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ASX gold shares are bucking the wider selling trend gripping share markets today.

While the All Ordinaries Index (ASX: XAO) is down 1.2% in afternoon trading, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) has gone the other way, up 4.3%.

ASX gold shares are enjoying the fruits of fast rising gold prices.

Gold’s historic haven status has been on clear display over the past month.

Investors, already skittish about unexpectedly fast rising inflation figures, have been piling into gold following Russia’s invasion of Ukraine.

The continued buying spree sent the price of the yellow metal up another 1% over the past 24 hours, to US$1,990 (AU$2,687) per troy ounce, according to data from Bloomberg. That’s up from US$1,820 per ounce this time last month. And it’s up from US$1,684 per ounce a year ago.

That’s creating a big lift for the ASX Gold Index, and it’s seeing 3 ASX gold shares hit new 52-week highs today.

3 ASX gold shares hitting 52-week highs

The first ASX gold share notching up new 52-weeks high is Perseus Mining Ltd (ASX: PRU).

Perseus has numerous gold projects underway in West Africa. In February, the miner reported strong half year results, including a 90% year-on-year leap in revenue ($564 million in H1 FY22) and a 101% increase in earnings before interest, tax, depreciation, and amortisation (EBITDA).

The Perseus share price is up 4.1% in afternoon trading, currently at $1.90. That gives the miner a market cap of $2.24 billion.

The second ASX gold share hitting fresh 52-week highs is Capricorn Metals Ltd (ASX: CMM).

Capricorn has projects in Australia and Madagascar. Its Karlawinda gold project is located in Western Australia.

For the December quarter, Capricorn reported a boost in its gold production to 30,316 ounces, up from 24,329 ounces the previous quarter.

The Capricorn share price is up 2.2% to $3.86 per share. That gives the company a current market cap of $1.41 billion.

Rounding off the list of ASX gold shares hitting 52-week highs today is Gold Road Resources Ltd (ASX: GOR).

The Gold Road share price is soaring 5.7% in late afternoon trade, currently at $1.68 per share. At that price that gold miner has a market cap of $1.40 billion.

Among its projects, the gold producer has a Tier 1 mine and exploration projects in Western Australia.

Gold Road pays a 1.2% dividend yield, fully franked.

The post 3 ASX gold shares rocking new 52-week highs today appeared first on The Motley Fool Australia.

More reading

• 3 ASX mining shares breaking new 52-week highs today
• This ASX 200 mining share is combatting the carnage to rise 13% today. Here’s why
• 2 ASX mid-cap shares hitting new 52-week highs today
• 2 All Ordinaries mining shares smashing all-time highs today

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 Bruce Jackson.

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The Fortescue Metals Group Limited (ASX: FMG) share price is bucking the market sell-off today as the outlook for the iron ore price recently improved.

While Russia’s invasion of Ukraine is adding to global stagflation fears and dragging on share markets, the conflict may be boosting the iron ore price.

This could explain why the Fortescue share price is up almost 2% to $19.58 at the time of writing.

ASX iron ore shares defying market weakness

In contrast, the S&P/ASX 200 Index (ASX: XJO) is down 1.24% in late afternoon trading as it appears investors continue to lose their appetite for risk.

However, it’s not only the Fortescue share price that’s getting a boost from the iron ore thematic. The BHP Group Ltd (ASX: BHP) share price jumped 0.92% to a seven-month high of $50.40 at the time of writing. The Rio Tinto Limited (ASX: RIO) share price is trading flat but that’s still way better than the ASX 200.

How Ukraine is boosting the Fortescue share price

The positive sentiment towards iron ore is due to two macro factors. The first is Ukraine, even though the country only produces 40 million tonnes of the commodity a year.

Russia produces even less at 25 million tonnes a year. Their combined output accounts for a mere 3% of the global market.

But the balance between demand and supply is so finely tuned that it doesn’t take much to tip the sentiment scale. This is especially on news that the disruption to Ukraine’s supply is driving iron ore pellet prices higher.

Japan’s Nippon Steel is scrambling to look for new supply of the high-grade product as Ukraine makes up 14% of its supply, as reported in the Australian Financial Review.

