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This Friday has been a pretty depressing one for most ASX 200 shares. With the S&P/ASX 200 Index (ASX: XJO) recording a 1.25% loss for the day, it was always going to be a tough one.

But some ASX 200 shares fared far worse than the index today. So let’s talk about three such companies that hit a new 52-week low during today’s trading session.

All three are in the real estate business, so that should tell you something about what the market is trying to get out of right now.

3 ASX 200 shares that hit new 52-week lows today

Our first unlucky share to check out today is Dexus Property Group (ASX: DXS). Dexus owns a number of real estate assets, of which most are commercial property.

This ASX real estate investment trust (REIT) slipped 3.84% to $9.51 a unit by the end of the day’s trading. That happens to be Dexus’ new 52-week low. This REIT is now down by more than 15.5% over 2022 thus far.

But Dexus wasn’t the only REIT exploring new territory today. Diversified property developer Mirvac Group (ASX: MGR), another ASX REIT, also had a shocker.

Mirvac owns both industrial and commercial office real estate. This company’s units ended up finishing at $2.06 each at the end of today’s trading, down 1.44%. But the REIT hit a new low of $2.04 earlier today. That puts Mirvac down by a painful 31% or so over 2022 thus far.

Another ASX REIT in the doldrums today is GPT Group (ASX: GPT), a shopping centre and diversified property company. GPT units also had a day to forget. It finished up at $4.32 a unit, down a hefty 4.42%. But GPT hit a new 52-week low of $4.32 earlier in today’s session.

Why the battering?

It’s very possible that this distaste for ASX REITs that investors are displaying today is a result of the interest rate rise we saw earlier this week.

There are few ASX shares that are affected more by rising interest rates than REITs. That is because, as leveraged land owners, REITs face higher borrowing costs directly, just as mortgage holders do.

No doubt ASX REIT investors will be hoping for a kinder week next week.

The post 3 ASX 200 real estate shares that hit new 52-week lows on Friday appeared first on The Motley Fool Australia.

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More reading

• Why did the Lynas share price dive 8% today?
• Could these ASX 200 shares be most vulnerable to rising energy costs? Macquarie weighs in
• Here are the 3 most traded ASX 200 shares on Friday
• 3 ASX 200 shares defying Friday’s falls to leap higher
• The market expects the RBA to take the cash rate to 3% by the end of 2022

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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It’s been a particularly depressing day today for the S&P/ASX 200 Index (ASX: XJO) and ASX shares. The ASX 200 recorded a loss of 1.25% to close under 7,000 points. But one ASX 200 share fared far worse today. That would be the Lynas Rare Earths Ltd (ASX: LYC) share price.

Lynas shares ended the day down by a painful 5.72% at $8.57 a share. It was even worse for investors earlier in the trading day too. At one point, Lynas shares hit $8.31 each, which was a loss of more than 8.5% at the time.

So what on earth has gotten investors so pessimistic over this rare earths producer all of a sudden? Well, it’s not entirely clear. We do know that it has nothing to do with anything out of Lynas directly.

Saying that, we saw something of a trend on the markets today which could provide some insight into Lynas’ predicament.

It seems that any ASX share that investors associate with battery technology took a whack today, not just Lynas. For example, lithium shares like Pilbara Minerals Ltd (ASX: PLS) fell steeply. Pilbara was down more than 6% at one point today before closing down 1.75% at $2.25.

Battery company IGO Ltd (ASX: IGO) was also down more than 5% at one stage and ended the day 2.39% lower at $11.42.

This could be a consequence of the warning that broker Goldman Sachs put out earlier this month. Around the start of June, Goldman warned that its analysts believe lithium prices are peaking and “will fall heavily over the coming years”.

Lynas isn’t directly involved in lithium production. But its rare earths minerals have similar future-facing applications.

So this might explain the weakness in the Lynas share price, and in other battery materials shares, that we saw this Friday.

The post Why did the Lynas share price dive 8% today? appeared first on The Motley Fool Australia.

