimistic sentiment on its own.

The threat comes at a difficult time for Coinbase in particular, as it’s also going through some controversy with its employee base. After the crypto exchange platform provider rescinded some previously granted job offers and announced a hiring freeze, workers launched a campaign to remove some top executives, citing business failures and poor strategic planning. Coinbase CEO Brian Armstrong suggested in a tweeted response, “Quit and find a company to work at that you believe in.”

Watch Coinbase’s fundamentals

Coinbase will report second-quarter financial results in August, and by then, the impact of what’s happened in the crypto markets on the exchange’s revenue and profits should be clearer. Yet signs of discord within the company are warning signs that point to a potential failure in leadership and corporate culture. Without the support of rank-and-file employees, Armstrong will have a tough time moving forward in the toughest market environment for crypto in years.

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

The post Coinbase Plunges on Crypto and Celsius Fears, but This Is the Real Threat appeared first on The Motley Fool Australia.

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More reading

• Core Lithium share price slides 7% amid market-wide rout
• Own Zip shares? CEO warned co-founder 8 months ago, ‘There are some clouds gathering on the horizon’ after Morgan Stanley meeting
• Amid the carnage, guess which ASX All Ordinaries mining share is surging higher
• The CBA share price is down 5%. Should investors jump on this?
• Zip share price crashes 21% to new multi-year low

Dan Caplinger 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, Coinbase Global, Inc., and Ethereum. 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.

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

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The Commonwealth Bank of Australia (ASX: CBA) share price has dropped quite a bit since the Reserve Bank of Australia’s (RBA) move to increase the Australian interest rate by 50 basis points, or 0.50% in other words. CBA is down around 15% over the last week.

It was a big move by the RBA. It had been two decades since the last time there was an increase that big.

There’s volatility for the ASX share market today and CBA is getting caught up in that. At the time of writing, CBA is down around 5% and so is the S&P/ASX 200 Index (ASX: XJO)

Experts have been looking at CBA shares and considering whether the biggest ASX bank is an opportunity or not. A lower price doesn’t automatically mean that a business is a good idea.

Is the biggest bank in Australia now an opportunity? Or could it drop further?

Broker ratings on the CBA share price

There is a lot of negativity about CBA shares at the moment.

For example, Citi had rated it as a sell. Morgan Stanley and Macquarie had similar ratings of ‘underweight’ and ‘underperform’. The Morgans rating is ‘reduce’.

With the CBA share price down 5% in early trading, it has now reached the pessimistic price targets of most of the brokers I mentioned, which was around $90. Prior to today, those $90 price targets were suggesting decliens.

Morgans thinks that there could be a further decline to come with a price target of $77. That would be a decline of around 15% over the next year.

The experts recognise that the increase in the interest rate can help the net interest margins (NIMs) of CBA.

However, there is a view from some of these experts that there’s danger – higher interest rates could lead to higher bad debts and reduce the attractiveness of the dividend yields of banks.

Banks have been talking about how net interest margins have been under pressure for some time because of competition, low-margin fixed interest products and so on. Time will tell whether a higher NIM can offset some of the worries that brokers are pointing to.

What’s the valuation now?

A cheaper valuation can make an investment more attractive, so it’ll be interesting to see if any brokers change their ratings now that CBA has materially dropped.

Using Morgans’ estimates, the CBA share price is now valued at 17x FY22’s estimated earnings and slightly under 17x FY23’s estimated earnings.

But, Morgans is expecting a growing dividend from the big bank. The estimated grossed-up dividend yield is 5.7% in FY22 and 6.25% in FY23.

While the profit estimates from the other brokers are somewhat similar, Citi is expecting a much bigger dividend. The FY22 grossed-up dividend yield is projected to be 6.2% and the FY23 yield could be 7.4%.

CBA share price snapshot

While CBA shares have dropped 15% over the past week, it only registers an 8.5% drop in the last six months. It’s also back to where it was just before the COVID-19 crash in 2020.