Chinese stimulus adds to bullish sentiment

Then there’s China’s economic growth target that was just released. The Asian giant is aiming for 5.5% growth in its GDP this year – its lowest in 30 years.

While that’s well down from the 8.1% increase last year, some experts believe the lower target is still very ambitious, according to the Sydney Morning Herald.

What investors take this to mean is that China will need to rachet up stimulus spending if it wants to achieve its 2022 goal.

Outlook for the Fortescue share price

There’s nothing like talk of Chinese stimulus to fire up the imaginations of iron ore bulls. History has shown that China tends to target infrastructure construction when it’s supporting economic growth. And we know that infrastructure construction adds to demand for the steel-making mineral.

This comes at a time when Brazil is still struggling to lift exports of ore due to ongoing COVID-19 disruptions.

The stars seem to be aligning for iron ore and the Fortescue share price could stay higher for longer if the commodity stays comfortably over US$100 a tonne for 2022.

The post Why is the Fortescue (ASX:FMG) share price having such a stellar start to the week? appeared first on The Motley Fool Australia.

More reading

• These 3 ASX 200 shares are topping the volume charts this Monday
• Glitch! Why are ASX tech shares getting hammered on Monday?
• Adjusting your ASX share portfolio in response to the Ukraine crisis might not be beneficial: expert
• Has Zip (ASX:Z1P) got this key metric wrong in the Sezzle takeover?
• The oil price just hit a 13-year high, and these ASX 200 shares are surging

Motley Fool contributor Brendon Lau owns BHP Billiton Limited, Fortescue Metals Group Limited, and Rio Tinto Ltd. 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 Bruce Jackson.

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Shares in National Australia Bank Ltd (ASX: NAB) are walking lower today, currently trading 2.3% in the red at $28.22.

NAB shares have taken a beating over the past month in line with the wider ASX banking sector, as the global financial system is turned on its head in response to conflict in Europe.

As such, the NAB share price has fallen sharply from its peak of $30.85 in mid-February – also its 52-week high.

Is NAB a buy in 2022?

According to analysts at investment bank JP Morgan, NAB is absolutely a buy for 2022. The broker is overweight on NAB shares and sees a respective amount of upside for the remainder of this year.

In fact, NAB is JP Morgan’s top pick among the banking majors for this year.

“We have an overweight recommendation on NAB reflecting stronger-than-peer revenue growth prospects, likely sound cost control, and ongoing capital management,” the firm said in a recent note.

The stronger revenue profile reflects NAB’s tilt towards small business banking, which should insulate it from ROE [return on equity] pressures in retail banking, as well as strong execution in its market leading SME franchise where it continues to take market share.

JP Morgan analysts also reckon NAB is well positioned to benefit from any increase to interest rates, calling this “leverage to rates” a net positive to net interest income (NII).

Not only that, on the customer level NAB is looking strong, it says, particularly when examining trends on individual metrics.

“Customer metrics are very sound with strategic NPS showing strong improvement in recent periods,” the broker said.

The bank’s Q1 FY22 results were also a standout for analysts at the firm, particularly at the net interest margin (NIM) level – a headwind that most analysts are baking in for ASX banks to face in 2022.

…underlying NIM performance which at negative 2 basis points half on half was well ahead of ANZ at minus 4 basis points and Westpac’s negative 10 basis points in the quarter, as well as CBA’s negative 9 basis points in the December half.

What made the margin performance more compelling was it came alongside strong loan growth of 3% quarter on quarter.

Whilst NAB could potentially “walk away” from its cost targets for FY22-24, this shouldn’t be an issue for shareholders, the broker says. And NAB should avoid “short-termism” in its forecasts anyways.

“While costs may rise from here on volume-driven expenses we are comfortable with management planning for the long term and see a strong case for consistent above-peer earnings growth which we think justifies a re-rating,” analysts remarked.

While we think it possible that NAB walks away from its cost targets, this is already factored into our forecasts and still we see NAB’s pre-provision profit growth outstripping peers.