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More reading

• Could these ASX 200 shares be most vulnerable to rising energy costs? Macquarie weighs in
• Here are the 3 most traded ASX 200 shares on Friday
• 3 ASX 200 shares defying Friday’s falls to leap higher
• The market expects the RBA to take the cash rate to 3% by the end of 2022
• ASX 200 midday update: Big four banks rebound, Atlas Arteria’s takeover update

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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If you’re looking to take advantage of recent market weakness to pick up shares on the cheap, then you may want to consider the two listed below.

Both have recently been rated as buys with major upside potential. Here’s what you need to know:

Breville Group Ltd (ASX: BRG)

Breville could be a growth share to buy. It is a leading appliance manufacturer which has been growing at a solid rate for years. This has been driven by the popularity of its products, its continued investment in research and development, and expansion into new geographic markets. Pleasingly, this strong form has continued in FY 2022. This morning the company advised that it expects its EBIT to grow 14.4% year on year to ~$156 million.

This went down well with analysts at Macquarie. In response to the news, the broker has retained its outperform rating with a $23.80 price target. Based on the current Breville share price, this implies potential upside of over 31% for investors.

IDP Education Ltd (ASX: IEL)

IDP Education is another ASX growth share that could have plenty of upside for investors. It is a provider of international student placement services and English language testing services. After a tough time during the pandemic, IDP has bounced back strongly in FY 2022. For example, during the first half, it reported a 47% increase in revenue to a record of $397 million and a 70% lift in net profit after tax to $52.9 million.

Goldman Sachs was pleased with this and expects its growth to continue in the coming years. In fact, it is forecasting a 68% three-year earnings per share compound annual growth rate between FY 2021 and FY 2024. Outside FY 2024, Goldman expects the “compelling long-term structural growth in international student volumes and IELTS testing demand” to support its growth.

The broker currently has a buy rating and $35.50 price target on its shares. Based on the current IDP Education share price, this implies potential upside of 53% for investors.

The post Analysts say these top ASX growth shares could jump over 30% appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 shares defying Friday’s falls to leap higher
• Why Breville, Bubs, Terracom, and Xero shares are pushing higher today
• Here’s why the Breville share price is smashing the ASX 200 on Friday
• Belt tightening? 5 ASX 200 consumer shares slipping to new 52-week lows today
• The Breville share price has at least 50% upside: top brokers

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 Idp Education Pty 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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Unless you have been living under a rock, you are likely aware of the precarious position in which the Australian energy market is perched. What may not be as obvious is how might the situation impact shares inside the S&P/ASX 200 Index (ASX: XJO).

As I dug into last week, the energy sector is caught in the mother of all storms. A global mismatch of supply and demand has led to an almighty squeeze on electricity and gas prices. Notably, a cold snap at the beginning of the month pushed Victorian gas prices up more than 50 times their typical range.

Unfortunately, the everyday Aussie’s bank account will feel the effects of rising prices in the next billing cycle. But, what about the investors in those ASX 200 shares — where could the pain be felt the most?

What’s going on in energy?

Australia’s recently appointed minister for climate change and energy, Chris Bowen, has said there is “no silver bullet” for unusually high energy prices. The minister hinted at a need to beef up the country’s supply — entailing more transmission, renewables, and storage.

However, addressing the shortfall in energy supply will be no small task. In reality, energy infrastructure can take years to design and construct. This means consumers and businesses could be subjected to elevated prices for a prolonged period.

As a result, the team at Macquarie Equities has run the numbers on which companies are most exposed to this headwind. What is most unsettling is the breadth of which the analysts believe the damage could cover. For instance, all of the following sectors were listed as at-risk areas:

• Data centres
• Materials, metals, and mining
• Food products and supermarkets
• Oil refiners
• Telecommunications
• Casinos; and
• Retail real estate investment trusts (REITs)

Could these ASX 200 shares be getting zapped?

