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It was another red day for the Allkem Ltd (ASX: AKE) share price on Thursday.

The lithium miner’s shares dropped almost 5% to $10.70.

This means the Allkem share price is now down 25% from the record high of $14.27 it reached in April.

Is the weakness in the Allkem share price a buying opportunity?

Firstly, while the Allkem share price has fallen heavily in recent weeks, it is impossible to know if it has found a bottom yet. And given how high up the risk scale lithium miners are, their shares are likely to remain under pressure for as long as the market volatility continues.

But that aside, I think the Allkem share price is attractively priced for long-term focused investors.

This is due to the significant free cash flow its diverse operations are already generating and its plans to increase production materially in the coming years.

Growth plans

In respect to the latter, Allkem recently revealed plans to increase lithium production three-fold by 2026 in order to maintain a 10% share of the global lithium market over the next decade.

This means that Allkem remains well-placed to benefit greatly from the sky-high prices that lithium is commanding due to the seemingly insatiable demand from the electric vehicle and renewable energy markets.

Though, it is worth remembering that as supply increases and catches up with demand, those high prices are likely to fade.

Low costs

Fortunately for Allkem, it has some of the lowest costs in the industry. This should ensure that it remains highly profitable even when prices eventually pull back to more normal levels.

During the most recent quarter, Allkem reported a cash cost per tonne of US$349 for its Mt Cattlin spodumene concentrate and US$3,811 per tonne for its Olaroz lithium carbonate. This is meaningfully lower than the mid-to-long term prices being forecast by a leading broker.

A recent note out of Goldman Sachs reveals that its commodities team is forecasting the following for lithium prices.

Lithium spodumene concentrate:

• US$1,750 per tonne in 2023
• US$950 per tonne in 2024
• US$900 per tonne in 2025
• Long-run average of US$800 per tonne

Lithium carbonate:

• US$20,500 per tonne in 2023
• US$17,180 per tonne in 2024
• US$14,468 per tonne in 2025
• Long-run average of US$11,500 per tonne

Even using the long-run average prices, which are down materially from current levels, Allkem will be operating with very attractive margins.

This bodes well for its earnings in the coming years and ultimately dividends when the company stops investing in growth opportunities.

Foolish takeaway

All in all, with the Allkem share price trading at 9x FY 2023 earnings (based on Citi’s forecast of earnings per share of $1.18), I think it could be a top option for investors looking for opportunities in the resources sector.

The post Why I think the Allkem share price is in the buy zone appeared first on The Motley Fool Australia.

More reading

• Falling ASX 200 mining shares ‘an opportunity to invest in sector leaders’: broker
• Low charge: Is the party over for ASX lithium stocks?
• Expert warns investors about lithium and battery mineral ASX shares
• Here’s why ASX lithium stocks are rocketing higher today
• What will the lithium price be in 2025?

Motley Fool contributor James Mickleboro has positions in Orocobre 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 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 bank shares have been popping onto investor radars this year amid a dawning era of rising interest rates.

With inflation running hot across most of the Western world, central banks have begun to ratchet up their official rates. The US Federal Reserve recently lifted rates by 0.50%, with numerous more rate hikes expected over the coming year as the latest US inflation numbers remain above 8%.

Last week, the Reserve Bank of Australia (RBA) boosted the official cash rate for the first time in more than a decade. The rate went from a historic low of 0.10% to the current 0.35%. RBA governor Philip Lowe flagged that more rate rises are expected to bring down Australia’s own fast-rising inflation level.

While higher interest rates will throw up headwinds for many companies, particularly growth stocks priced with far future earnings in mind, they can actually benefit ASX bank shares. That’s because higher rates can see the banks increase their lending margins.

But which ASX bank share is best placed to capitalise on higher rates?

For some insight into that question, we turn to Kate Howitt, portfolio manager of Fidelity’s Australian Opportunities Fund (courtesy of the Australian Financial Review).

The ASX bank share best set for rising rates

Howitt believes the ASX bank share investors should consider in an environment of rising interest rates is Judo Capital Holdings Ltd (ASX: JDO).