JP Morgan values NAB at $33.50 per share. This suggests an upside potential of 20% for investors to sink their teeth into this year, should the broker’s thesis come to life.

NAB share price snapshot

In the last 12 months the NAB share price has held gains, up 7%. This year to date it has struggled, however, and is down 3% since trading recommenced on 4 January.

During the past month of trading shares have gained 1%, but NAB is still trailing the broad indexes so far in 2022.

The post Top broker says NAB (ASX:NAB) share price has 20% upside. Here’s why appeared first on The Motley Fool Australia.

More reading

• The NAB (ASX:NAB) share price has only gained $3 in 12 years. Have the dividends been worth it?
• Why brokers rate these ASX 200 dividend shares as buys
• Australia’s newest tech unicorn, Zeller, is taking on the ASX banks. Here’s how
• Why did the NAB (ASX:NAB) share price leap 7% in February?
• ‘A lot of headroom to grow’: Is 2022 the year ASX investors turn to ESG shares?

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 Bruce Jackson.

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Big news for Aurizon Holdings Ltd (ASX: AZJ) shares dropped over the weekend.

Following its March quarterly review, S&P Dow Jones Indices announced the company is about to be booted from the S&P/ASX 50 Index (ASX: XFL).

Aurizon will be waving goodbye to the exclusive group of some of the ASX’s biggest and most renowned shares on 21 March.

Let’s take a closer look at the upcoming change facing the rail freight operator and what it could mean for its shares.

Aurizon to be removed from the ASX 50

The Aurizon share price is slipping on Monday as the market reacts to news that the company is to be dropped from the ASX 50.

At the time of writing, the Aurizon share price is $3.54. That’s 1.9% lower than it was as of Friday’s close.

For context, the S&P/ASX 200 Index (ASX: XJO) is also in the red on Monday. It is currently down around 1.1%.

The company’s impending removal from one of the ASX’s most exclusive cliques was announced on Friday evening.

It means trading of the company’s stock might soon increase as funds tracking the ASX 50 Index sell out Aurizon in favour of its replacement – BlueScope Steel Limited (ASX: BSL).

Thus, eagle-eyed market watchers might see funds buying into BlueScope to maintain their mirroring of the index.

Additionally, fund managers mandated to only trade in ASX 50 shares might soon be forced out of Aurizon and have to consider BlueScope.

Aurizon share price snapshot

2022 has been a rollercoaster for the Aurizon share price.

Right now, it’s 1% lower than it was at the start of this year. It has also fallen 2% since this time last year.

According to the ASX, the company has a market capitalisation of around $6.6 billion.

The post Here’s why Aurizon (ASX:AZJ) shares will soon be booted from this exclusive club appeared first on The Motley Fool Australia.

More reading

• 5 ASX 200 shares trading ex-dividend today
• 3 ASX shares to buy before the market rockets up again
• Deal or no deal? Aurizon (ASX:AZJ) share price falls amid sale rumours
• A fair price? Aurizon (ASX:AZJ) share price gains despite 27% dividend dive
• Interest rate anxiety? 3 ASX shares to stay calm and carry on

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 recommended Aurizon Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Woodside Petroleum Ltd (ASX: WPL) share price is surging today.

Again.

Spurred by spiking oil and gas prices, shares in the S&P/ASX 200 Index (ASX: XJO) energy giant are up around 9% in afternoon trading.

The Woodside share price closed on Friday at $31.42. It currently stands at $34.16.

And it’s not just Woodside shares rallying amid the global surge in energy prices. While the ASX 200 is down 1.26% at time of writing, the S&P/ASX 200 Energy Index (ASX: XEJ) is up around 5%.

What’s happening with energy prices?

Gas prices are rocketing; coal is trading at all-time highs; and Brent crude oil is worth US$118 per barrel. That’s up 42% from the $69 per barrel Brent was trading for as recently as 1 December, according to data from Bloomberg. This puts crude prices at 13-year highs and is helping drive the Woodside share price sharply higher today.

Energy prices had already been increasing on resurgent demand following easing of COVID-19 restrictions and limited supply growth.