In the note published by Macquarie Equities, these specific ASX 200 shares are described as having a “high electricity price exposure”:

ASX-listed company	Share price	Performance YTD
Woolworths Group Ltd (ASX: WOW)	$34.56	-10.2%
Coles Group Ltd (ASX: COL)	$17.53	-2.1%
Costa Group Holdings Ltd (ASX: CGC)	$3.09	-0.6%
Inghams Group Ltd (ASX: ING)	$2.89	-20.1
NextDC Ltd (ASX: NXT)	$10.64	-17.1%
TPG Telecom Ltd (ASX: TPG)	$5.83	-1.2%
Evolution Mining Ltd (ASX: EVN)	$3.46	-15.1%
Newcrest Mining Ltd (ASX: NCM)	$23.20	-5.3%
Rio Tinto Limited (ASX: RIO)	$115.06	15.4%
Boral Ltd (ASX: BLD)	$2.99	-51.8%
Adbri Ltd (ASX: ABC)	$2.62	-9.3%
CSR Ltd (ASX: CSR)	$4.37	-28.1%
BlueScope Steel Ltd (ASX: BSL)	$17.38	-19.1%
Viva Energy Group Ltd (ASX: VEA)	$2.98	27.4%
Orora Ltd (ASX: ORA)	$3.78	6.5%
Star Entertainment Group Ltd (ASX: SGR)	$2.80	-26.3%
Crown Resorts Ltd (ASX: CWN)	$13.06	0.5%
Charter Hall Retail REIT (ASX: CQR)	$4.01	-8.5%

Highlighting the risk to these ASX 200 shares, Macquarie equity strategist Matthew Brooks stated:

We are yet to see the downgrades that tend to occur in a weak economy, and it is typically cyclical sectors that see larger cuts. The surge in electricity costs adds to the earnings risk already present in a range of cyclicals.

Drilling down into the particulars, Brooks noted that Boral and Coles may not be as susceptible to the impacts as others. The first company commands a level of pricing power, while the supermarket giant is somewhat protected by hedging.

Furthermore, NextDC’s earnings per share (EPS) is heavily exposed to electricity prices due to its power-hungry data centres. However, the strategist expects this ASX 200 share will pass on the amplified costs to customers.

The post Could these ASX 200 shares be most vulnerable to rising energy costs? Macquarie weighs in appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most traded ASX 200 shares on Friday
• 3 ASX 200 shares defying Friday’s falls to leap higher
• The market expects the RBA to take the cash rate to 3% by the end of 2022
• ASX 200 midday update: Big four banks rebound, Atlas Arteria’s takeover update
• Why are ASX 200 bank shares rebounding on Friday?

Motley Fool contributor Mitchell Lawler has positions in CSR Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended COSTA GRP FPO and 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 Vulcan Energy Resources Ltd (ASX: VUL) share price is losing its charge today.

At the time of writing, the clean lithium developer’s shares are down 5.90% to $6.38.

It’s worth noting that its share price touched a 52-week low of $6.22 before moving in circles.

Let’s take a look at what’s impacting the company’s share price of late.

Lights out for Vulcan Energy shares?

Despite no news from the company today, the Vulcan Energy share price is being pounded by bearish sentiment from investors.

Goldman Sachs released its sector analysis on lithium in late May which caused panic across the battery metals market.

The broker believes that cobalt, lithium and nickel have peaked for now and will retrace heavily in price next year.

According to its report, Goldman Sachs is forecasting a drop in lithium prices to around US$16,000 per tonne in 2023. This represents a significant decline from the current going rate of roughly US$71,000 per tonne.

When the news became public, Vulcan Energy shares tanked 8% on the day along with other popular lithium shares.

Furthermore, the general market volatility on the ASX is also weighing down Vulcan Energy shares.

Following heavy losses on Wall Street over the past few days, the S&P/ASX 300 Metals and Mining (Industry) has plummeted.

To put that in context, the index shed 2.43% yesterday and is again down 1.41% today.

More pain could be around the corner for Vulcan Energy shareholders, who have already been on a rollercoaster ride, if lithium prices do retrace.