According to Howitt:

Newly listed Judo Bank provides the most direct leverage to rising rates. Its funding costs are anchored by the RBA’s fixed-rate Term Funding Facility, whilst its interest income automatically expands with rate rises. That will provide a significant boost to the bank’s margins, on top of the bank’s strong growth in lending.

As an added bonus, since Judo operates in the small and medium enterprise (SME) sector rather than the highly competitive mortgage sector, its rates-driven upside is less likely to be competed away.

How has Judo been performing?

After struggling for much of the year, the Judo share price has strongly outperformed the All Ordinaries Index (ASX: XAO) over the past few days. That strength is likely linked to two recent reports by Judo, indicating its loan book grew 4.1% in the March quarter and that it expects to achieve or beat all of its prospectus metrics for FY22.

The Judo share price closed on Thursday at $1.72, a gain of 5.85%. It is now up 10.6% since Monday’s close, while the All Ords has lost 2.5% over that same time.

The post The ASX bank share with ‘most direct leverage to rising rates’: fundie appeared first on The Motley Fool Australia.

More reading

• Why CBA, Incannex, Judo Capital, and Orica shares are rising
• 3 ASX All Ordinaries shares having a stellar run on Wednesday
• Why the Judo share price is defying the ASX selloff to charge 6% higher today
• This ASX 300 share is down 22% in 2022, and the CEO just bagged another $1 million worth

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Judo Capital Holdings Limited. 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 wanting to invest after the recent (and ongoing) market weakness, then ETFs could be a good option if you’re not sure which individual shares to buy.

This is because ETFs allow you to buy multiple (sometimes even thousands) of shares through a single investment.

With that in mind, listed below are two ETFs that could be good long-term options for investors. Here’s what you need to know about them:

BetaShares Global Energy Companies ETF (ASX: FUEL)

The first ETF for investors to look at is the BetaShares Global Energy Companies ETF. This ETF provides investors with an easy way to gain exposure to the energy sector, which is booming this year thanks to sky high oil prices. This is by allowing investors to own a slice of some of the biggest energy companies in the world.

BetaShares notes that these companies are larger, more geographically diversified, and more vertically integrated than Australian-listed energy companies. Among the fund’s holdings are the likes of BP, Chevron, ConocoPhillips, ExxonMobil, Phillips 66, Royal Dutch Shell, and Total.

BetaShares NASDAQ 100 ETF (ASX: NDQ)

Another exchange traded fund which could be worth looking at is the BetaShares NASDAQ 100 ETF. As you might have guessed from its name, this exchange traded fund gives investors access to the 100 largest (non-financial) businesses on Wall Street’s technology focused NASDAQ index.

Disappointingly, these shares (and therefore the ETF) have been absolutely smashed this year amid rising inflation and interest rates. However, this could be a fantastic long-term buying opportunity for investors. Particularly given how the shares included in the fund are many of the world’s greatest companies. These include Amazon, Apple, Alphabet, Facebook/Meta, Microsoft, Netflix, and Nvidia.

The post 2 high quality ETFs for ASX investors to buy after the market meltdown appeared first on The Motley Fool Australia.

More reading

• VAS: Were you better off buying the Nasdaq ETF?
• 3 fantastic ETFs for ASX investors to buy this week
• These 2 ETFs could help to protect ASX investors against inflation
• 5 ASX ETFs to combat inflation: fund manager
• Which ASX 200 shares have historically performed well during rising inflation?

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 BETANASDAQ ETF UNITS and BetaShares Global Energy Companies ETF – Currency Hedged. The Motley Fool Australia has positions in and has recommended BETANASDAQ ETF UNITS. 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 Treasury Wine Estates Ltd (ASX: TWE) share price closed lower today following another tough day for many ASX shares.

At the closing bell, the winemaking and distribution giant’s shares were exchanging hands at $10.78 apiece, down 3.49%.

In contrast, the S&P/ASX 200 Index (ASX: XJO) ended the day down 1.75% at 6,941 points.

Treasury Wine expands operations

The Treasury Wine share price couldn’t seem to catch a break today, despite a seemingly positive announcement from the company.

Treasury Wines has unveiled a new $165 million state-of-the-art facility in the Barossa region of South Australia.