The post The CBA share price is down 5%. Should investors jump on this? appeared first on The Motley Fool Australia.

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More reading

• ASX 200 slumps 5% following Wall Street sell-off
• 5 things to watch on the ASX 200 on Tuesday
• Waiting to start investing in ASX shares? Today could be a brilliant time to do it
• Here’s the CBA dividend forecast through to 2024
• These were the worst performing ASX 200 shares last week

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie 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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Things just go from bad to worse for the Zip Co Ltd (ASX: ZIP) share price.

On Tuesday morning, the buy now pay later provider’s shares dropped 21% to a new multi-year low of 49.5 cents.

This latest decline means the Zip share price has now lost almost 90% of its value in 2022.

Why is the Zip share price sinking again?

The weakness in the Zip share price has been driven by a broad market selloff which has been felt hardest in the tech sector.

For example, the S&P ASX All Technology index is down 7% at the time of writing. This compares to a 5% decline from the ASX 200 index.

This has been sparked by concerns that central banks could increase interest rates quicker than expected and stifle economic growth.

It isn’t just Zip that is sinking. Block Inc (ASX: SQ2) shares are down 17% and Sezzle Ltd (ASX: SZL) shares are down 13%.

Based on the current Zip share price and its ~688 million shares outstanding, the buy now pay later provider now has a market capitalisation of just over $340 million.

It’s been a very long time since the company’s valuation was as low as that and a far cry from its $4 billion+ market cap around a year ago.

The post Zip share price crashes 21% to new multi-year low appeared first on The Motley Fool Australia.

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More reading

• Wall Street tumbles into bear market. What does that mean for ASX 200 shares?
• Waiting to start investing in ASX shares? Today could be a brilliant time to do it
• These were the worst performing ASX 200 shares last week
• ASX 200 has its worst week in two years
• Zip share price hits multi-year low as Assistant Treasurer flags BNPL regulation

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 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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The Block Inc (ASX: SQ2) share price is plummeting in morning trade, down by 17.74% to $90.21.

It’s far from just Block shares in the red today, though.

The S&P/ASX 200 Index (ASX: XJO) is also down 4.94% at the time of writing.

And in a sign that the growth-focused tech sector is feeling the heat, the S&P/ASX All Technology Index (ASX: XTX) is down 6.96%.

Still, the Block share price is down a good bit more than that.

Why is the ASX-listed global payment giant selling off again?

Block shares are listed on both the New York Stock Exchange and ASX.

Block (with the ticker SQ on the NYSE), acquired Afterpay back in January and has been under relentless selling pressure since October.

The ASX-listed shares (SQ2) began trading in January and have been spiralling lower since March amid the spectre of rising interest rates.

The Block share price is tumbling again today after inflation figures out of the United States surprised to the upside on Friday.

Analysts had been predicting, and hoping, that inflation had peaked after figures dropped to 8.3% in April from 8.5% in March. But the numbers on Friday went the other way, with the latest consumer price index (CPI) figures coming in at 8.6% for May.

Inflation in the world’s top economy is running at the hottest level in more than 40 years.

That means the US Federal Reserve will almost certainly increase the benchmark interest rate by another 0.50% this Wednesday, as Fed chair Jerome Powell has previously flagged.

Analysts are now also increasing their bets the Fed might raise rates by 0.75% to get ahead of the curve. That would be the biggest rate hike from the world’s most-watched central bank in 28 years.

Circling back to the Block share price, the tech-heavy Nasdaq plummeted 4.7% on Monday (overnight Aussie time). Growth-oriented tech shares priced with future earnings in mind led the charge lower, as they’re more exposed to moves in rates.

Buy now, pay later (BNPL) stocks are even more vulnerable to higher interest rates, potentially increasing their levels of bad debts amid lower demand as consumers rein in their spending. With those pressures and others in mind, investors sent Block’s NYSE shares down by a painful 12.7% on Monday.