Vulcan Energy is aiming to become the world’s first lithium producer with net zero greenhouse gas emissions. Its Zero Carbon Lithium Project is seeking to create a lithium-hydroxide chemical product for the European electric vehicle battery market.

The Zero Carbon Lithium Project is located in Germany and is targeting production sometime in 2024.

Vulcan Energy share price snapshot

After storming to incredible highs in 2021, the Vulcan Energy share price has moved in the opposite direction.

Year-to-date, the company’s shares are down almost 40%. These beatings have mostly come since the start of April.

Just last week, its shares fell 14% after recording 4 days of consecutive losses.

Based on today’s price, Vulcan Energy commands a market capitalisation of approximately $892.55 million.

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

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More reading

• 3 ASX mining shares billionaire John Hancock is buying for rising inflation and the energy transition
• Here’s why the Vulcan share price is charging 6% higher
• Up 6%, why has the Vulcan share price surged higher today?
• Do Vulcan Energy shares pay dividends?
• Who wants to be a millionaire? If only you’d invested $10,000 in these ASX shares 10 years ago

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

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The Zip Co Ltd (ASX: ZIP) share price fell to new six-year low today as the federal government flagged new regulations for the Buy Now, Pay Later (BNPL) sector.

The Assistant Treasurer and Minister for Financial Services, Stephen Jones, broke the news in media interviews on a number of platforms.

He said that BNPL services will be regulated as credit products by middle of 2023 as he wants to ensure “guard rails” for the industry.

Zip share price joins peers in the sin bin

The Zip share price declined 2.4% to 62 cents while Block Inc CDI (ASX: SQ2) share price tumbled 6.1% to $109.18 in after lunch trade.

Other players in the space also fell. The Humm Group Ltd (ASX: HUM) share price and Splitit Ltd (ASX: SPT) share price lost over 4% each.

Growing headwinds for ASX BNPL shares

Investors are spooked by the prospect of tighter regulations as that could crimp growth of the industry. ASX BNPL shares don’t need another headwind as escalating interest rates and a slowing economy is already weighing on the sector.

There are fears that bad debts will rise due to the aggressive rate hikes by the Reserve Bank of Australia.

Higher interest rates will also make funding more expensive for the Zip share price, along with its peers.

Quacking like a duck

The sector has long argued that they are not like other credit providers. BNPL products are usually interest free and have short repayment cycles.

But some consumer groups have lobbied the new Labor government to increase legal protection to users.

The Assistant Treasurer said:

We are not interested in having a conversation about whether this particular service is credit or not. If it looks like a duck, walks like a duck, sounds like a duck, it’s a duck – and it should be regulated as a credit product.

The BNPL industry tried to head-off new regulations by developing a code of conduct last year.

Potential silver lining for the Zip share price

While Jones believes that’s a good start, he noted the code was voluntary and that stricter rules were needed.

Stephen Jones added:

We’re talking to the regulators, principally ASIC, and we’re also getting some work done through Treasury on what the appropriate way is to regulate this. A bare minimum is that it operates on a level playing field.

If there is a silver lining, it’s comments from Jones that the laws applying to BNPL won’t be identical to those applied to other debt products, like loans.

Investors will be hoping for the Zip share price’s sake, this means a much more relaxed set of rules for BNPL players.

The post Zip share price hits multi-year low as Assistant Treasurer flags BNPL regulation appeared first on The Motley Fool Australia.

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More reading

• Why Block, Evolution, Fortescue, and Magellan shares are sinking today
• Hmmm… Why is the Humm share price lagging its sector on Friday?
• The Block share price is down 7% on Friday. What’s going on?
• Zip share price turns positive. Could today be its first green day in June?
• How are ASX 200 tech shares performing following the RBA rate hike?

Motley Fool contributor Brendon Lau has positions in Block, Inc. 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 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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What a depressing way to end the trading week for the S&P/ASX 200 Index (ASX: XJO). So far this Friday, the ASX 200 has dropped another 1.1% and is now back under 7,000 points. Seeing as the ASX 200 was above 7,200 at the start of the week, it’s certainly been one to forget.