This is considered to be the largest premium winemaking site in the southern hemisphere, with capacity to produce more than 100 million litres of wine annually.

Treasury Wine further noted that its bottling operations in the Barossa are the biggest across its sites globally.

Up to 216 million bottles are packaged per year, operating four bottle lines, and exported to more than 70 countries. The site employs around 400 permanent team members and extends up to 600 during peak vintage periods.

Treasury Wine stated that the new facility provides it with the ability to increase premium winemaking capacity by 33%.

In addition, it also expands the company’s storage capacity.

What did management say?

Treasury Wines chief supply officer Kerrin Petty commented on what the new facility brings to the market. He said:

It’s a proud moment to unveil our new Barossa wine production facility, which has been two and a half years in the making through the challenges of the pandemic.

…The new site is purpose-built for premium winemaking with the flexibility to scale up or down production depending on demand, which is crucial given the ebbs and flows of wine production.

Sustainability has been front of mind throughout the entire project with the new infrastructure allowing us to manage the impacts of climate change on vintages and ensuring we can protect our most valuable grapes and produce the highest quality wine even in challenging years.

The new winemaking site also includes a 4,500m² Icon Cellar Building which represents global best practice for luxury winemaking and provides visitors with the VIP treatment to experience and tour the winemaking process.

What do the brokers think?

A number of brokers rated the Treasury Wine share price with similar price points following the company’s half-year results.

The team at Morgans cut its rating by 0.9% to $13.93, but believes there is still strong growth to come for Treasury Wine. This is due to the strong portfolio of “much loved iconic wine brands” and management’s recent restructuring.

Based on today’s price, Morgans’ 12-month price target implies a potential upside of around 29% for investors.

On the other hand, Citi also weighed in on Treasury Wine shares, cutting its rating by 0.1% to $13.78.

The broker thinks the company’s shares are currently trading at attractive levels. This is given the fact industry rival Pernod Ricard released a strong third-quarter update recently.

The French winemaker revealed its United States sales have accelerated, which could bode well for Treasury Wine’s North American business.

Treasury Wine share price review

Over the past 12 months, the Treasury Wine share price has been on a rollercoaster ride, posting an 8.5% gain.

However, when glancing at year to date, its shares are down almost 13%.

On valuation grounds, Treasury Wine presides a market capitalisation of approximately $8.06 billion.

The post Can a new $165m ‘state-of-the-art facility’ help restore the Treasury Wine share price? appeared first on The Motley Fool Australia.

More reading

• Broker tips the Treasury Wine share price to pop 23% higher
• Broker names 2 of the ‘best’ blue chip ASX 200 shares to buy now
• Broker names the best ASX shares to buy right now
• The Treasury Wine share price has tumbled 9% in 2022, so is the dividend yield worth its weight?
• Can the Treasury Wine share price recover from its post-China hangover?

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 recommended Treasury Wine Estates 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 Novonix Ltd (ASX: NVX) share price is sliding today and is currently down 9.05% at $3.62.

Despite no market-sensitive updates, investors are selling off Novonix shares today on a volume of 3.5 million shares at the time of writing, well ahead of the four-week average.

What’s happening with Novonix?

It’s not abundantly clear what is driving down the Novonix share price. However, in wider market moves, the S&P/ASX All Technology Index (ASX: XTX) is also down 6.23% today as tech shares take a beating.

This brings the index’s loss to 19% for the month, and 34% for the year to date. A wave of macroeconomic pressures appears to be weighing in, most notably inflation, interest rates, and tension in Europe.

As reported by the Motley Fool earlier this week, tech shares have continued to slide on a global scale, as these pressures continue to tighten the rope further.

The continued downturn in the American markets follows the US Federal Reserve’s decision to raise interest rates.

Despite this, Novonix has made inroads in successfully uplisting to the NASDAQ, and made other operational progress, as covered by my colleague Tristan.

As such, analysts at Morgans have retained a hold rating on the stock, holding the view that not much has changed fundamentally for the company in spite of it taking a hit to its earnings from the listing.

Novonix share price snapshot

In the last 12 months, the Novonix share price has held onto a 77% gain after a bumper year in 2021. This year to date however, losses have been extensive and the stock is down more than 60%.