Then Russia, the world’s number two oil exporter with a similarly large footprint in coal and gas, surrounded and invaded Ukraine.

Western nations are now actively debating adding oil to the sanctions already imposed on Russia. That news saw Brent crude prices spike 8% over the past 24 hours alone.

While higher energy costs will come as bad news to energy intensive companies, like ASX travel shares or manufacturers, they’ve certainly added some strong tailwinds for the likes of the Woodside share price.

Woodside share price in review

You’re unlikely to hear any Woodside shareholders complaining about the company’s performance in the New Year.

The Woodside share price has surged 56% since the opening bell on 4 January. For some context, the ASX 200 is down 6% in that same time.

At the current price, Woodside pays a 5.96% dividend yield, fully franked.

The post Woodside (ASX:WPL) share price surges another 9% today as oil resumes rally appeared first on The Motley Fool Australia.

More reading

• Why Argosy Minerals, De Grey, Whitehaven, and Woodside shares are racing higher
• The oil price just hit a 13-year high, and these ASX 200 shares are surging
• ASX 200 (ASX:XJO) midday update: AGL rejects new takeover offer, Appen makes strategic investment
• Why Woodside (ASX:WPL) shares are ‘best placed’ to benefit from the energy crisis: expert
• 5 things to watch on the ASX 200 on Monday

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 Bruce Jackson.

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The Firefinch Ltd (ASX: FFX) share price has started the week in a positive fashion.

At one stage today, the Mali-based gold and lithium explorer’s shares were up 5% to 73 cents.

The Firefinch share price has since pulled back but remain up 1% at the time of writing.

Why is the Firefinch share price rising today?

Investors were bidding the Firefinch share price higher today after the company received some positive news.

According to an announcement out of S&P Dow Jones Indices, it has added Firefinch to the All Ordinaries index at the next quarterly rebalance on 22 March.

This can be a boost to a company’s shares as some fund manager have strict investment mandates that will only allow them to buy shares from certain indices such as the All Ordinaries.

S&P Dow Jones Indices appears to believe Firefinch shares have earned the right to join the index after the company’s market capitalisation surpassed $800 million. This follows a whopping 250% rise by the Firefinch share price over the last 12 months.

Investors have been bidding its shares higher over this time thanks to promising drilling results from its 80% owned Morila Gold Mine and 100% owned Goulamina Lithium Project.

The latter is one of the world’s largest undeveloped high quality spodumene deposits. Though, this operation may not be part of Firefinch for too much longer. Management is currently in the process of demerging Goulamina into a new ASX listed entity, Leo Lithium.

The post Is this boosting the Firefinch (ASX:FFX) share price higher today? appeared first on The Motley Fool Australia.

More reading

• Get ready! The ASX shares set for a decade-long tailwind: expert

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 Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) seems to have gotten up on the wrong side of the bed this morning in a disappointing start to the trading week. At the time of writing, the ASX 200 is down by a rather nasty 1.33% at just over 7,000 points. 

But rather than dwelling on that, let’s have a look at the ASX 200 shares currently at the top of the market’s share volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume so far on Monday

Whitehaven Coal Ltd (ASX: WHC)

ASX 200 energy share Whitehaven is our first company to feature on our list today. This coal miner has seen a hefty 31.41 million shares traded on the share market as it currently stands. This appears to have been triggered by yet another boom in the Whitehaven share price itself. 

The company is up another 4.8% or so today and hit a new 52-week high of $4.21 earlier today. That puts Whitehaven’s one-month gains at an astounding 46.7%. These factors are almost certainly behind Whitehaven’s elevated trading volume this Monday.

Incitec Pivot Ltd (ASX: IPL)

Incitec Pivot is our next ASX 200 share to check out today. This fertiliser and explosives manufacturer has had a sizable 34.06 million shares change hands at the time of writing. There’s been no major news or announcements out of the company today, or indeed this month so far.

However, the Incitec share price is currently up an impressive 5.03% to $3.44 a share. Earlier today, it rose as high as $3.52. It’s this big leap upward that is probably to thank for the high volumes we are seeing. 