But rather than letting all of that ruin our weekend, let’s instead take a look at the ASX 200 shares that are now at the top of the share market’s volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Friday

South32 Ltd (ASX: S32)

Mining giant South32 is our first ASX 200 share to check out this Friday. So far today, a hefty 16.52 million of this diversified miner’s shares have been traded on the markets. There’s been no news out of the company itself today.

However, the South32 share price has regardlessly been smashed. It’s currently down by around 4% at $4.81 a share. It’s likely that it is this steep fall in value that has resulted in so many South32 shares finding a new home on the ASX today.

Alumina Limited (ASX: AWC)

Another ASX 200 resources share is next up this Friday in alumina and aluminium producer Alumina. As it currently stands, a sizeable 17.9 million Alumina shares have changed hands. Again, we haven’t heard anything from the company itself today that could easily explain this volume.

But Alumina has also suffered a rather nasty share price movement today. The company is presently down a painful 4.85% to $1.57 a share. It’s this fall that we can probably blame for the elevated volume we see.

Pilbara Minerals Ltd (ASX: PLS)

Pilbara Minerals is our third and final ASX 200 share to have a look at today. This lithium producer has had a whopping 32.32 million shares bought and sold on the share market so far. Unfortunately, we seem to have yet another share price plunge to thank for this high volume we are seeing.

Continuing its woeful June form, Pilbara has lost another 3.7% of its value so far today and is currently going for $2.20 a share. It was even worse this morning, with Pilbara touching a low of $2.14 just after lunch.

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

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More reading

• 3 ASX 200 shares defying Friday’s falls to leap higher
• Why are ASX 200 mining shares tumbling on Friday?
• Down 26% in June, is it time to dig into Pilbara Minerals shares?
• The market expects the RBA to take the cash rate to 3% by the end of 2022
• ASX 200 midday update: Big four banks rebound, Atlas Arteria’s takeover update

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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The S&P/ASX 200 Index (ASX: XJO) is ending a rough week in the red, but some of the shares that call the index home are managing to buck its downwards trend.

These three ASX 200 shares are shaking off the market’s struggles to record gains of up to 3% on Friday. We take a look at what’s keeping them in positive territory.

Right now, the ASX 200 is down 1.12%. That leaves it around 4.1% lower than it was at the end of last week.

3 ASX 200 shares pushing higher on Friday

James Hardie Industries (ASX: JHX)

The James Hardie share price is in the green on Friday despite its sector coming in as the ASX 200’s second worst performer. The stock has gained 1.87% to trade at $34.94 at the time of writing.

Meanwhile, the S&P/ASX 200 Materials Index (ASX: XMJ) has slipped 1.33%.

James Hardie is the only constituent of the sector posting a gain. Interestingly, the company’s US listing fell 3.11% overnight.

There’s been no announcements from the company. However, news of its Prattville manufacturing plant hit headlines overnight.

The Alabama facility – where the company produces fibre cement building solutions – will undergo an expansion, the state’s Governor Kay Ivey announced earlier this week.

“The growth project will double the size of the Alabama facility, permitting a large-scale expansion of its manufacturing capacity,” the Governor said.

Breville Group Ltd (ASX: BRG)

ASX 200 consumer discretionary share Breville is also gaining on Friday. It’s currently trading at $18.21, 1.11% higher than its previous close.

The gain follows the release of an update on the company’s acquisition of LELIT and an insight into its financial year 2022 performance.

The acquisition is on track to be completed at the start of July. Meanwhile the company’s expecting to meet its previously issued guidance for this financial year.

Xero Limited (ASX: XRO)

The final ASX 200 share posting a gain today is tech favourite Xero. The company’s stock is currently 3.32% higher, trading at $82.37. That’s despite no news having been released by the company on Friday.

However, as The Motley Fool Australia reported earlier today, analysts have been impressed by its move to raise prices.

The accounting software provider will increase the prices it charges subscribers in mid-September.