It is also down 22% over the past month.

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

More reading

• The Novonix share price just rebounded 13%. Is it a buy?
• Technophobia? Why ASX 200 tech shares are getting hammered again
• Why is the Novonix share price down 6% on Friday?
• Novonix share price powers up on strong quarterly revenue growth
• Here’s why ASX 200 tech shares are having such a stellar end to the week

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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Australia’s first Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC) exchange-traded funds launched this morning.

In fact, after waiting patiently for what seems like years, today saw the launch of not one but three crypto ETFs. One offers direct exposure to Ethereum’s spot price while the other two are meant to mirror the Bitcoin price.

The Ethereum ETF goes by the name ETFS 21Shares Ethereum ETF (CXA: EETH). While the two Bitcoin funds are Cosmos-Purpose Bitcoin Access ETF (CXA: CBTC) and ETFS 21Shares Bitcoin ETF (CXA: EBTC).

Unlike prior crypto ETFs available Down Under, all three invest in the tokens themselves, intending to closely mirror the spot price.

Just take note that you won’t find any of them trading on the ASX. Instead, you’ll find them listed on the Cboe Australia exchange.

How are the Ethereum and Bitcoin ETFs tracking on day one?

Despite a big pullback in crypto prices – Ethereum is down 36% over the past week and Bitcoin has fallen 31% – there’s still a healthy appetite for the new crypto ETFs.

As at 3pm AEST, the Cosmos-Purpose Bitcoin Access ETF has seen $493,000 worth of trades. The ETFS 21Shares Bitcoin ETF has seen almost twice that value transacted, with $936,000 of trades.

Crypto investors are also clearly looking for ETF exposure to Ethereum as well, with $568,000 worth of trades in the ETFS 21Shares Ethereum ETF.

Two week delay brings fee waiver

If you expected to be able to invest in Cosmos’ new ETF two weeks ago, you’re not alone.

But the launch of the crypto ETF faced regulatory delays, which has seen Cosmos CEO Dan Annan waive management fees for the first two months.

According to Annan (quoted by the Australian Financial Review), “Investors have been eagerly waiting for Australia’s first bitcoin ETF for a long time. As reward for all of our investors, for their patience, or impatience, we are waiving the fees for the first two months.”

Two months without fees will certainly come as welcome news to crypto investors.

The post How are Australia’s Ethereum and Bitcoin ETFs faring on their first day? appeared first on The Motley Fool Australia.

More reading

• Bitcoin price plunges below US$30,000. What’s going on?
• Why Ethereum, Solana, and Cardano all plunged today
• Why should I buy Bitcoin ETF shares instead of just buying Bitcoin?
• The Ethereum price just got smashed. What’s going on?
• ‘Slow motion meltdown’: How low will the Bitcoin price sink?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin and Ethereum. The Motley Fool Australia has positions in and has recommended Bitcoin and Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It’s been a rough day on the market for most S&P/ASX 200 Index (ASX: XJO) shares.

The index has been trading in the red on Thursday. It’s currently recording a fall of 1.63%.

But not all has been dire. Two ASX 200 shares managed to leap to long-forgotten heights today.

Let’s take a look at what helped these ASX 200 giants dodge Thursday’s carnage.

What drove these ASX 200 shares to multi-year highs?

Whitehaven Coal Ltd (ASX: WHC)

The share price of ASX 200 coal producer, Whitehaven Coal reached its highest point since 2019 on Thursday despite the company’s silence.

At its highest point of the day, the stock was trading at $5.11 — 2.6% higher than its previous close. Though, it has since sunk into the red.

While there’s been no news from the company, the commodity it deals in is having a good run.

Newcastle coal futures reached their highest point since March today. Of course, it was in March that the price of coal smashed its all-time high amid Russia’s invasion of Ukraine.

The Whitehaven share price has gained 78% since the start of 2022. It’s also 317% higher than it was this time last year.

Viva Energy Group Ltd (ASX: VEA)

Fellow ASX 200 energy share, Viva Energy also surged to a new multi-year high today. It reached $2.86 at its intraday high, representing a 7.1% gain and its highest point in two-and-a-half years.