Paladin Energy Ltd (ASX: PDN)

Uranium miner Paladin is our final share of the day today. So far, a whopping 47 million of this ASX 200 share’s have been bought and sold on the ASX’s boards this Monday. Again, there isn’t much news out of the company to report so far. 

However, the Paladin share price has shown quite a lot of volatility over today’s trading day. The company is presently down by 0.7% at 73 cents per share. But earlier this morning, the company was going for as much as 80 cents per share. That’s a move of more than 7% that’s occurred in between. It’s this volatility that has probably put Paladin on the top of this ASX 200 list as it stands right now. 

The post These 3 ASX 200 shares are topping the volume charts this Monday appeared first on The Motley Fool Australia.

More reading

• Glitch! Why are ASX tech shares getting hammered on Monday?
• Adjusting your ASX share portfolio in response to the Ukraine crisis might not be beneficial: expert
• Why Argosy Minerals, De Grey, Whitehaven, and Woodside shares are racing higher
• Why the Ukraine crisis is shining the spotlight on ASX coal shares
• Has Zip (ASX:Z1P) got this key metric wrong in the Sezzle takeover?

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 Bruce Jackson.

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It’s been a good few years for ASX mining shares with many companies delivering solid performances.

Yet, one investment expert believes there’s plenty still on the table, with a decade of positive catalysts ahead for the resource sector. This is despite materials pulling through as the third-best performing sector in the last 12 months, rallying more than 13%.

So, what exactly has this experienced fund manager of more than 27 years excited about ASX mining shares?

Where is all the supply?

Regal Investment Management chief investment officer Phil King is bullish on ASX mining shares. The investing veteran has supported this belief by holding an overweight position in the resources sector through his Australian equity fund.

In an interview with The Australian Financial Review, King detailed his fund’s perspective, stating:

We remain very positive on the outlook for the Australian market and we think it will be one of the best performing markets over the next decade. We have a large and increasing exposure to miners and already, we’re seeing that outperformance.

There are a few key reasons why the fund manager considers the sector a red hot opportunity looking forward. Firstly, the proliferation of electrification as the world pushes towards a greener alternative is creating new demand for resources.

Secondly, the supply to meet demand is non-existent. In short, ASX mining shares are not investing the same level of capital in creating new supply as they had once before. King notes this might partly be due to the increasing difficulty in getting mine approvals.

Furthermore, King highlights lithium as a big potential opportunity. Much like iron ore 20 years ago, the fund manager thinks prices will benefit from the drawn-out process to bring new supply online. This comes amid increasing demand for lithium in manufacturing electric vehicle batteries.

Picking favourites among ASX mining shares

While King has shared his optimism for the resources sector, there are a handful of specific ASX mining shares the fund manager named as preferred picks.

These companies included Allkem Ltd (ASX: AKE), Galan Lithium Ltd (ASX: GLN), and Firefinch Ltd (ASX: FFX).

You might have noticed these are all lithium producers or explorers. Though, King is also bullish on mineral sands, rare earths, energy, and aluminium companies — without naming specific shares.

The post Get ready! The ASX shares set for a decade-long tailwind: expert appeared first on The Motley Fool Australia.

More reading

• Brokers name 3 ASX shares to buy today
• Why Morgans rates this ASX lithium share and this retail share as buys
• Top broker tips another 28% upside for the Allkem (ASX: AKE) share price
• How did ASX lithium shares perform in February?
• Lithium bonanza! Broker says the Allkem (ASX:AKE) share price could double

Motley Fool contributor Mitchell Lawler 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 Bruce Jackson.

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If you’re looking for growth shares, then look no further. Listed below are three ASX growth shares which have been tipped for strong growth in the future.

Here’s why analysts have rated them as buys:

Breville Group Ltd (ASX: BRG)

The first growth share that could be in the buy zone is Breville. It is a leading appliance manufacturer responsible for a number of popular brands. These include the Kambrook, Sage and Breville brands. The team at Morgans is very positive on the company. This is due partly to its global expansion, burgeoning product pipeline, and favourable consumer trends. Morgans recently put an add rating and $32.00 price target on its shares.