The post 3 ASX 200 shares defying Friday’s falls to leap higher appeared first on The Motley Fool Australia.

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More reading

• Brokers name 3 ASX shares to buy today
• Why Breville, Bubs, Terracom, and Xero shares are pushing higher today
• The market expects the RBA to take the cash rate to 3% by the end of 2022
• Here’s why the Breville share price is smashing the ASX 200 on Friday
• ASX 200 midday update: Big four banks rebound, Atlas Arteria’s takeover update

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 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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It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Australia and New Zealand Banking Group Ltd (ASX: ANZ)

According to a note out of Macquarie, its analysts have retained their outperform rating and $29.50 price target on this banking giant’s shares. It believes that the recent weakness in the banking sector has created a buying opportunity for investors. Particularly given how it believes “lazy” term deposit customers that don’t switch to better offers could provide a margin boost over the next 12 months. The ANZ share price is trading at $23.13 this afternoon.

SEEK Limited (ASX: SEK)

A note out of Credit Suisse reveals that its analysts have retained their outperform rating on this job listings company’s shares with a $36.90 price target. Credit Suisse has bumped its earnings estimates higher for FY 2022 to reflect stronger than expected volumes at home and in Asia. The broker’s estimate now implies earnings ahead of management’s guidance. The Seek share price is fetching $22.24 on Friday.

Xero Limited (ASX: XRO)

Analysts at Citi have retained their buy rating and $108.00 price target on this cloud accounting platform provider’s shares. This follows news that Xero is increasing its prices in the ANZ and UK markets less than a year after its last increase. This is much quicker than the company traditionally increases prices. Citi believes this is an indication of the company’s confidence in its position in its core markets. The Xero share price is trading at $81.94 on Friday afternoon.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 shares defying Friday’s falls to leap higher
• Why Breville, Bubs, Terracom, and Xero shares are pushing higher today
• ASX 200 midday update: Big four banks rebound, Atlas Arteria’s takeover update
• Why are ASX 200 bank shares rebounding on Friday?
• Here’s the ANZ dividend forecast through to 2024

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in SEEK Limited. 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 Australia has recommended Macquarie Group Limited and SEEK 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 has been another day to forget for the S&P/ASX 200 Index (ASX: XJO) on Friday. In afternoon trade, the benchmark index is down 1.2% to 6,933.3 points.

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

Block Inc (ASX: SQ2)

The Block share price is down 6% to $109.34. This follows a similarly sharp decline by the payments company’s NYSE listed shares overnight amid weakness in the tech sector. Wall Street was a sea of red on Thursday night ahead of a key inflation data release later today.

Evolution Mining Ltd (ASX: EVN)

The Evolution share price is down over 3% to $3.46. This has been driven by weakness in the gold sector and a broker note out of Macquarie. In respect to the latter, the broker has reiterated its underperform rating this morning. It believes the gold miner’s earnings are at risk from higher electricity prices.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price is down 2% to $21.14. Weakness in the resources sector and a bearish note out of Goldman Sachs appear to be behind this decline. The latter has seen Goldman reiterate its sell rating and cut its price target on Fortescue’s shares to $13.50. This implies potential downside of 36% for the Fortescue share price from current levels.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price has continued its slide and is down a further 3.5% to $12.37. Investors have been selling this fund manager’s shares this week after the release of another disappointing funds under management update. In addition, S&P Dow Jones Indices revealed that it was kicking Magellan out of the ASX 100 index later this month at the next rebalance.

The post Why Block, Evolution, Fortescue, and Magellan shares are sinking today appeared first on The Motley Fool Australia.

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More reading

• Why are ASX 200 mining shares tumbling on Friday?
• The Block share price is down 7% on Friday. What’s going on?
• Fortescue share price sinks: Broker warns that it could fall a further 34%
• Why Boss Energy, Crown, Magellan, and Shaver Shop shares are rising
• ASX 200 midday update: Magellan rebounds, Crown’s takeover boost

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. 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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