Its surge came on the back of an update on the company’s refining and financial performance for the four months ended 30 April.

The company noted a “significant and sustained widening of the gap between the international price of refined products and our cost of crude oil”.

 Of course, that helped bolster its earnings over the period.

Viva Energy’s unaudited earnings before interest, tax, depreciation, and amortisation (EBITDA) for the period came to about $308 million – a 65% increase on the same period last year.

Additionally, it achieved an actual Geelong Refining Margin of US$26.4 a barrel in April. That was up from US$11.5 a barrel in March and an average of US$8.3 a barrel over the March quarter.

The Viva share price is currently nearly 15% higher than it was at the start of the year. It’s also 28% higher than it was this time last year.

The post 2 ASX 200 shares clocking multi-year highs on Thursday appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why are these ASX coal shares having a top run today?
• Blockdown! Why is the Block share price crashing by 16% today?
• ASX 200 midday update: CBA’s Q3 update impresses, Xero and Block crash
• 5 things to watch on the ASX 200 on Thursday

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

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It’s another day, another fall so far this Thursday for the S&P/ASX 200 Index (ASX: XJO). At the time of writing, the ASX 200 is down by another 1.67% to back well under 7,000 points.

But instead of dwelling on that sobering metric, let’s instead take a look at the shares currently topping the ASX 200’s share volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Thursday

Whitehaven Coal Ltd (ASX: WHC)

ASX 200 coal miner Whitehaven is our first share to check out this Thursday. So far today, a sizeable 13.13 million Whitehaven shares have found a new home. There hasn’t been any major news out of the company today, save for a routine share buyback notice. However, this company has endured some significant volatility.

Initially, Whitehaven shares rose strongly this morning, going as high as $5.11 a share. However, investors seem to have gotten cold feet and have subsequently re-valued the company at $4.91 a share at the time of writing, down 1.41%. It’s this bouncing around that has probably led to so many Whitehaven shares trading today.

Telstra Corporation Ltd (ASX: TLS)

Telstra is our next ASX 200 share to take a glance at today. This telco has had a notable 16.23 million shares trade on the markets thus far. Again, we don’t have too much out of Telstra itself today to go off, save for some share buyback notices. This could be contributing to volumes itself. But it’s probably Telstra’s not-insignificant fall that is behind most of this trading. Telstra is currently down by 1.15% at $3.86 a share. That puts the company’s 2022 performance thus far at a depressing loss of 8.4%.

Pilbara Minerals Ltd (ASX: PLS)

From TLS to PLS! Pilbara Minerals is our final and most traded share of the day this Thursday. This ASX 200 lithium stock has had 18.66 million of its shares trade hands as it currently stands. We haven’t had any news out of Pilbara today, indeed all month. So we have to assume that this volume is the result of the nasty selloff Pilbara has suffered through. The company is currently down another painful 5.73% at $2.47 a share. That puts Pilbara’s losses over the past month at a whopping 16.5%.

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

More reading

• Why are these ASX coal shares having a top run today?
• If you’d bought $10,000 of Pilbara Minerals shares 10 years ago, congratulations! Here’s what you’d have now
• Blockdown! Why is the Block share price crashing by 16% today?
• ASX 200 midday update: CBA’s Q3 update impresses, Xero and Block crash
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Sebastian Bowen has positions in Telstra Corporation 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 Telstra Corporation 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 AGL Energy Limited (ASX: AGL) share price is in the green on Thursday. That’s despite environmental group Greenpeace rebutting claims made by the company’s management.

Greenpeace Australia Pacific’s Glenn Walker slammed the company’s refusal to exit coal by 2030, saying AGL has “the memory of a goldfish and the agility of an elephant at a time which calls for the opposite”.

At the time of writing, the AGL share price is $8.30, 1.34% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently down 1.63%.

Let’s take a closer look at the latest push back to the company’s split.

AGL slammed for refusing to ditch coal this decade

The AGL share price is recovering from its previous four-session tumble on Thursday.

Meanwhile, Greenpeace has gone head-to-head with the company after it reportedly claimed ditching coal by 2030 is an “engineering impossibility”.