As the ASX was closed for the Queen’s Birthday holiday yesterday, Block’s ASX shares are now following suit on Tuesday.

Block share price snapshot

Over the past month, the Block share price is down by around 21%. That compares to a one-month loss of almost 7% posted by the ASX 200.

The post Why is the Block share price crashing 18% on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• Wall Street tumbles into bear market. What does that mean for ASX 200 shares?
• These are the 10 most shorted ASX shares
• Why Block, Evolution, Fortescue, and Magellan shares are sinking today
• The Block share price is down 7% on Friday. What’s going on?
• How are ASX 200 tech shares performing following the RBA rate hike?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. 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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Australia’s key benchmark, the S&P/ASX 200 Index (ASX: XJO) has fallen 5% in early trade today amid a widespread sell-off with multiple stocks hitting 52-week lows.

The ASX 200 is now trading at its lowest level since March 2020 – when the pandemic began – as trading resumed following the Queen’s birthday public holiday.

What happened to US stocks overnight?

The ASX 200 sell-off comes after US stocks fell hard overnight. The S&P 500 (INDEXSP: .INX) closed 4% lower at 3,749 and the NASDAQ (INDEXNASDAQ: .IXIC) finished 4.7% in the red.

Meanwhile, digital assets also incurred heavy losses, with Bitcoin (CRYPTO: BTC) losing 15% by the end of the US session.

According to S&P Global data, all 11 US sectors retreated. That included energy – the leading sector this year to date – which slid by more than 5%.

The US Federal Reserve is set to meet on Wednesday. US inflation data released last Friday revealed the highest reading in 40 years. So, there’s speculation the Fed could raise its planned interest rate hike of 0.5%.

With investors shifting focus to inflation and higher interest rates, yields on the Australian 10-year government bond yield have ticked up to more than 4%. That’s the highest level in more than five years.

Meanwhile, oil continues to rally with Brent Crude surging 11 basis points higher overnight to US$122 per barrel. It’s held that level for several days now.

Zooming out to late 2020, the trends are clear. Each of these instruments – including US inflation – has swept upwards over the past 12-18 months, as shown in the graph below.

Wall Street’s sell-off on Monday prompted local investors to dump ASX 200 shares en masse at the open.

The post ASX 200 slumps 5% following Wall Street sell-off appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Tuesday
• Waiting to start investing in ASX shares? Today could be a brilliant time to do it
• These were the worst performing ASX 200 shares last week
• These were the best performing ASX 200 shares last week
• ASX 200 has its worst week in two years

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 positions in and has recommended Bitcoin. 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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Experts are always trying to find buying opportunities amongst ASX shares.

Today we look at two ASX shares selected by Ord Minnett. The broker rates these shares as a buy with price targets more than 40% higher than where the shares are trading now.

A price target is an estimation of where the share price will be in 12 months.

Of course, Ord Minnett doesn’t have a time machine. It’s impossible to know where a share price will actually be in 12 months. However, brokers can certainly make predictions of where they think the share price will be (or should be) in a year based on their research and analysis.

With that in mind, here are the two ASX shares that Ord Minnett is recommending today.

Centuria Capital Group (ASX: CNI)

Centuria is an investment manager that has more than $20 billion worth of assets under management. This includes listed and unlisted funds as well as tax investment bonds.

Ord Minnett has a buy rating on this ASX share with a price target of $2.80. That’s a possible rise of about 40%.

The broker thinks the real estate investment trust (REIT) sector is more attractive as bond yields stabilise. In recent times, bond yields rose as expectations that global central banks would raise rates increased.

The Centuria Capital Group share price has dropped 43% since the start of the year. So, the broker is simply predicting that the ASX share will regain some of that lost ground.