Hipages Group Holdings Ltd (ASX: HPG)

Another ASX growth share to look at is Hipages. This leading Australian-based online platform and software as a service (SaaS) provider connects consumers with trusted tradies. While the first half of FY 2022 was disappointing due to the impact of lockdowns on its tradie subscriptions, a big improvement is expected in the second half. Goldman Sachs remains positive and notes that Hipages has a compelling long term growth opportunity as it scales to become the leading trade services marketplace in Australia. The broker currently has a buy rating and $3.60 price target on its shares.

NEXTDC Ltd (ASX: NXT)

A final growth share that could be a buy is NEXTDC. It is a leading data centre operator which appears well-placed to benefit from the structural shift to the cloud thanks to its world class network of centres and expansion into edge centres. Citi is a fan and currently has a buy rating and $14.55 price target on NEXTDC’s shares. It believes the conversion of Hyperscale customer commitments in Sydney and Melbourne will be the next key growth catalyst.

The post 3 fantastic ASX growth shares analysts rate as buys appeared first on The Motley Fool Australia.

More reading

• Brokers name 3 ASX shares to buy today
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• Brokers name 3 ASX shares to buy today

Motley Fool contributor James Mickleboro owns NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Hipages Group Holdings Ltd. The Motley Fool Australia owns and has recommended Hipages Group Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is taking a bit of a hammering so far this Monday. At the time of writing, the ASX 200 is down by a disappointing 0.97% at just over 7,000 points. But ASX tech shares are once again faring far worse.

The ASX tech sector is currently the worst-performing ASX 200 sector by far. And we have certainly seen some dramatic moves amongst its most famous constituents. Take Block Inc (ASX: SQ2), the new owner of Afterpay. Block shares are currently down a notable 11.05%.

We’ve seen a 3.2% slide in Zip Co Ltd (ASX: Z1P) shares, which also saw a new 52-week low of $1.62 a share this morning. Life360 Inc (ASX: 360) has lost more than 8% so far today, while EML Payments Ltd (ASX: EML) and Megaport Ltd (ASX: MP1) are down by 4.6% and 5.5% respectively.

Altium Limited (ASX: ALU) and WiseTech Global Ltd (ASX: WTC) have both lost more than 2.5%. And Appen Ltd (ASX: APX) has lost more than 4.5%.

You get the idea.

Why are ASX tech shares getting hammered today?

So why are ASX tech shares bearing the brunt of today’s sell off? Well, there’s no easy answer, unfortunately. However, it is typical for ASX tech shares to react in a more volatile fashion than the broader market during both strong and weak markets.

We often see tech shares like those listed above, enjoy outsized gains when the market is green. But conversely, we often see carnage in this space on days like today where there are broad selling pressures across the share market. As such, today’s moves might be painful, but they are not exactly abnormal. 

Another factor to consider is the US markets. According to the Australian Financial Review (AFR), futures markets for the Nasdaq 100 Index are currently pointing to a 2% slide when the markets open early tomorrow morning (our time). The Nasdaq is known as the US’s tech-heavy index, so ASX tech investors often take cues from what this market is doing.

Whatever the underlying cause for today’s sell off, there’s no doubt it has been a painful day for ASX tech shares, and their investors.

The post Glitch! Why are ASX tech shares getting hammered on Monday? appeared first on The Motley Fool Australia.

More reading

• Why we just sold Zip and bought Pro Medicus (ASX:PME) shares: fundie
• Why Block, GQG, Qantas, and Unibail-Rodamco-Westfield are sinking today
• Adjusting your ASX share portfolio in response to the Ukraine crisis might not be beneficial: expert
• Bargain hunting: Zip (ASX:Z1P) co-founders snap up $1.5 million of shares
• Why is the Block (ASX:SQ2) share price sinking 11% on Monday?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Altium, Appen Ltd, Block, Inc., EML Payments, Life360, Inc., MEGAPORT FPO, WiseTech Global, and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Appen Ltd, Block, Inc., EML Payments, and WiseTech Global. The Motley Fool Australia has recommended MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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