AGL’s management said that, to exit coal-fired power generation by the end of the decade, it would need to build twice as many wind farms over the next five years as it did over the prior five years, reports The Australian.

It also reportedly claimed transitioning to renewables by 2030 would require $30 billion and an area twice the size of the ACT.

“Time and time again, they have been caught with their pants down by the rapidly accelerating energy transition,” Walker rebutted.

AGL plans to shutter its Bayswater coal-fired power plant by 2033 and its Loy Yang A plant by 2045.

The AGL share price tumbled 3% amid the company’s decision to bring those dates forward by two and three years respectively in February.

But many environmental advocates believe that’s not soon enough. Walker continued:

AGL CEO Graeme Hunt claims that renewables cannot be built twice as fast as the past five years but that is exactly what the vast majority of his peers in the energy sector believe will happen …

This outdated adherence to coal is the same disastrous mistake repeated yet again, at the expense of shareholders, customers, the climate, and all Australians.

Walker also labelled the company’s planned split “dodgy” and “the latest in a long line of terrible decision making”.

The demerger would see AGL’s energy generation assets run by Accel Energy. Meanwhile, its retail business would be operated by AGL Australia.

Walker has previously dubbed the split “a turd rolled in glitter“.

AGL share price snapshot

Today’s gains included, the AGL share price is almost 32% higher than it was at the start of 2022.

Though, it has fallen 4.6% since this time last year.

The post AGL share price lifts despite Greenpeace accusing leadership of being ‘caught with their pants down’ appeared first on The Motley Fool Australia.

More reading

• Is Cannon-Brookes getting ready to pitch a third takeover bid for AGL shares?
• Own AGL shares? Expert warns Cannon-Brookes’ stake might not be all it seems
• Cannon-Brookes warns AGL dividends at risk from demerger
• AGL share price makes partial recovery as expert declares demerger favourable
• AGL share price follows market lower despite demerger milestone

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

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The S&P/ASX 200 Index (ASX: XJO) is back heading south again on Thursday afternoon. At the time of writing, the benchmark index is down 1.5% to 6,961 points.

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

Block Inc (ASX: SQ2)

The Block share price is down a massive 17% to $101.08. This follows a similarly sharp decline for the payments giant’s NYSE listed shares on Wall Street overnight. Block appears to have been caught up in a tech selloff in the United States amid concerns over sky high inflation.

IDP Education Ltd (ASX: IEL)

The IDP share price is down over 9% to $22.69. Investors have been selling this language testing and student placement company’s shares after it announced the resignation of its long-serving CEO, Andrew Barkla. He will be stepping down from the role in September after more than seven years at the helm. A global search for a replacement will now get underway.

Monash IVF Group Ltd (ASX: MVF)

The Monash IVF share price is down 5.5% to $1.10. This follows the release of a trading update out of the fertility treatment company. That update revealed that the current environment has negatively impacted stimulated cycle activity and profitability between January to April as patients defer treatment. As a result, Monash IVF’s adjusted net profit after tax is expected to be $22 million in FY 2022. This will be down from $23.3 million in FY 2021.

Xero Limited (ASX: XRO)

The Xero share price is down 12% to $76.53. Investors have been selling the cloud accounting platform provider’s shares amid weakness in the tech sector and the release of its full-year results. In respect to the latter, Xero reported a 29% increase in revenue to NZ$1.1 billion and an 11% lift in earnings before interest, tax, depreciation and amortisation (EBITDA) to NZ$212.7 million. However, this fell short of Goldman Sachs’ estimates, as did its subscriber growth.

The post Why Block, IDP Education, Monash IVF, and Xero shares are dropping appeared first on The Motley Fool Australia.

More reading

• Blockdown! Why is the Block share price crashing by 16% today?
• Thursday thrashing: ASX tech shares tumble
• ASX 200 midday update: CBA’s Q3 update impresses, Xero and Block crash
• Zip share price tumbles 5% to another multi-year low
• How much further can ASX 200 tech shares tumble? Macquarie weighs in

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., Idp Education Pty Ltd, and Xero. The Motley Fool Australia has positions in and has recommended Block, Inc. and 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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