Centuria recently announced that it was growing its institutional-backed healthcare and retail portfolios with $223 million of acquisitions. This included the $163 million private hospital development in Alexandria, Sydney. The business said that 43% of the development is leased on a 15-year term.

In FY22, Centuria is expecting to generate 14.5 cents of operating earnings per share (EPS). This would represent growth of just over 20% year on year. The distribution is expected to be 11 cents per share, representing a dividend yield of 5.5% for ASX investors.

Straker Translations Ltd (ASX: STG)

Based in New Zealand, Straker describes itself as providing “next generation language services supported by a state-of-the-art technology stack and robust AI layers to clients around the world. By combining the latest available technologies with linguistic expertise, Straker’s solutions are scalable, cost-effective and accurate.”

Ord Minnett currently rates this business as a buy with a price target of $1.85. That implies a possible rise of about 60%. The broker thinks the ASX share can keep growing at a good pace.

The broker noted Straker’s FY22 result, which showed revenue growth of 78.5% to $55.9 million thanks to “strong organic growth”.

It generated positive adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) of $1.2 million in the second half of FY22 and $200,000 for the full year.

The company said that translation volumes from the IBM strategic partnership continue to grow in line with expectations and new partnership opportunities are developing.

Straker also said that customers looking for technology-led solutions for localisation are driving a strong enterprise pipeline.

The ASX share is expecting revenue growth of 20% in FY23, with a positive adjusted EBITDA.

The post Buy these 2 ASX shares with more than 40% upside: expert appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 300 shares slumping to 52-week lows on Tuesday

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Straker Translations. 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) shares are suffering a barrage of turbulence today after Wall Street tumbled into bear market territory overnight.

The S&P 500 ­– the United States (US) benchmark index – plunged 3.88% on Monday, leaving it 21.8% lower than its early January high.

Its suffering came amid increasing fears the nation could enter a recession. This also likely spells bad news for ASX 200 shares. They were tipped to potentially suffer a “double hit” on Tuesday.  

Right now, the ASX 200 is down 5%, an even greater dip than that predicted by SPI futures earlier.

Here’s what market watchers need to know about international markets’ recent volatility.

ASX 200 shares tumble on a turbulent Tuesday

Wall Street is officially in a bear market amid fears the US Federal Reserve could kick off a recession. Of course, it was always unlikely that ASX 200 shares would dodge the global carnage.

Inflation in the US increased 8.6% year-on-year according to data released on Friday (US time). That’s the fastest the measure has risen in 41 years.

It’s left many believing the Federal Reserve could hike interest rates higher than previously expected, beginning in coming days, reports the Wall Street Journal. By hiking interest rates, whether in one foul swoop or through many smaller boosts, the Fed could spark a recession.

Suffering alongside the S&P 500 overnight was the Nasdaq Composite and the Dow Jones Industrial Average. The major indexes fell 4.68% and 2.79% respectively overnight.

The Australian dollar also slumped 1.21% on Monday to reach 69.33 US cents. Finally, cryptos were hit hard overnight as Bitcoin (CRYPTO: BTC) fell 16.39% to US$22,203.90.

All that is putting pressure on ASX 200 shares on Tuesday. Particularly, as they get back to business after the three-day weekend.

“The Australian holiday yesterday may mean the local market suffers a double hit today,” Tiger Brokers chief strategy officer Michael McCarthy said prior to market open.

The S&P/ASX 200 Information Technology Index (ASX: XJI) is the index’s worst performing sector today, likely on the back of the tech-heavy Nasdaq index’s stumble. It’s down 8.05% at the time of writing.

Tech favourites Block Inc (ASX: SQ2) and Zip Co Ltd (ASX: ZIP) are the ASX 200’s worst performing shares, falling 17.7% and 16.6% respectively.

The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) is the best performing sector. That’s despite it recording a 3.24% drop.

Uniti Group Ltd (ASX: UWL) and Crown Resorts Ltd (ASX: CWN) are the only ASX 200 shares in the green.

The post Wall Street tumbles into bear market. What does that mean for ASX 200 shares? appeared first on The Motley Fool Australia.

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More reading

• These are the 10 most shorted ASX shares
• 5 things to watch on the ASX 200 on Tuesday
• Waiting to start investing in ASX shares? Today could be a brilliant time to do it
• These were the worst performing ASX 200 shares last week
• These were the best performing ASX 200 shares last week

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 Bitcoin, 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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The BHP Group Ltd (ASX: BHP) share price has come under significant pressure on Tuesday.

In morning trade, the mining giant’s shares are down over 6% to $43.16.

Why is the BHP share price sinking?

Investors have been selling down the BHP share price following a horror start to the week for the local share market. In early trade, the benchmark ASX 200 index was down over 5% amid broad market weakness.

The catalyst for this has been a selloff on Wall Street on Friday and Monday, which saw BHP’s NYSE listed shares lose almost 7% of their value over the two trading session.

This has been driven by higher than expected US inflation data, which has sparked fears that the US Federal Reserve will be forced to increase interest rates at a quicker than anticipated rate to tame inflation. If this is the case, there’s a real possibility of it causing a recession in the United States.

Combined with similar central bank action across the globe, there are concerns that the global economy could also fall into a recession. This could impact demand for commodities, which led to a range of base metals taking a tumble overnight and has not helped the BHP share price today.

The post Why is the BHP share price sinking 6% today? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Tuesday
• Brokers name 2 ASX 200 dividend shares to buy with big fully franked yields
• Is the BHP share price really trading on an 11% dividend yield right now?
• How is the BHP share price performing so far in June?
• 5 things to watch on the ASX 200 on Thursday

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 ASX says there are 11 upcoming IPOs in June, mostly made of metals and mining companies.

In 2021, capital raised from IPOs in Australia more than doubled in comparison to 2020, data from Herbert Smith Freehills found.

“However, the increase in capital raised in 2021 is mainly a result of the higher number of IPOs,” the HFS team found.

There have been 24 new floats on the ASX over the last 2 months says Listcorp, an average of 12 per month.

ASX June listings

According to ASX listing data, these are the companies set to float in June:

Company/ticker	Listing date	Issue	Cap raise
Cavalier Resources Limited (CVR)	10 June	20 cents	$7 million
Chalkos Metals Limited (CKM)	30 June	20 cents	$8 million
Coolabah Metals Limited (CBH)	22 June	20 cents	$6 million
Kingsland Minerals Ltd (KNG)	14 June	20 cents	$5.5 million
Leo Lithium Limited (LLL)	23 June	70 cents	$100 million
MetalsGrove Mining Ltd (MGA)	27 June	20 cents	$7 million
OD6 Metals Limited (OD6)	22 June	20 cents	$8 million
Sarytogan Graphite Limited (SGA)	30 June	20 cents	$8.5 million
Southern Palladium Limited (SPD)	8 June	50 cents	$19 million
Synergen Met Limited (SH2)	30 June	20 cents	$25 million
Uvre Ltd (ASX: UVA) [Completed]	7 June	20 cents	$6 million

A total of $191 million will be raised from this equity round in June with Leo Lithium at the upper limit seeking to raise $100 million.

For further information on each upcoming float, contact the respective company or the company’s share registry.

In broad market news, the S&P/ASX 200 Index (ASX: XJO) has continued its struggles on Tuesday morning, currently trading close to 5% in the red.

The post Interested in upcoming IPOs? These ASX shares will make their debut in June appeared first on The Motley Fool Australia.

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More reading

• Why is the BHP share price sinking 6% today?
• Why the Dow Jones Industrial Average Has Avoided the Bear So Far
• Pro Medicus share price tumbles despite $47m contract renewal news
• Watch out Domino’s! Pizza Hut is coming for a bigger slice of the pie
• Get ready for the bear market headlines

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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